Covina, CA, June 09, 2020 (GLOBE NEWSWIRE) -- The global bio safety testing market accounted for US$ 3.1 billion in 2019 and is estimated to be US$ 10.5 billion by 2029 and is anticipated to register a CAGR of 13.1%.
Growing cases of chronic diseases globally and growing biopharmaceutical industry is anticipated to remain key growth driver for the bio safety testing market over the forecast period.
The report "Global Bio safety Testing Market, By Product (Reagents and Kits, Instruments, and Other Products), By Test (Sterility Tests, Cell Line Authentication and Characterization Tests, Bioburden Tests, Endotoxin Tests, Adventitious Agent Detection Tests, and Other Tests), By Application (Vaccines and Therapeutics, Cellular and Gene Therapy, Blood and Blood-based Therapy, and Other Applications), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- On April 2020, Thermo Fisher Scientific launched a new AcroMetrix Coronavirus 2019 (COVID-19) RNA Control (RUO) product to monitor and validate COVID-19 molecular diagnostic tests. Thermo Fisher designed and developed this control as a synthetic RNA, non-infectious control to help labs validate and monitor COVID-19 molecular diagnostic tests.
- On March 2020, Promega Corporation a leader in providing innovative solutions and technical support to the life sciences industry customized manufacturing capabilities and have helped Co-Diagnostics, Inc. in the rapid development and launch of its new Logix Smart™ COVID-19 Test. It has received CE mark approval and is now available in Europe as an in vitro diagnostic (IVD).
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Analyst View:
Growth in the manufacturing processes of biopharmaceutical companies
Unprecedented growth has been observed in the number of biopharmaceutical companies due to rising need for biologics. Manufacturers are involved in improving aspects of manufacturing processes such as cost-efficiency and productivity in order to growing competition to develop therapeutically advanced drugs on a large scale. Therefore, key player are implementing good manufacturing practices involving thorough biological testing at numerous levels of production cycle, thereby propelling market growth. Companies are providing services such as bioburden testing, toxicology testing, and analytical testing, which assess products on parameters such as specificity, accuracy, range, and linearity.
Increasing number of government initiatives
High rate of microbial contamination and bioburden while manufacturing pharmaceuticals and biologics is projected to fuel government and private organizations to enhance underlying biological safety practices. Further, increasing number of government initiatives to indorse biological safety testing products and services is expected to motivate overall growth in the coming years.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Bio safety Testing Market”, By Product (Reagents and Kits, Instruments, and Other Products), By Test (Sterility Tests, Cell Line Authentication and Characterization Tests, Bioburden Tests, Endotoxin Tests, Adventitious Agent Detection Tests, and Other Tests), By Application (Vaccines and Therapeutics, Cellular and Gene Therapy, Blood and Blood-based Therapy, and Other Applications), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global bio safety testing market accounted for US$ 3.1 billion in 2019 and is estimated to be US$ 10.5 billion by 2029 and is anticipated to register a CAGR of 13.1%. The market report has been segmented on the basis of product, test, application, and region.
- By product, reagents and kits estimates for highest market share in 2019. In biological safety testing services, reagents acts as a major component and hence are widely used in research and clinical laboratories. These reagents are antibiotics, biological buffers, attachments & matrix factors, freezing & dissociation reagents, and miscellaneous reagents. Rapid advancements and modifications in formulation of reagents and kits are projected to grow their adoption by laboratory technicians, particularly in toxicology assessment.
- By test, endotoxin tests lead the product segment of bio safety testing market in 2019. This is mainly attributed due to growing use of these tests in various areas such as manufacturing and production of drugs to decrease threat of endotoxins. Moreover, presence of various types of endotoxin tests, such as turbidimetric method, gel clot endotoxin testing, and USP chromogenic endotoxin testing, which are manufactured to meet different requirements, is likely to propel segment growth.
- By application, vaccine and therapeutics accounted highest share in 2019. Various recommendations and guidelines issued by regulatory authorities such as the U.S. FDA relating to characterization and qualification of materials used in the production of vaccines for infectious disease indications are projected to drive segment growth.
- By region, North America accounts highest share of the global market in 2019, owing to increased adoption in cancer research, high investments in biotechnology, and development of new vaccines, drugs, & biologics.
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Competitive Landscape:
The prominent player operating in the global bio safety testing market includes Avance Biosciences, Cytovance Biologics, Thermo Fisher Scientific, Merck KGaA, Eurofins Scientific, Lonza, Promega Corporation, Toxikon, and WuXi AppTec.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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Some Important Points Answered in this Market Report Are Given Below:
- COVID-19 impact on the market, detailed analysis on economic, health and financial structure.
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis
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