ALBANY, New York, April 6, 2017 /PRNewswire/ --
The competitive rivalry among key players in the biological safetytesting market is neither fierce nor low. On account of low product-differentiation among companies, the competitive trends are likely to remain moderate in the global biological safety testing market through the forthcoming years, finds Transparency
Also the top five companies, comprising Charles River Laboratories International, Inc., Merck KGaA, Lonza Group, Thermo Fisher Scientific, Inc., and Wuxi Pharma Tech (Cayman), Inc., together hold over 71% of the global biological safety testing market, lending it a highly consolidated vendor landscape. A majority of the prominent enterprises are toying with mergers and acquisition strategies to gain competitive edge in the market.
According to TMR, the global biological safety testing market will exhibit a CAGR of 10.0% between 2016 and 2024. At this pace, the market's valuation will reach US$3.08 bn by the end of 2024, from US$1.31bn in 2015. Based on application, vaccines and therapeutics was estimated to hold the leading share of 28.2% in the overall market in 2016. Regionally, North America emerged dominant in 2016. It held an estimated share of 42.2% in the global market in the same year, as reported by TMR.
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Impetus Derived from Expansion in Biopharmaceutical Industry
The global biological safety testing market is primarily gaining from the expansion witnessed in the biopharmaceutical industry. Developed countries have especially proved lucrative for the market as they boast a sophisticated healthcare and pharmaceutical infrastructure. Also with the increasing incidence of chronic ailments, the demand for biological safety testing is surging. For instance, as per the latest factsheets by the WHO, cancer led to over 8.8 million deaths in 2015, thus emerging as the second-leading cause of death. As there is less likelihood for this number to come down anytime soon, the world will be needing advanced methods for biological safety testing.
In developing countries as well, the market is slated to register impressive growth benefitting from the rising healthcare spending by their governments. Favorable government initiatives have paved way for drug development. Besides this, the increasing investment in the research and development of novel therapeutics has created lucrative prospects for the market players. Considering this, the recent technological advancements had a considerable impact in the overall market.
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High Healthcare Costs Creating Hindrances for Market
On the downside, the high cost of healthcare may restrain the market's trajectory in certain countries. Quoting high price for diagnostic tests can also have a negative impact on the overall market. Also in order to successfully market a biological product, it has to undergo stringent screening and evaluation processes. "Attaining approval from deemed organizations could prove a lengthy process, thereby creating a bottleneck for the launch of new products," said a lead TMR analyst. Besides this, the lack of trained professional could inhibit the market in the coming years.
Nevertheless, as companies look to expand their operations, investment towards technological advancements is expected to increase. Besides this, they are exploring opportunities across emerging nations. Spurred by these factors, the global biological safety testing market will continue exhibiting steady growth through the course of the forecast period.
This review contains and is based on insights derived from 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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The study segments the global biological safety testing market as:
Biological safety testing Market, by Product Type
Biological safety testing Market, by Test Type
Biological safety testing Market, By Application
Biological safety testing Market, by Geography
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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