ALBANY, New York, December 10, 2018 /PRNewswire/ --
The revenue generated from the global biological safety testing market stood at US$1.31 bn in 2015. And is likely to touch US$3.08 bn by 2024 end. The global market for biological safety testing market is likely to expand at a robust 10.0% CAGR over the course of forecast period.
Instrument of Product Type Dominates Global Market for biological safety testing
Based on product type, the instrument sector likely to dominate the global market for biological safety testing market in coming years. Compare to the reagents & kits segment, the instrument segment expected to register significant growth throughout the forecast period. On the basis of geography, North America account for maximum share in the global biological safety testing market, further followed by Europe. Also, Asia Pacific is likely to be the emerging economies for the growth of the biological safety testing market owing to rising awareness and rising government healthcare expenses.
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Rising demand in pharmaceutical and biological to Drive Market Growth
Increasing demand in biological industry and pharmaceutical for the biological safety testing is likely to demonstrate significant growth in near future. Also, increasing elderly population, rising awareness toward health in growing economies and rising number of cancer patients are some of the factor supporting growth of the global biological safety and testing market in near future. Moreover, advancement in technology and increasing demand for cost effective products are some of the factors propelling growth of this market in near future.
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Also, the growing application of the biological safety testing and enhanced participation by the government likely to boost growth of the global biological safety market in coming years. Bioburden during biologics manufacturing and high microbial detoxification rate are few factors led to the adoption of these testing tools. Therefore, the manufacturers are focused toward implementation of standard practice of manufacturing in order to produce quality products, this is another factor pushing growth of the biological safety testing market at global level.
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A fresh report published by the Transparency Market Research (TMR) demonstrates highly competitive structure of the global biological safety testing market. This makes the market fragmented in structure, thanks to presence of regional and global players. Also, the major players are strengthening their presence in order to maintain their presence across the globe. The report also includes few leading players operating in the global biological safety testing market such as NuAire, Merck KGaA, WuXi PharmaTech (Cayman) Inc., Charles River Laboratories International, Inc., and Natural Solutions AB & Nordic Scientific.
According to TMR, the manufacturers are focused toward strategic partnership and mergers and acquisitions in order to gain maximum share in the global market for biological safety testing market in coming years.
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This review is based on the findings of a TMR report titled "Biological Safety Testing Market (Product Type - Instruments and Reagents & Kits; Test - Endotoxin Tests, Sterility Test, Cell Line Authentication and Characterization Tests, Bioburden Tests, Residual Host Contaminant Detection Tests, Adventitious Agent Detection Tests, Toxicity Tests, and Stability Tests; Application - Vaccines & Therapeutics, Blood & Blood Products, Tissue & Tissue Products, Stem Cell Products, Gene Therapy, and Cellular Therapy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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