Biologics Safety Testing Market To Reach USD 4.90 Billion By 2022 : Increasing Pharmaceutical Outsourcing
Summary
- What This Report Will Provide?
- Expected Revenue Growth.
- Major Growth Boosters.
What This Report Will Provide?
Biologics are pharmaceutical products that are extracted from biological sources. Biologics safety testing is carried out by manufacturers to detect contaminants like bacterial toxins, mycoplasma, and viruses. It is a mandatory process in these companies for the quality control of raw materials as well as for process control and validation of end products.
Expected Revenue Growth:
The global biologics safety testing market is expected to reach USD 4.90 Billion by 2022 from USD 2.75 Billion in 2017, at a CAGR of 12.2% during forecast period.
Major Growth Boosters:
The major factors driving the growth of this market are the growth in pharmaceutical & biotechnology industry driven by government support, the positive trend of R&D investment in the life science sector, increasing number of drug launches, and high incidence & large economic burden of chronic diseases. In the coming years, emerging markets and increasing pharmaceutical outsourcing are expected to offer growth opportunities for players in the biologics safety testing market.
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By application, Vaccine and Therapeutics Development segment to record the highest CAGR during the forecast period
Vaccine and Therapeutics Development segment is projected to register a higher CAGR during the forecast period. Factors such as the rising prevalence of diseases, increasing initiatives for immunization, and increasing company investments in vaccine development are expected to drive the growth of this market segment.
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the biologics safety testing market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
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Growth in pharmaceutical and biotechnology industries driven by government support
Pharmaceutical and biotechnology companies are the largest end users in the biologics safety testing market. Biologics safety testing is carried out at all levels of manufacturing to minimize the risk of product contamination in these industries. According to the International Trade Administration, the global pharmaceuticals market is projected to grow from USD 1 trillion in 2015 to USD 1.3 trillion by 2020, at a CAGR of 4.9%.
Regional Growth Analysis:
North America is expected to account for the largest share of this market. The strong R&D trend in life sciences and growth in pharmaceutical industries will drive the biologics safety testing market in the North American region.
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