What This Report Will Provide?
The biologics safety testing industry is constantly evolving with advancements in technologies and the development of new and improved safety testing programs across various industries. Highly skilled professionals are required to keep pace with the continuing changes in analytical technologies and safety testing methodologies.
Expected Revenue Growth:
[185 Pages Report] The global biologics safety testing market is projected to reach USD 6.2 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 12.4% during the forecast period.
Major Growth Boosters:
The growth of the global biologics safety testing market is driven by factors such as the growth in the biologics and biosimilars markets, growing concerns over cell culture contamination, and rising biopharmaceuticals R&D activities and investments. In addition, emerging markets and increasing biopharmaceutical outsourcing are expected to provide significant growth opportunities for players in the Biologics safety testing market.
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Covid-19 Impact On The Global Biologics Saftey Testing Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic. The World Health Organization (WHO) officially declared the outbreak of COVID-19 a pandemic. A mix of established pharmaceutical and biopharmaceutical companies, along with the players of the Biologics safety testing market, have stepped forward to contribute to worldwide research efforts by providing biologics safety testing for developing safety test kits and testing for treatments and vaccines manufacturing that target the infection caused by the novel Coronavirus
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the biologics safety testing market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
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Drivers: Growth in the biosimilars and biologics markets
Many companies are investing heavily in the development of biologics and biosimilars. Currently, more than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. Biologics are expected to contribute around half of the revenue generated by the top 100 pharmaceutical products in the coming years.
According to the FDA, the number of new biologics approved in the US increased from 22 in 2016 to 48 in 2019. Growing investments by biopharmaceutical companies in order to develop biologics and biosimilars are further expected to increase the number of approved products worldwide.
Regional Growth Analysis:
North America is expected to account for the largest share of this market. The strong R&D trend in life sciences and growth in pharmaceutical industries will drive the biologics safety testing market in the North American region.
