Overview of the global biological safety testing market
Technavio’s research analysis on the biological safety testing market identifies the increasing prevalence of chronic diseases to be one of the major factors that will have a positive impact on the market’s growth. There is a rising prevalence of chronic diseases across the globe. According to the CDC, almost 2 million people will be affected by cancer in the US by 2020. Additionally, it has also been observed by the CDC that chronic diseases account for almost 85% of the country’s healthcare expenditure. This growing prevalence of chronic diseases and the cost burden for treating them, will demand the need for new drugs. This will subsequently drive the need for biological safety testing and biosafety cabinet testing, fueling market growth. According to the biological safety testing industry analysis, Technavio’s market research analysts predict that this market will grow at a CAGR of more than 11% by 2021.
The growing prevalence of hospital-acquired infections (HAIs) will be one of the latest trends that will gain traction in the biological safety testing market during the next four years. Patients incur incremental costs to cure the acquired infection at hospitals. It has been observed that HAIs increase patient stays by almost 20 days. Moreover, hospitals are also exempt from reimbursements if their prevalence of HAIs is high. This will rise the need for biological safety cabinet testing from hospitals to ensure the prevention of HAIs.
Competitive landscape and key vendors
The biologics safety testing market appears to be oligopolistic due to the presence of few key vendors. The biosafety testing services market is highly competitive and the vendors focus on introducing innovative products and are also collaborating with research institutes to sustain the competition. Additionally, these vendors are also focusing on increase the awareness of their products among the consumers through digital media channels.
The leading vendors in the market are -
Thermo Fisher Scientific
The other prominent vendors in the market are Air Science, Avance Biosciences, BSL Bioservice, Charles River Laboratories, Esco Micro, Nordic Scientific & Natural Solutions, NuAire, and WuXi Biologics.
Segmentation by offering and analysis of the biological safety testing market
Reagents and kits
During 2016, the reagents and kits segment accounted for the major shares of the biological safety testing market. The increasing usage of reagents and kits in various individual processes that improve biological safety is the major factor that will drive the growth of the biosafety testing services market in this segment.
Geographical segmentation and analysis of the biological safety testing market
Based on the biological safety testing market regional analysis, the Americas will be the major revenue contributor to the biosafety testing services market till 2021. The region has the presence of several NPOs and regulatory organizations that promote biological safety testing. Additionally, the focus of organizations such as the FDA, the CDC, and the American Biological Safety Association (ABSA) towards promoting biological safety in several industries such as pharmaceutical and biotechnology, will also drive the growth of the market in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global biological safety testing market?
What are the key market trends impacting the growth of the global biological safety testing market?
What are the challenges to market growth?
Who are the key vendors in the global biological safety testing market?
What are the market opportunities and threats faced by the vendors in the global biological safety testing market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global biological safety testing market?
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