PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490243
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490243
Biosafety Consulting Services Market size was valued at USD 8,789.90 Million in 2023, expanding at a CAGR of 10.5% from 2024 to 2032.
Biosafety consulting services encompass specialized advisory and support offerings tailored to organizations and facilities handling biological materials, pathogens, or genetically modified organisms (GMOs) to ensure compliance with regulatory standards, risk management, and safety protocols. These services typically include risk assessments, facility design and management guidance, development of biosafety programs and policies, training programs for staff, and assistance with regulatory compliance. Biosafety consultants collaborate closely with clients to identify potential hazards, mitigate risks, and establish best practices to safeguard personnel, the environment, and public health. Their expertise aids organizations in navigating complex regulatory frameworks and fostering a culture of safety and responsibility in bioscience and biotechnology endeavors.
Biosafety Consulting Services Market- Market Dynamics
Increasing prevalence of target diseases and the heightened production of next-generation biologics to propel market demand
The market is poised for growth due to the increasing prevalence of target diseases and the heightened production of next-generation biologics by biotechnology and pharmaceutical entities. For example, Novartis' investment of USD 300 million in next-generation biotherapeutics in September 2022 underscores this trend, enhancing biologics' technical expansion capacity. The surge in demand for biologics has spurred a significant rise in the number of biopharmaceutical companies, intensifying competition to develop highly effective therapeutic drugs at scale. To meet this demand, manufacturers are prioritizing enhancements in industrial processes, focusing on aspects like cost-effectiveness and productivity. Many organizations are implementing improved manufacturing practices, incorporating comprehensive biological evaluation throughout the production cycle to ensure accessibility and quality, thereby driving market expansion.
Biosafety Consulting Services Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.5% over the forecast period (2024-2032)
Based on Product Type segmentation, reagents and kits were predicted to show maximum market share in the year 2023
Based on Application segmentation, the vaccines & therapeutics segment was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Biosafety Consulting Services Market is segmented based on Product Type, Test Type, Application, and Region.
The market is divided into three categories based on Product Type: Reagents & Kits, Instruments and Services. In 2023, the reagents and kits segment emerged as the dominating segment in revenue share. Reagents play a critical role in biological safety testing, making them indispensable in research and clinical laboratories. These reagents encompass antibiotics, attachments & matrix factors, biological buffers, and freezing & dissociation reagents, among others. The continuous evolution and refinement of reagents and kit formulations are anticipated to elevate their utilization, particularly in toxicology assessment, driven by laboratory technicians' increasing adoption. Furthermore, the growing demand for high-throughput testing further amplifies the popularity of reagents and kits.
The market is divided into five categories based on Application: Vaccines & Therapeutics, Blood & Blood-based Products, Gene Therapy, Tissue & Tissue-based Products and Stem Cells. The vaccines & therapeutics segment secured the largest revenue share in 2023, primarily due to well-defined guidelines ensuring the safety and efficacy of developed vaccines, with minimized toxicity. Notably, BioNTech SE's collaboration Memorandum of Understanding with the UK Government in January 2023 aimed at expediting clinical trials for mRNA personalized immunotherapies, further bolstering this segment's dominance.
Biosafety Consulting Services Market- Geographical Insights
Geographically, this market encompasses North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa, with further division into individual nations contributing to business within each region. Geographically, North America is expected to dominate the overall market in 2023, attributable to substantial investments in biotechnology, heightened adoption in cancer research, and the advancement of novel biologics, vaccines, and drugs. Additionally, the region benefits from significant research and development (R&D) investments by companies, driving market growth. The extensive expansion strategies undertaken by major market players, coupled with the rising prevalence of chronic diseases, are propelling the adoption of advanced technologies among researchers and healthcare professionals, thereby fostering further market expansion.
In the biosafety consulting services sector, companies often adopt strategies centered around expertise development, client collaboration, and regulatory compliance. Companies are also collaborating closely with research institutions, biotechnology firms, and healthcare facilities, which allows them to tailor solutions to specific needs and foster long-term relationships. Furthermore, staying abreast of evolving regulatory requirements and industry best practices ensures compliance and maintains credibility. Additionally, diversifying service offerings to include areas such as biosecurity, risk assessment, and emergency preparedness can help expand their market reach and offer comprehensive solutions to clients. These strategies collectively enable biosafety consulting firms to maintain their position as trusted advisors in the industry while adapting to emerging challenges and opportunities.
In May 2023, Merck KGaA revealed plans to allocate a substantial investment of USD 37.7 million for biosafety testing at its facilities in Glasgow and Stirling, Scotland. This initiative aims to bolster the company's global testing capacity, reflecting its commitment to ensuring rigorous safety standards across its operations. This investment underscores Merck KGaA's dedication to advancing biosafety practices and enhancing its capabilities to meet evolving regulatory requirements and industry standards.
GLOBAL BIOSAFETY CONSULTING SERVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Charles River Laboratories
BSL Bioservice
Merck KGaA
Samsung Biologics
Sartorius AG
Eurofins Scientific
SGS Societe Generale de Surveillance SA
Thermo Fisher Scientific Inc.
BIOMERIEUX
Lonza
Others