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Canada biological safety testing market was valued at over USD 81.0 million in 2018 and will witness momentous growth till 2025. Growing spending on pharmaceutical and vaccines industry will form the major factor boosting the market growth. Moreover, implementation of technologically advanced products and developing healthcare infrastructure will significantly impact the industry size. Thus, escalating manufacturing facilities and favorable government initiatives for implementation of biological safety testing will aid Canada biological safety testing business growth in upcoming years.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/2337490/
Biological Safety Testing Market is expected to exceed USD 4.5 billion by 2025. Increasing implementation of biological safety testing for safe and microbe-free production of biologics and pharmaceutical products will propel market growth.
Biological safety testing services market will foresee 12.4% CAGR in the future years due to growing need of biologics manufacturing companies to reduce cost burden. Various service providers including Charles River, Eurofins Scientific and BioOutsource offer a wide range of test types that can be customized to meet specific requirements as per different biopharmaceutical products. Also, leading service providers are investing in set-up of facilities for business expansion. Thus, with growing pharmaceutical industry size, the adoption of biological safety testing services will significantly spur in the forthcoming years.
Stem cells market is projected to progress at robust pace over the analysis period. Burden of diseases including congenital disorders, arthritis as well as autoimmune diseases is rapidly growing across the globe. Stem cells and cell banks may have undesired burden of adventitious agents such as bacteria, viruses, protozoa among several others. Thus, these cell banks need to be free from adventitious agents to avoid proliferation of fatal infections. Thus, growing application of stem cells in regenerative medicine will thereby increase the demand for biological safety testing.
Pharmaceuticals & biopharmaceutical companies segment will foresee robust demand for biological safety testing in the foreseeable future. Increasing number of new market entrants offering novel therapeutics and drugs will escalate the requirement for safety testing. Additionally, established biopharmaceutical firms have several drugs in preclinical phase that will require safety testing from raw materials to final product manufacture, thus expanding the segmental growth potential over the estimation period.
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Mergers and acquisitions, business expansion and product introductions are some of the chief strategies undertaken by the key industry players. In April 2015, Sartorius Stedim Biotech acquired contract biological testing service firm, BioOutsource Ltd. The acquisition was aimed in maintaining steady growth of organization and increase business portfolio across the U.S. and Asian countries.
Some major findings of the Biological Safety Testing market report include:
- The demand for biological safety testing is increasing owing to increase in number of drug discovery research activities for the treatment of broad range of serious disorders
- Increasing government initiatives and symposiums to encourage adoption of biologics safety testing to minimize contamination and optimize manufacturing procedure will boost the market growth
- Companies are introducing advanced biological safety testing solutions for recording safety data and research outcomes
- Major players operating biological safety testing market are Eurofins Scientific, Merck KGaA, Thermo Fisher Scientific, Esco, and Wuxi Biologics, among several others.
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