The biologics safety testing market is witnessing impressive growth, demonstrating a remarkable Compound Annual Growth Rate (CAGR) 12.6% that has led to its value reaching a staggering US$ 8.8 billion. This surge is attributed to the increasing demand for biopharmaceuticals and advanced medical treatments, emphasizing the crucial role of safety testing in ensuring the efficacy and safety of these life-saving therapies. As the biologics industry continues to expand, stringent safety regulations and innovative testing technologies are propelling the market forward, catering to the global healthcare sector's evolving needs.
The report "Biologics Safety Testing Market, By Product (Reagent and Kits, Instruments, and Other Products), By Application (Vaccines and Therapeutics, Cellular and Gene Therapy, Blood and Blood and Blood-based Therapy, and Others), By Test (Sterility Tests, Cell Line Authentication and Characterization Tests, Bioburden Tests, Endotoxin Tests, Adventitious Agent Detection Tests, and Other Tests), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030’’
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Key Highlights:
• In February 2021, BD (Becton, Dickinson and Company), a leading global medical technology company, has announced that the U.S. Food and Drug Administration (FDA) has granted Emergency Use Authorization (EUA) for an additional molecular diagnostic test for COVID-19 that can return results in two to three hours. The new test also has been CE marked to the IVD Directive (98/79/EC).
• In 2021, Charles River Laboratories, Inc. (US) launched a new detection tool, EndoScan-V, a validated endotoxin detection and measurement software used to generate and report quantitative test data. The software performed the requisite measurements and calculations and created test reports with the convenience of digital signature report approval.
Analyst view:
The biologics safety testing market is currently experiencing a strong upward trend, and analysts are optimistic about its future prospects. The impressive Compound Annual Growth Rate (CAGR) 12.6% and substantial market value highlight the growing demand for biopharmaceuticals and their critical role in modern medicine. As the healthcare industry continues to focus on cutting-edge treatments and therapies, the emphasis on safety testing becomes increasingly important to ensure patient safety and regulatory compliance.Analysts believe that the rising prevalence of chronic diseases and the continuous development of innovative biologics will further fuel the demand for safety testing services and solutions. The industry is witnessing significant advancements in testing technologies, including high-throughput methods and advanced analytics, which enhance efficiency and accuracy in identifying potential risks associated with biologics.
Competitive Landscape:
The key players operating in the global Biologics Safety Testing market includes Wuxi Apptec, Toxikon Corporation, Loza Group Ltd., Pace Analytical Services Inc., BioMerieux SA, Genscript Biotech Corp., Thermo Fisher Scientific Inc., SGS S.A., Eurofins Scientific Se, Sigma-Aldrich Corporation (part of Merck KGaA), and Charles River Laboratories International,Inc. For instance, On 15 march 2019, Eurofins expands its leading footprint in biopharmaceutical products testing with the acquisition of chemical analysis in Australia.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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