Market Research Report
Biological Safety Testing Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||394132|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Biological Safety Testing Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 114 Pages||
Global Biological Safety Testing Market is expected to witness a CAGR of 12.4% during the forecast period. Certain factors that are driving the market growth include growth in pharmaceutical and biotechnology industries along with increasing investments and increasing production of new biologics due to high disease burden.
The biotechnology-derived products or biologicals have effectively made their way into various aspects of healthcare including diagnosis, prevention as well as treatment of disease. However, there remain potential safety concerns which generally arise from their manufacturing processes and also from the complex biological and structural characteristics of these products. Therefore, such products require detailed and systematic biological safety testing which eventually enables for adequate assessment of safety before any kind of clinical investigation. Hence, the market is expected to observe significant growth all across the globe over the forecast period.
Biological safety testing refers to the testing procedures which are carried out to ensure non-contamination of biopharmaceuticals and vaccines and also in order to comply with regulations regarding the same. These include various types of sterility tests, cell line authentication, and characterization tests, bioburden tests, endotoxin tests, adventitious agent detection tests, residual host contamination detection tests, etc.
Vaccines and Therapeutics is Expected to Hold Significant Market Share in the Application Segment
Vaccination is considered the most effective way of preventing infection and severe outcomes caused by a number of deadly viruses. Every licensed and recommended vaccine has to go through years of safety testing including testing and evaluation of the vaccine before it's licensed by the Food and Drug Administration (FDA) and recommended for use by the Centers for Disease Control and Prevention (CDC). The safety testing also includes the monitoring of the vaccine's safety after it is recommended for infants, children, or adults. Once a vaccine gets approval, it continues to be tested. The company that manufactures the vaccine continues to test batches to make sure the vaccine is potent, pure, and sterile.
North America Dominates the Market and Expected to do Same in the Forecasted Period
The growth of the biological safety testing market in North America can be directly attributed to the growing biotechnology and pharmaceutical industry in the region. The high growth of these industries is further attributable to factors such as innovative technologies and the presence of favorable government initiatives. Furthermore, advanced healthcare infrastructure and rising R&D spending should further spur revenue size.
The global Biological Safety Testing market is highly competitive and consists of a few major players. Companies like Avance Biosciences, Cytovance Biologics, Eurofins Scientific, Lonza, Merck KGaA, Promega Corporation, Thermo Fisher Scientific, Toxikon, WuXi AppTec, among others, hold the substantial market share in the Biological Safety Testing market.