Biologics Safety Testing Market Share, Development and Demand Forecast to 2030

NEW YORK - Jan. 30, 2024 - PRLog -- The biologics safety testing market was USD 3,589.5 million in 2022, and it will touch USD 9,370.3 million, with a 12.7% CAGR, by 2030.

The growth is because of the surging incidences of illnesses, growing requirements for biosimilar & biologic drugs, rising funding in research & development, and increasing outsourcing activities.

The vaccines category, based on application, led the industry in 2022, with approximately 30% share. This can be mainly because of the surging occurrence of different ailments over the years.

Moreover, various chronic diseases like cancer and diabetes; as well as infectious illnesses such as measles and influenza; need the administration of vaccines for their management, prevention, or treatment.

The cellular & gene therapy category, on the other hand, will propel at approximately 12% compound annual growth rate, in the coming years. This will be primarily because of the increasing research, along with the improvements in cellular & gene therapies.

North America is the largest contributor to the industry. This will be because of the substantial existence of major companies, the high incidence of serious non-contagious and infectious illnesses like diabetes and coronavirus, respectively; and the developed healthcare infrastructure.

Browse detailed report analysis on Biologics Safety Testing Market Growth and Forecast Report 2030 (https://www.psmarketresearch.com/market-analysis/biologic...)

APAC is likely to advance at the fastest compound annual growth rate, of 15%, in the years to come. This is because of the rising incidence of serious illnesses, the large patient pools, and strong government policies backing R&D initiatives in this region.

With the surge in the need for biosimilar as well as biologic medications, the biologics safety testing industry will continue to progress in the coming years.