Monocyte Activation Test Market is expected to grow at a double digit CAGR during the forecasted period.
Market Industry Reports (MIR) has published a new report titled “Monocyte Activation Test Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” The global Monocyte Activation Test market was valued at over US$ 6.5 Mn. in 2018 and is expected to grow at a double digit CAGR during the forecasted period.
The global monocyte activation test market is witnessing continuous advancements in test offerings and extensive growth in the product portfolio of major as well as local manufacturers. The growth of the global monocyte activation test market is attributed to increasing number of pharmaceutical and biotechnology industries globally, rising research and development, increased investments and surge in new drug approval activities. Additionally, a proposed ban on animal tests has resulted in reducing the use of the rabbit for pyrogen test. This is one of the significant factors that is driving the growth of monocyte activation tests globally. Increase in public and regulatory concerns about product safety further support the market growth.
Ban on Animal-based Pyrogen Test by Several Regulatory is likely to Boost Monocyte Activation Tests Market
Animals are used to test both the safety and efficacy of therapeutic drugs, cosmetics, household products, and chemicals. Fortunately there are developing numbers of effective non-animal alternatives that can replace the use of animals in pyrogen testing. Moreover, many countries have regulatory requirements that stipulate a ban on animal based pyrogen testing. There have been major changes in the European Union in recent years. In the EU the use of animals for pyrogen testing of cosmetic products has been banned since 2009, the use of animals for the testing of cosmetic ingredients also has been banned since March 2013. Furthermore, the EU banned the sale of any cosmetics tested on animals from March 2013 onwards. Israel imposed similar cosmetic testing bans in 2007 and 2013, and similar policy change is under consideration in India and South Korea. These factors are anticipated to present a lucrative growth opportunity for the global monocyte activation test market in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Monocyte Activation Test Market by Product (Monocyte Activation Test Kits and Reagents), Source (Blood Based, Peripheral Blood Mononuclear Cell (PBMC) Based, and Cell Line Based), Application (Medical Devices, Lipid Parenteral, Dialysis Liquids, Blood Products, and Toxic/immune-modulatory Drugs) and Region - Global Forecast to 2023 - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/monocyte-activation-test-market/48
Increasing Investments in R&D
Rising prevalence and incidences of several diseases worldwide has triggered the need for advanced R&D scenario across all sectors of biotechnology, pharmaceuticals and research establishments. Both public and private sectors are now focusing on new innovative techniques to obtain latest medical breakthroughs. According to studies, it was estimated that the total spending on R&D by mid-market biotechnology companies, witnessed an increment of approximately 18% between 2015 and 2016. Growing need to address several forms of ailments has been crucial in dictating the funding and R&D spending by government establishments as well as major market players and other research institutes. Increasing R&D investments and spending is anticipated to positively contribute to the growth of the global monocyte activation test market.
Inadequate supply of MAT test kits & reagents to Restrain Global Market
According to WHO (World Health Organization), only 12.5 million blood donations are collected globally, and approximately half of these are collected in high-income countries, which is home to 19% of the world’s population. Thus, inadequate number of healthy blood donors hampers the manufacturing of MAT kits & reagents which eventually effects the growth of the global market. Moreover, there is an increase in application of pyrogen tests in various fields, whereas initially pyrogen test was introduced only for pharmaceutical products. However, presently it is being used on medical devices, implants, purification of water, and food & beverages industries.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing growth of the R&D infrastructure, continuously growing economy, and proposed ban of animal-based pyrogen test by many South Asian countries is anticipated to present a lucrative growth scenario for the monocyte activation test market in this region. Furthermore, increasing R&D expenditures in the region is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Monocyte Activation Test Market
The prominent players in the global monocyte activation test market are Merck KGaA, Thermo Fisher Scientific, Becton, Dickinson and Company, Sanquin, Charles River Laboratories International, Inc., Microcoat Biotechnologie GmbH, SOLVIAS AG and Lonza Group among others.
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