Strong focus on offering safe and microbe-free biologics & pharmaceutical products is likely to proliferate global biological safety testing market share over 2019-2025.
Strong focus on offering safe and microbe-free biologics & pharmaceutical products is likely to proliferate global biological safety testing market share over 2019-2025.
Likewise, the global market will gain remarkable traction over the foreseeable future, as a result of the increasing drug discovery research activities to treat serious disorders. Governments across the globe are launching various initiatives and symposiums to drive the adoption of biological safety testing products. This type of product helps in minimizing contamination and optimizing manufacturing procedures.
These aforementioned factors, coupled with the high development of advanced biologics safety testing to record data and research outcomes, will create ideal growth conditions for overall biological safety testing market in years to come.
In the wake of the coronavirus pandemic, multiple market players are targeting towards giving significant contributions to vaccine development. For example, in July 2020, a pioneer in the biosafety testing industry, SGS, inked a deal with AstraZeneca to provide quality control, safety, and analytical testing services for a COVID-19 vaccine, AZD 1222. Under the deal, the company has agreed to conduct bulk harvest & drug substance testing from its Scotland-based Biosafety Center of Excellence.
As per Global Market Insights, Inc. estimates, the global biological safety testing market size is expected to cross $4.5 billion by 2025.
Presence of strict regulatory approval procedures for pharmaceutical products
In terms of segmentation by products and services, the global biological safety testing market from the services segment is anticipated to depict a CAGR of 12.4% through 2025, which is attributable to the increasing need for biologics manufacturing companies to lower cost burden. In addition, service providers offer a range of test types that are customizable to meet the specific requirements. Thus, rapid expansion of the pharmaceutical industry is likely to bolster the industry share over the estimated timeline.
Based on test, the endotoxin test segment held market share of over 23% in 2018, owing to its escalating adoption to detect the presence of microbial burden & pyrogen and validate biopharmaceuticals’ safety for human use. Furthermore, stringent regulatory approval procedures for the biotechnology and pharmaceutical products will further drive segmental growth over the forecast spell.
Escalating number of novel therapeutics & drugs provider
With regards to the application spectrum, the global biological safety testing market from the stem cells segment is expected to witness a major upsurge in the forthcoming years, owing to the rising burden of diseases such as arthritis, congenital disorders, and autoimmune diseases. High stem cell application in regenerative medicine will further surge segmental growth in years ahead.
Based on end-use, the pharmaceutical & biopharmaceuticals companies segment will account for a considerable share in the coming years, due to the accelerating market entrants that provide novel therapeutics & drugs.
To access sample pages of this report titled, “Biological Safety Testing Market, By Products and Services (Products {Kits and Reagents, Instruments}, Services), By Test (Endotoxin Test, Sterility Test, Adventitious Agent Detection Test), By Application (Blood & Blood-based Products, Vaccines & Therapeutics, Stem Cells), By End-use (Pharmaceutical and Biotechnology Companies, Contract Development and Manufacturing Companies, Research and Academia), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/4278
Rising applications of blood-based products in cosmetics & surgeries
Mounting risks of HAIs (healthcare-associated infections) across the globe will contribute to the rising popularity of the biological safety testing industry dynamics over the coming years. Blood/blood-derived product transfusion can lead to several blood-borne infections such as pneumonia, which can further lead to morbidities or even death. High applications of the blood-based products in surgeries and cosmetics, alongside rising needs to minimize HAIs, will further push the demand for biosafety testing services in years ahead.
The number of pharmaceutical and biotechnology firms are rapidly increasing worldwide. Growing prevalence of service providers in the healthcare sector, along with the accelerating number of safety testing service providers, will further add impetus to the global biological safety testing market growth over the projected timeframe.
However, high costs of biological safety cabinets and lack of skilled professionals may create roadblocks to the steady growth of the biological safety testing industry in the coming years.
Strong investments in pharmaceutical & vaccines industry in Canada
From a regional perspective, the Canada biological safety testing market recorded revenue worth over $81 million in 2018 and is likely to witness a significant share over the estimated timeline, due to the high spending on the pharmaceutical & vaccines industry in the region. In addition, rapid infrastructural development, alongside the implementation of technically advanced products, will further augment regional industry forecast in the foreseeable future.
The competitive landscape of the biological safety testing market comprises of companies such as Wuxi Biologics, Esco, Thermo Fisher Scientific, Merck KGaA, and Eurofins Scientific, among others. These market players are undertaking key strategies such as product introductions, business expansions, and M&A to gain a competitive edge over rivals.
For instance, in June 2020, WuXi Biologics’ facility in Suzhou received an EMA (European Medicines Agency) GMP certificate, following an inspection performed by the Chief Pharmaceutical Inspector in Poland. The inspection included biosafety testing services as well as the facility’s entire management and quality system, related instrumentation, & equipment.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com