Pyrogen Testing Market is likely to register a double digit CAGR during the forecast period 2019-2030
Market Industry Reports (MIR) has published a new report titled “Pyrogen Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the pyrogen testing market is estimated to be over US$ 650 Mn in 2017. The market is likely to register a double digit CAGR during the forecast period.
Rapid setup as well as consolidation of pharmaceutical companies is taking place across the world. For instance, Thermo Fisher Scientific, Inc. has been adopting the strategy of acquisition of related companies in order to fortify their presence in the global market. Moreover, the stringent regulations laid down by the Food and Drug Administration (FDA) make it mandatory for all the companies in the field of medicine, cosmetics, food and beverages, biotechnology, and medical devices to incorporate pyrogen testing in their quality assurance protocols. Furthermore, the high prevalence of chronic diseases in densely populated countries like India and China also fuels the market revenue. All the above factors propel the pyrogen testing market. However, the rise in consolidation in industries, especially the pharmaceutical companies, are likely to restrain the growth of the market to a certain extent.
The pyrogen testing market has lucrative opportunities across various companies operating in the fields of pharmaceuticals, cosmetics, medical devices, food and beverages, biotechnology. These fields account for a major presence from among all the industries present globally. Moreover, the companies have to cater to the demands of the ever-growing population. The increasing prevalence of diseases across the world, especially in the eastern regions, is propelling the pharmaceutical, medical devices, and biotechnology market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Pyrogen Testing Market is likely to register a double digit CAGR during the forecast period 2019-2030. in detail along with the table of contents: https://www.marketindustryreports.com/97/pyrogen-testing-market
To ensure safety of people, FDA has imposed a number of regulations concerning the use of food and drugs for human consumption. Tests to detect the undesirable pyrogenic products have been mandated by the organization. Companies cannot release their products into the market unless they standardize them as per the rules. The protocols for pyrogen testing have been laid down in article number 21 CFR 610. The tests must be carried out on animals and human subjects. Upon violation of the law by the companies, FDA is liable to take legal action against them.
However, the pharmaceutical and biotechnology sector has been witnessing tremendous consolidations in the last few years. This factor restrains the revenue to a certain extent. The reason for consolidation lies in increased competition from generic drug manufacturers, as well as the escalated costs of drug development. Some of the significant acquisitions that happened in 2018 are, GlaxoSmithKline’s acquisition of Tesaro for US$ 5100 Mn, Celgene’s acquisition of Impact Biomedicines for US$ 7000 Mn, and Juno Therapeutics for US$ 9000 Mn. Such consolidations prove to be an obstacle for the financial growth of new entrants in the market.
Two major factors are expected to boost the CAGR of the market in Asian countries like India and China. The ever-growing populations of these countries, and the demand for medicines owing to the high prevalence of chronic diseases in these regions, will drive the market. The key players in the market are already doing heavy investments in such countries. They are focusing on providing a number of products in their services. Increasing disposable income is another factor responsible for growth of the market. The Asia Pacific market is anticipated to reach a figure of US$ 270 Mn by 2020.
The prominent players in the pyrogen testing market are Charles River, Inc., Ellab A/S Inc., Lonza, Ltd., Merck KGaA, Inc., Associates of Cape Cod Inc., GenScript, Inc., Wako, Inc., Sanquin Inc., bioMerieux SA, Inc., and WuXi PharmaTech (Cayman), Inc.
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