Biological Safety Testing Market: Technological Growth Map over Time to Understand the Industry Growth Rate
Global Biological Safety Testing Market – Overview
The global market for biological safety testing is projected to exhibit a massive growth in the coming few years of the forecast period. There are multiple factors that are responsible for the overall development of the global biological safety testing market. One of the key driving factors for market growth has been their growing use in the biotechnology and pharmaceutical industries. Some of the other important driving factors for the growth of the global market are recent growth in the geriatric population, increasing awareness towards medicare and healthcare in developing economies, and growing prevalence of cancer across the globe.
The global biological safety devices market is projected to exhibit a massive CAGR of 10.0% during the course of the given forecast period of 2016 to 2024. The market is driven by the constant developments in terms of assistive technologies and increasing geriatric population. With these development factors, the global biological safety testing market is expected to reach a valuation of US$3.08 bn by the fall of 2024. Initially, the global market was valued at US$1.31 bn in 2015.
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Segment of Reagents and Kits to Witness Promising Growth Due to Introduction of Innovative Technologies
Depending on the application, the global biological safety devices can be divided into cellular therapy, gene therapy, stem cell products, tissue & tissue products, blood & blood products, and vaccines & therapeutics. Of these, the global market for biological safety devices has been dominated by the segment of blood & blood products. The segment accounted for around 52.7% of the overall market share in 2015.
In terms of product, the global biological safety devices market has been dominated by the segment of instruments. The segment accounted for around 29.2% of the overall market share of the global biological safety devices market in 2015. The segment comprises of different types of products such as laboratory centrifuges, autoclaves, and biological safety cabinets (class I, class II, and class III) among others. The product segment is projected to experience a moderate development in the coming years of the given forecast period in comparison with the segment of reagents & kits. The high development of the kits segment is because of the growing popularity and introduction of more efficient and innovative technologies by the leading companies operating in the global market.
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Latin America to Emerge as Promising Segment With Increasing Awareness about Healthcare and Presence of Leading Manufacturers
In terms of regional segmentation, the global biological safety devices market is divided into five main segments. These regional segments are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, the global biological safety devices market is currently dominated by the regional segment of North America. The region accounted for the largest share in the global market of around 42.2%. Europe is the next biggest regional segment of the biological safety devices market. On the other hand, the regional segment of Asia Pacific is the most promising and fastest growing one, whereas the Latin America market is projected to present with most lucrative opportunities. The growth of the Latin America market is due to the growing awareness about these biological safety devices and increasing presence of leading manufacturers in the region.
The competitive landscape of the global biological safety devices market is fragmented one. This fragmentation is because of the presence of several key players operating in the market. Some of the notable names in the global biological safety devices market are NuAire, Paragon Bioservices Inc., Nordic Scientific & Natural Solutions, Toxikon Inc., and SGS SA among others.
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