Pharmaceutical / Biotechnology industry is more concerned over safety of the product, be it in terms of efficacy of the drug, packaging or delivering the product to the customersand other stakeholders. In all suchscenarios, it is important to ensure that the product is safe for end usage. Testing place a key role in ensuring the safety of the product and ensures regulatory quality standards are maintained.
Global Biological Safety Testing Market was worth $1.76 billion in 2014 and is projected to reach $3.51 billion in 2020, at a compound annual growth rate of 12.23%.The growth in the end use industries (Pharmaceutical, Biotechnology) will drive the demand for safety testing of the products.Other factors like innovations in the Biotechnology industry, new drug developments andgovernment regulations are also augmenting the need for safety testing.
North America leads the Global Biological Safety Testing market with a share of 37.5% in 2014, followed by Europe. On the other hand, Kits and reagents has a market share of more than 40% followed by instruments.
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