LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global biological safety testing market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The biological safety testing market is expected to grow at a CAGR of more than 11% during the forecast period. This is because regulatory organizations across the world stringently monitor the manufacture of drugs. Several regulatory organizations such as the Center for Disease Control and Prevention in the US promote biological safety testing through knowledge sharing.
According to Amber Chourasia, a lead analyst at Technavio for health and wellness research, “The growth of the biotechnology and pharmaceutical industries will drive the growth of the global biological safety testing market. Regulatory compliance and ensuring the production of products that are free from contamination is essential for the success of pharmaceutical and biotechnology companies.”
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The top three emerging market trends driving the global biological safety testing market according to Technavio research analysts are:
- International conferences promoting best practices of biosafety
- Growing prevalence of HAIs
- Increasing disposable incomes and healthcare expenditures
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International conferences promoting best practices of biosafety
There have been several collaborations to improve biosafety procedures and protocols. These collaborations organize annual events that discuss recent developments, discoveries, process improvement tools and techniques, and recommendations for industries. The oldest organization that promoted biosafety and improves protocols around the world is the ABSA. It was found in 1984 to promote biosafety as a scientific discipline and address the growing needs of biosafety professionals across the world. It aims to provide a professional association that represents the interests and needs of the practitioners of biological safety. It also provides a forum for the continued and timely exchange of biosafety information.
Since 2005, the A-PBA has been operating in APAC. It promotes biosafety and biosecurity through information sharing. The organization represents 800 practicing biosafety professionals from more than 42 countries across APAC. Such collaborations are likely to drive the growth of the global biological safety testing market during the forecast period.
Growing prevalence of HAIs
The growing prevalence of HAIs has cost implications for both hospitals and patients. Patients incur incremental costs to cure the acquired infection. On the other hand, hospitals are exempt from reimbursements if their prevalence of HAIs is high. The governments of countries follow different reimbursement procedures for hospitals, which causes them losses. In the US, through multiple private insurance companies, the government pays hospitals 50% of the cost incurred by patients who have been enrolled in Medicare. However, if patients are readmitted due to HAIs acquired during treatment, the hospitals are exempt from reimbursements. In 2016, over 750 hospitals were exempt from reimbursements due to HAIs.
“Since hospitals do not want to forgo reimbursements from the federal government, the demand for biological safety testing will increase from hospitals. Biological safety systems ensure that treatment rooms are free from germs and patients do not acquire HAIs, which will increase their adoption during their forecast period,” says Amber.
Increasing disposable incomes and healthcare expenditures
Healthcare spending has increased due to the growth in per capita income. This includes expenditure toward the prevention and treatment of diseases. To prevent diseases, patients and care givers purchase drugs or biopharmaceuticals that are certified as safe.
In OECD countries, the per capita healthcare spending grew steadily between 2012-2015. In European countries such as Greece and Portugal, the share of private healthcare spending has increased by 4% since 2009. Apart from OECD countries, other countries such China and Indonesia have also increased healthcare expenditure. The increasing healthcare expenditure allows people to spend more on the prevention and treatment of diseases, which will drive the growth of the global biological safety testing market during the forecast period.
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