Biological Safety Testing Market to Witness Comprehensive Growth by 2024

Posted by Aman Jaiswar on July 10th, 2019

The global Biological Safety Testing Market is showcasing a highly competitive business structure, finds a new research study by Transparency Market Research (TMR). Thermo Fisher Scientific Inc., Merck KGaA, Charles River Laboratories International Inc., Lonza Group, SGS SA, Avance Biosciences, WuXi PharmaTech (Cayman) Inc., Paragon Bioservices Inc., Toxikon Inc., Nordic Scientific & Natural Solutions AB, and NuAire are some of the prominent part of the competitive landscape of this market, making it fragmented.

The key companies are expanding their regional reach to strengthen their position in the global market. Over the coming years, vendors of biological safety testing products are expected to involve into mergers, acquisitions, and strategic partnerships to gain a competitive edge, states the research report.

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According to the research report, the global biological safety testing market was worth US.31 bn in 2015. Expanding at a CAGR of 10.0% during the period from 2016 to 2024, the market is projected to reach US.08 bn by the end of the forecast period. Biological safety testing instruments is witnessing significant rise and is expected to dominate the global market in the years to come, states the research report.

In terms of the geography, the global market for biological safety testing has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study. Among these, the North America market has acquired the dominance, owing to the presence of a large pool of players in this region. This regional market is anticipated to remain on the top over the next few years. Asia Pacific and Europe are also expected to witness a significant rise in the years to come, states the research report.