Global Pyrogen Testing Market to Register a CAGR of 11.0% Between 2016 and 2024: Increasing Number of Pharmaceutical and Biotechnology Companies Likely to Boost Market Revenue Growth
New York, NY -- (SBWIRE) -- 11/28/2016 -- Persistence Market Research (PMR) delivers key insights on the global pyrogen testing market in its upcoming report titled, "Pyrogen Testing Market: Global Industry Analysis and Forecast, 2016-2024". The global pyrogen testing market was valued at US$ 538.8 Mn in 2015 and is estimated to be valued at US$ 594.4 Mn by 2016 end. The market is projected to expand at a CAGR of 11.0% during the forecast period in terms of value. Global pyrogen testing market value is expected to increase to US$ 1.37 billion by the end of 2024.
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Pyrogens are substances that lead to increase in body temperature after their injection. Globally increasing health care awareness, growing number of pharmaceutical and biotechnology companies and shifting focus of population towards treatment of chronic and lifestyle diseases is driving the growth of global pyrogen testing market. Increasing focus of key companies on expanding their presence in Asian countries to meet growing demand is a trend observed in the market. Furthermore, increasing government initiatives for healthcare awareness in the region also support growth of the market.
The market is segmented based on test type, application, end users, and regions. Based on test type, the market is categorized as recombinant factor C assay, limulus amebocyte lysate (LAL), monocyte activation assay (MAT), and rabbit pyrogen test. Limulus amebocyte lysate segment dominates the global pyrogen testing test type market in 2016. The dominance of this market segment is majorly due to rising preference for animal-free detection. In addition, LAL is the most widely used test type for detection of endotoxins in surgical implants, pharmaceuticals and other application areas such as water and food. The segment is expected to register a significant CAGR of 11.7% during the forecast period. Whereas, monocyte activation assay (MAT) segment is anticipated to grow with a CAGR of 14.7% over the forecast period.
The market is also segmented based on major application areas of pyrogen testing that includes injections, vaccines, tablets, medical devices, and others. In 2016, tablets application segment is expected to dominate the global pyrogen testing market. The dominance of this market segment is majorly due to rising preference among the pharmaceutical manufacturers to produce high quality drugs. However, injections application segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period owing increasing healthcare awareness and rising incidence of chronic diseases globally.
Based on end users, the global pyrogen testing market is categorized as pharmaceutical industry, biotechnology industry, medical devices industry and others. Pharmaceutical industry application segment dominates the global pyrogen testing market in 2016. Pharmaceutical industry utilizes pyrogen testing to detect the presence of endotoxin substances in their products. The biotechnology industry end user segment is expected to expand at the highest CAGR of 12.1% over the forecast period.
This report assesses trends, that drive growth of each segment on the global as well as regional levels, and offers potential takeaways, that could prove substantially useful to the companies who wish to enter the pyrogen testing market. North America and Europe are expected to dominate the global pyrogen testing market with a maximum market share in 2016. North America and Europe collectively, are expected to account for more than 60% share of the total global pyrogen testing market in terms of value in 2016. Among emerging markets, Asia Pacific is estimated to exhibit the highest CAGR of 12% over the forecast period, due to increasing preference of key players to establish their presence in these regions.
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Some of the key players having presence in the global pyrogen testing market identified in the report include Charles River Laboratories International, Inc., Lonza Group, Ltd., Merck & Co., Associates of Cape Cod, Inc., Genscript, Wako Chemicals, and others. PMR has discussed individual strategies of these companies in terms of increasing focus of the companies on advancements, initiatives to increase awareness, enhancing distribution base, and expanding geographic presence.
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