Rapidly Expanding Pharmaceutical Sector to Drive the Biological Safety Testing Products and Services Market

The end-users of the biological safety testing products & services include pharmaceutical and biotechnology companies, contract development, and manufacturing organizations. Developing countries such as India and China are heavily investing in the healthcare infrastructure and research laboratories. Research laboratories offer extensive capacities such as drug discovery and cell line development and culture that require biologics safety testing to develop pathogen-free products and reliable services. The biological safety testing products and services require the expertise of the analysts to achieve optimal efficacy. However, the lack of skilled professionals might hamper the market growth to a certain extent.

Increasing focus on R&D activities accelerates the demand for biological safety testing products & services. The biologic safety testing products and services aids in avoiding cross-contamination, mix-ups, and leakage. Growth of the pharmaceutical and biotechnology industries drives the biological safety testing products and services market. As per the Indian Brand Equity Foundation, the Indian Biotech Industry market is anticipated to reach USD 100 billion by 2020 from USD 11 billion in 2016.

Key Highlights

• Ø The biological safety testing products and services market is expected to reach USD 2.93 billion by 2029 with a CAGR of 12.29%.
• Ø Asia-Pacific’s biological safety testing products and services market is projected to grow with a lucrative CAGR of 14% during the forecast period. Rising healthcare spending and increasing awareness about biological safety testing products drive regional market growth.
• Ø The kits and reagent segment to hold the largest market share
• Ø The vaccines and therapeutics segment is projected to grow at a significant rate
• Ø By instrument, the biological safety cabinets segment holds the highest market share in the biological safety testing products & services market. The cabinets offer superior productivity, aids in optimizing microbial contamination control.

Market Segments

1. By Product
   1. Test kits and reagents
   2. Instruments
   3. Services
2. By Application
   1. Blood and blood-based products
   2. Vaccines and therapeutics
   3. Stem cells
3. By Test
   1. Endotoxin test
   2. Sterility test
   3. Adventitious agent and virus testing