July 25, 2023
Source: Menafn
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(MENAFN- GlobeNewsWire - Nasdaq) New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biologics Testing Global Market Report 2023" -
, Pace Analytical Services Inc., Avance Biosciences, Eurofins Scientific, Biomerieux SA, Lonza Group Ltd., Genscript Biotech Corp, Bio-Rad Laboratories Inc. and Accugen Laboratories Inc.
The global biologics testing market is expected to grow from $4.42 billion in 2022 to $5.09 billion in 2023 at a compound annual growth rate (CAGR) of 15.13%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.
The biologics testing market is expected to reach $9.24 billion in 2027 at a CAGR of 16.09%.
The biologics testing market includes revenues earned by entities by providing services such as potency testing, purity testing, sterility testing, immunogenicity testing and others.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Biologics testing typically consists of a range of services aimed at evaluating the safety, efficacy, and quality of biological products.
North America was the largest region in the biologics testing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of the biologics testing include reagents and kits, instruments and other products. An instrument refers to a tool, device, or machine used to perform experiments, analyze data, or observe biological samples.
The various tests included are endotoxin test, sterility test, mycoplasma tests, bioburden tests, residual host-cell proteins and DNA detection tests, virus safety test and other tests types for applications in vaccine development and manufacturing, monoclonal antibodies development and manufacturing, cellular and gene therapy products development and manufacturing, blood and blood products development and manufacturing and other applications.
The rapidly growing pharmaceutical and biotechnology industries are expected to propel the growth of the biologics testing market going forward. The pharmaceutical industry is primarily focused on developing and manufacturing medications for various diseases and medical conditions.
The biotechnology industry, on the other hand, focuses on the application of technology to biology and healthcare.Biologics testing includes tests to identify and quantify impurities, assess stability, and evaluate the immune response to the drug.
The growth of the pharmaceutical and biotechnology industries has also led to advances in biologics testing technology, such as the development of new analytical tools and techniques.This has allowed for more accurate and efficient testing, reducing the time and cost of bringing new biologics to market.
For instance, in June 2022, according to the European Federation of Pharmaceutical Industries and Associations, a Brussels-based trade association and lobbying organization, the European pharmaceutical production increased by 4.64% from € 286,697 million ($307,416 million) in 2020 to € 300,000 million ($321,681 million) in 2021. Further, In 2021, according to Torys LLP, a Canada-based corporate law firm, 84 initial public offerings for biotech companies in the US in 2020 raised a total of US$15 billion. Therefore, the rapidly growing pharmaceutical and biotechnology industries are driving the growth of the biologics testing market.
Product Innovations are a key trend gaining popularity in the biologics testing market.Companies operating in the biologics testing market are adopting new innovative products to sustain their position in the market.
For instance, in December 2022, Charles River Laboratories International, Inc., a US-based non-clinical contract research organization, launched the Endosafe® Nexus 200TM, a new addition to its broad endotoxin testing line. The Nexus 200 is a data integrity compliant, fully robotic instrument that is the next step in Charles River's evolution. It uses Endosafe Limulus Amebocyte Lysate (LAL) cartridge technology and can process simple or complex serial dilutions for water, in-process, and final product testing. The system, which is run on Endosafe EndoScan-V version 6.1, enables data to be exported into a Laboratory Information Management System (LIMS) interface and offers enhanced traceability, security, and data management on an integrated touch screen.
In December 2021, Thermo Fisher Scientific, a US-based biotechnology company acquired PPD Inc. for $17.4 billion. This acquisition is expected to help Thermo Fisher become a leader in the clinical research services market and to expand its offering. It would bring an effective drug development platform, patient enrollment experience, and strong laboratory capabilities. PPD Inc. is a US-based contract research organization that provides comprehensive, integrated drug development, laboratory, and lifecycle management services.
The countries covered in the biologics testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The biologics testing market research report is one of a series of new reports that provides biologics testing optical components market statistics, including biologics testing optical components industry global market size, regional shares, competitors with a biologics testing optical components market share, detailed biologics testing optical components market segments, market trends and opportunities, and any further data you may need to thrive in the biologics testing optical components industry. This biologics testing optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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