As per the estimations of the TMR report, the global market for biological safety testing will be worth US$3.08 bn by the end of 2024, expanding robustly at a CAGR of 10.0% during the forecast period of 2016 to 2024, significantly up from its evaluated worth of US$1.31 bn in 2015. Growth of the pharmaceutical and biotechnology industries as a result of government support, increased investment in research and developments in the field of life sciences, growing number of drug launches, and the prevalence of several chronic diseases are some of the key factors driving the demand in the global biological safety testing market. On the other hand, the lack of skilled professionals is hindering the market from attaining its full potential. Nevertheless, emerging economies and rapidly increasing pharmaceutical outsourcing will open new opportunities for the vendors operating in this market.

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Regionally, the global biological safety testing market has been segmented into North America, Europe, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America accounted for major share of 42.2% in the global market in 2015, followed by Europe. Asia Pacific is the fastest growing market but Latin America is expected to emerge as a lucrative region due to increasing awareness, increasing participation of global manufacturers in the region to increase their global foot print and increase in healthcare expenditure through government initiatives, the industry will enhance the demand for biological safety testing system in this region. Others factors supporting the market’s growth are flourishing pharmaceutical and biotechnology companies in Mexico and Brazil, which are creating lucrative prospects for the biological safety testing market in the region. The MEA biological safety testing market is expected to grow under the influence of increasing applications of these technologies and enhanced participation of the respective governments to promote academic research to improve these technologies.

The report rates Thermo Fisher Scientific, Inc., Merck KGaA, Charles River Laboratories International, Inc., Lonza Group, and Wuxi Pharma Tech (Cayman), Inc. as the top five companies currently operating in the global biological safety testing market, accounting for 71% of the global shares in 2015, which makes it a highly consolidated environment. In the near future, mergers and acquisition of promising new entrants is expected to help these market leaders to gain ground over their competitors.

Report Overview, with TOC – https://www.transparencymarketresearch.com/report-toc/18578

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