Pyrogen Testing Market Will Exhibit a Steady 11.9% CAGR Through 2024
Albany, NY -- (SBWire) -- 03/16/2018 --Global Pyrogen Testing Market: Snapshot
The global pyrogen testing market has been witnessing a rapid growth rate in recent years as the pharmaceutical, medical devices, and biotechnology industries are undergoing a huge change. The growing support from governments to launch new drugs to fight several new diseases has augmented the demand for pyrogen testing in the past few decades. Pyrogens are known to cause fever and body ache after being injected. This testing method helps in identifying the presence of endotoxin substances and is being extensively used in the development of new drugs. According to the research report, the global pyrogen testing market is expected to be worth US$1,527.8 mn by the end of 2024 as compared to US$570.0 mn in 2015. During the forecast period of 2016 and 2024, the global market is expected to surge at a CAGR of 11.9%.
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Investments in Biotechnology and Pharmaceutical Industries Offer Immeasurable Scope for Growth
The emergence of several biotechnology and pharmaceutical companies across the globe is the primary reason for the growth of the global pyrogen testing market. The growing investments in the development of new drugs to improve healthcare is expected to propel the demand for pyrogen testing. Analysts anticipate that the introduction of innovative drugs and launch of biological products with the rise of chronic diseases and favorable government initiatives will support the growth of the global market. The market is also expected to benefit from the rising awareness about chronic conditions, growing expenditure on healthcare, and favorable reimbursement policies.
Despite the steady market drivers, the global market is expected to be restrained by the ongoing efforts to ban on animal tests. The increasing pressure to stop the usage of rabbits for pyrogen testing is likely to be the key restraining factor in the global market. However, the market could stand to profit from the growing medical tourism across Latin America and Asia Pacific. Furthermore, the emergence of the healthcare industry in emerging economies is anticipated to have a positive impact on the overall market during the forecast period.
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North America Poised to Dominate Global Market as Healthcare Garners High Interest in the Region
In terms of geography, the global pyrogen testing market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. In 2015, North America held a dominant share of 38.6% in the global pyrogen testing market. This lion’s share was attributable to the strong presence of key players in the region, who are making big investments in research and development. The report projects that the North America market will continue to thrive as healthcare awareness is on the upswing in the region. During the forecast period, the North America pyrogen testing market is expected to expand at a CAGR of 11.6%. The limulus amebocyte lysate test (LAL) test type segment will be popular over others all across North America as it has been until 2015.
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The emerging economies of Asia Pacific such as India, China, and Japan are likely to give the overall market a much-needed impetus as well. Owing to this reason, the Asia Pacific pyrogen testing market is likely to expand at a CAGR of 14.3% during the forecast period.
The key players operating in the global pyrogen testing market are Thermo Fisher Scientific, Inc., Genscript, Hyglos Gmbh, Lonza Group, Associates of Cape Cod, Inc., Wako Chemicals USA, Inc., Sanquin and Charles River Laboratories International, Inc., and Merck & Co., Inc.
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