Biological Safety Testing Market to become US$ 3.08 Billion by 2024

As per the estimations of the TMR report, the global market for biological safety testing will be worth US$3.08 bn by the end of 2024, expanding robustly at a CAGR of 10.0% during the forecast period of 2016 to 2024, significantly up from its evaluated worth of US$1.31 bn in 2015. The report rates Thermo Fisher Scientific, Inc., Merck KGaA, Charles River Laboratories International, Inc., Lonza Group, and Wuxi Pharma Tech (Cayman), Inc. as the top five companies currently operating in the global biological safety testing market, accounting for 71% of the global shares in 2015, which makes it a highly consolidated environment. In the near future, mergers and acquisition of promising new entrants is expected to help these market leaders to gain ground over their competitors.

Product-wise, the report segments the global biological safety testing market into instruments and reagent and kits. In 2015, the instruments segment, which is further sub-segmented into biological safety cabinet of class I, II, and III, autoclaves, and laboratory centrifuges, accounted for 29.2% of the demand. However, this segment is anticipated for a moderate growth rate, while reagents and kits segment will prosper quickly, gaining traction from the growing popularity of new technologies and the advent of new instruments currently developed by various companies such as Charles River Laboratories International, Inc. and Thermo Fisher Scientific.

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Application-wise, the TMR report categorizes the global biological safety testing market into vaccines and therapeutics, tissue and tissue products, blood and blood products, gene therapy, term cell products, and cellular therapy, and identifies vaccines and therapeutics segment as most profitable, accounting for little less than a third of the global demand.

In 2015, North America was the most profitable region, serving 42.2% out of the global demand, followed by Europe. However, the presence of emerging economies such as India and China is expected to turn Asia Pacific as a highly lucrative region towards the end of the forecast period. Both these countries have a flourishing pharmaceutical and biotechnology industries, and various companies are outsourcing their research and development activities to this region.

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Growth of the pharmaceutical and biotechnology industries as a result of government support, increased investment in research and developments in the field of life sciences, growing number of drug launches, and the prevalence of several chronic diseases are some of the key factors driving the demand in the global biological safety testing market. On the other hand, the lack of skilled professionals is hindering the market from attaining its full potential. Nevertheless, emerging economies and rapidly increasing pharmaceutical outsourcing will open new opportunities for the vendors operating in this market.

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This release was published on openPR.