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(Medical-NewsWire.com, May 22, 2019 ) According to research report 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% from 2017 to 2022.
Growth in pharmaceutical and biotechnology industry driven by government support in both industries, the positive trend of R&D investment in the life sciences industry and an increase in the number of new drug launches are the major factors driving the growth of this market.
The kits & reagents segment is expected to dominate the market in 2017
On the basis of products and services, the biologics safety testing market is segmented into kits & reagents, services, and instruments. The kits & reagents segment accounted for the largest share of the products segment. This growth can be attributed to the regular and repeated purchase of kits & reagents as compared to instruments.
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By application, the vaccine and therapeutics development segment is expected to dominate the market in 2017
On the basis of applications, the biologics safety testing market is segmented into vaccine and therapeutics development; blood and blood-related products testing; cellular and gene therapy; tissue and tissue-related products testing, and stem cell research.The vaccine and therapeutics development segment holds the largest share in the market. The growth of this segment is primarily attributed to the increase in initiatives for immunization, increase company investment in vaccines development and the rising prevalence of diseases.
Asia is expected to offer lucrative growth opportunities
By region, the global biologics safety testing market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). While North America holds the largest share of the market in 2016, Asia is expected to grow at the highest CAGR during the forecast period. The presence of emerging economies like China and India; large population; growth in pharmaceutical and biotechnology industry; and growth in the outsourcing industry in this region are key factors driving the high growth of this regional segment.
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Some of the major players operating in the biologics safety testing market are Lonza Group LTD. (Switzerland), Charles River Laboratories (U.S.), Merck KGaA (Germany), SGS SA (Switzerland), WuXi Apptec (China), Thermo Fisher Scientific Inc. (U.S.), Sartorius AG (Germany), Cytovance Biologics, Inc. (U.S.), Pace Analytical Services Inc. (U.S.), and Toxikon Corporation (U.S.).
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