Biologics Safety Testing Market Size Hit US$ 4.8 Bn by 2026

LOS ANGELES, Jan. 14, 2020 /PRNewswire/ -- The global biologics safety testing market is expected to grow at a CAGR of around 11.7% during the forecast period 2019 to 2026. The global biologics safety testing market is poised to reach the market value of around US$ 4.8 Bn by 2026.

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North America dominated the global biologics safety testing market in the year 2018. The region has experienced the potential growth owing to the presence of biologics safety testing companies such as Charles River Laboratories, Thermo Fisher Scientific Inc. and Cytovance Biologics, Inc. among others. The presence of a large customer base along with favorable reimbursement policies is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding biologics and growing number of laboratories and clinic centers are expected to enhance the market growth in the global biologics safety testing market in future. The European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) require all biopharmaceutical products and vaccines to undergo stringent testing to ensure the product is safe and free of contaminants. Growing prevalence of such chronic diseases further expected to rise the demand for biologics safety testing in North America. The Europe region is expected to exhibit a second-largest share in the biologics safety testing market. R&D Investments in Life Science and growing investment in healthcare industry, growing number of drug launches in countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global biologics safety testing market during the forecast.

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Asia-Pacific region is expected to exhibit highest CAGR in the biologics safety testing market. The rapid growth in the urbanization, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the healthcare sector are the major driving factor for the region in the global market. Moreover, the rising chronic diseases population and growing awareness regarding treatment options increases its dominance in the global Biologics safety testing market in future.

Growing demand for biologics safety testing in various applications, increase demand for new products and drugs in healthcare industry across the globe and rising number of pharmaceutical and biological firms are the main drivers for the market growth of the global biologics safety testing market over the forecast period. Furthermore, supportive government investment in life science and growing number of laboratory and research centers further grows the demand for biologics safety testing over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.

However, high costs of the research and development, stringent regulatory standards, time consuming approval process are expected to hamper the growth of the global biologics safety testing market during the forecast period.

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Vaccine and therapeutic development segment have dominated the application segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The application segment further classified into vaccine and therapeutic development, blood and blood-related products testing, cellular and gene therapy, tissue and tissue-related products testing, and stem cell research. Several guidelines and recommendations issued by regulatory authorities and escalating demand for new drug launches further expected to drive the demand for the segment. The manufacturers ace Analytical Services Inc., Eurofins Scientific Se, Avance Biosciences Inc., and Source Bioscience are the mainly investing in the development of biologics safety testing for the vaccine and therapeutic development application, which expected the lead the market in the coming years.

Kits & Reagents segment dominated the biologics safety testing market on the basis of product type in the year 2018. The major factors that are driving the growth of this segment are growing demand for kits and reagents in test centers and laboratories and growing number of test centers and laboratories drives the consumption of kits & reagents across the globe. This expected to enhance the dominance of the Kits & Reagents in the global market over the forecast period.

Some of the leading competitors are Cytovance Biologics, Inc., Pace Analytical Services Inc., Eurofins Scientific Se, Avance Biosciences Inc., Source Bioscience, Toxikon Corporation, Charles River Laboratories, SGS SA, Lonza Group LTD, Merck KGaA, and WuXiApptec, Thermo Fisher Scientific Inc., Sartorius AG.

Some of the key observations regarding biologics safety testing industry include:

• In September 2018, Merck KGaA announced opening of new scientific laboratory in Singapore. This expansion of new laboratory focuses on developing new biologics and enhance customer base.
• In April 2018, Thermo Fisher Scientific Inc. launched new cloud-enabled biological safety cabinet. This product is designed to fortify workflow connectivity and contamination control and helped company to enhance its customer base in biologics safety testing market.

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