Technological Advancements and Increasing Government initiatives Drives the Biological Safety Testing Market

The global market for biological safety testing is set to exhibit exponential growth in the years to come owing to rise in the pharmaceutical and biotechnology industry. The other factors that will drive the market include increase in geriatric population, increase in prevalence of cancer, and increasing awareness towards health in emerging economies. The North America biological safety testing market is expected to grow moderately during the first half of the forecast period, primarily due to the effect of the expiry of patents for leading brands and price erosion in the market. However, by 2020, entry of technologically advanced and more cost effective devices and reagents are expected to enter biological safety testing market, which are likely to increase future growth of the market.

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The global biological safety testing market will expand at a CAGR of 10.0% over the forecast period between 2016 and 2024. Driven by the rise in increase in technological advancement and rising geriatric population, the market is expected to reach US$ US$3.08 bn by the end of 2024, from US$1.31 bn in 2015.

Launch of Advanced Technologies by Leading Companies to Fuel Demand from Reagents & Kits Segment

Based on product type, in 2015, the instruments segment held the dominant share of over 29.2% of the global biological safety testing market. This segment comprises biological safety cabinet (class I, class II, class III), autoclaves, laboratory centrifuges, and others. The segment is expected to witness a moderate growth during the forecast period when compared to the reagents & kits segment. The high growth of the kits segment is due to the increasing popularity and launch of more efficient technologies and newer instruments which are in pipeline by companies such as Charles River Laboratories International, Inc., Thermo Fisher Scientific and Merck KGaA.

The global biological safety testing market by application is divided into vaccines & therapeutics, blood & blood products, tissue & tissue products, stem cell products, gene therapy, and cellular therapy. Vaccines & therapeutics and blood & blood products are the major shareholder in biological safety testing market with an aggregated share of approximately 52.7% in 2015.

Based on test type, the global biological safety testing market is segmented into endotoxin tests, sterility tests, cell line authentication and characterization tests, bioburden tests, residual host contaminant detection tests, adventitious agent detection tests, and other tests (toxicity tests, stability tests, etc.). The endotoxin tests and sterility tests market have a dominant share in the market due to the increasing awareness and implication of stringent regulatory scenario.

North America Emerges as Leading Market, followed by Europe

Regionally, the global biological safety testing market has been segmented into North America, Europe, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America accounted for major share of 42.2% in the global market in 2015, followed by Europe. Asia Pacific is the fastest growing market but Latin America is expected to emerge as a lucrative region due to increasing awareness, increasing participation of global manufacturers in the region to increase their global foot print and increase in healthcare expenditure through government initiatives, the industry will enhance the demand for biological safety testing system in this region.

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Others factors supporting the market’s growth are flourishing pharmaceutical and biotechnology companies in Mexico and Brazil, which are creating lucrative prospects for the biological safety testing market in the region. The MEA biological safety testing market is expected to grow under the influence of increasing applications of these technologies and enhanced participation of the respective governments to promote academic research to improve these technologies.

Some of the leading players in the biological safety testing market are Thermo Fisher Scientific Inc., Charles River Laboratories International, Inc., Merck KGaA, Lonza Group, Avance Biosciences, SGS SA, WuXi PharmaTech (Cayman) Inc., Toxikon, Inc., Nordic Scientific & Natural Solutions AB, Paragon Bioservices, Inc., and NuAire among others.

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This release was published on openPR.