(PharmaNewsWire.Com, October 07, 2020 ) 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.
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.
According to the new market research report by MarketsandMarkets, 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.
The kits & reagents segment is projected to register the highest during the forecast period. The growth of this market segment is driven by repeat purchase of kits and reagents as compared to instruments and increasing adoption of kit-based testing.
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.
North America to account for the largest market size during the forecast period.
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.
Lonza Group LTD, Charles River Laboratories, Merck KGaA, SGS SA, WuXi Apptec, Thermo Fisher Scientific Inc, Sartorius AG, Cytovance Biologics, Inc, Pace Analytical Services Inc, and Toxikon Corporation.
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