Biologics Safety Testing Market by 2027: Future Scope and Predictions| Estimated CAGR of 13.3%
The global biologics safety testing market is projected to reach USD 6.8 billion by 2027 from USD 3.6 billion in 2022, at a CAGR of 13.3% during the forecast period. The growth of the global biologics safety testing market is driven by factors such as the growing developments of biologics and biosimilars, increased concerns over the cell culture contamination, and rising investments in biopharmaceutical research and development.
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This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the global biologics safety testing market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects.
Biologics Safety Testing Market Dynamics
Drivers: Rising investment in biopharmaceutical R&D
Over the years, the prevalence of chronic diseases, such as cancer, diabetes, and neurological and cardiovascular diseases, has increased rapidly worldwide. The research and demand for various drugs, cell therapies, diagnostics, and active biological products are expected to grow due to the increasing incidence and prevalence of such diseases.
Opportunity: Increased outsourcing of biopharmaceutical activities to CROs
Contract research organizations (CROs) act as outsourcing partners for pharmaceutical & biotechnology companies and academic institutes. CROs provide several services, such as cell and virus bank characterization, genetic stability testing, raw material testing, bulk-lot release testing, final product release testing, sterility testing services, analytical services for biologics, biodistribution studies, cell-based assay services, cleaning validation studies, biorepository services, next-generation sequencing, and endotoxin determination.
Challenge: High Cost of Biologics
Biologics and biosimilars are medications made from living cells to treat various ailments such as cancer, diabetes, rheumatoid arthritis, and other inflammatory diseases. Biologics are extremely targeted and effective for treating various diseases.
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The Asia Pacific region is the fastest growing region of the Biologics safety testing market
The Asia Pacific market is projected to witness the highest growth rate during the forecast period. Rapid growth in outsourcing preclinical, clinical, and laboratory testing services to APAC countries is expected to drive market growth during the forecast period.
Key Market Players
Charles River Laboratories, Inc. (US), Lonza (Switzerland), Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), SGS SA (Switzerland), WuXi AppTec (China), Labcorp (US) and Eurofins Scientific (Luxembourg)
Biologics Safety Testing Market TOC @ https://www.marketsandmarkets.com/Market-Reports/biologics-safety-testing-market-34624144.html
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