Pyrogen Testing Market to represent a significant expansion at11% CAGR by 2024

Research Report Insights (RRI) has launched the report titled, “Pyrogen Testing Market to represent a significant expansion at11% CAGR by 2024”

According to a report published by Research Report Insights, the global market for pyrogen testing is anticipated to expand at 11% CAGR over the forecast period (2016-2024). In 2015, the market was valued at US$ 538.8 million, which is expected to reach US$ 1.37 billion by 2024 end.

Pyrogens prompts body temperature when administered into the body. Increasing prevalence of lifestyle and chronic diseases is one of the major factors influencing the demand for pyrogens testing. In addition, growing number of biotech and pharmaceutical companies coupled with increasing awareness on healthcare and higher emphasis on prevention and treatment of chronic diseases at initial stage is expected to drive the global market of pyrogen testing Market.

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The global market for pyrogens testing is classified into application, test type, end users, and regions.

On the basis of application, the market is segmented into injections, tablets, vaccines, and medical devices. Tablets segment is expected to be the dominant segment in 2016 owing to the higher focus on improving the quality of drugs. On the other hand, the injection segment is expected to register the fastest growth rate during the forecast period. This is due to increasing prevalence of chronic disease and growing awareness on healthcare across the globe.

By test type, the market is segmented into rabbit pyrogen test, recombinant factor C assay, monocyte activation assay (MAT) and limulus amebocyte lysate (LAL). Limulus amebocyte lysate will be the largest segment of the market in 2016. Demand for this segment is largely attributed to the increasing inclination towards animal-free detection. The segment is anticipated to expand at over 11% CAGR through 2024. Moreover, LAL is the preferred test type for detecting endotoxins in pharmaceuticals and surgical implants. However, monocyte activation assay (MAT) is expected to witness a higher growth rate, registering a 14.7% CAGR during the forecast period.

Growing number of pharmaceutical companies expected to support the global pyrogen testing market over 2016-2024

By end users, the market is segmented into biotechnology industry, pharmaceutical industry, and medical devices industry. In 2016, pharmaceutical industry will remain the largest segment of the market owing to its increasing preference for pyrogen testing of products to detect endotoxin elements in them. The biotechnology industry is another segment that is expected to grow at a healthy pace, registering a 12.1% CAGR, which is the highest amongst all the other end user segment.

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On the basis of region, the market is segmented into North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA). Europe and North America are the two largest market for pyrogen testing. In addition, both the regions collectively are estimated to account for over 60% value share of the overall market in 2016. The market in Asia Pacific is expected to grow the fastest, exhibiting a 12% CAGR during the forecast period. This is mainly due to improved distribution channels with higher consumer penetration. Moreover, encouraging government initiatives aware people on correct healthcare measures in Asia Pacific is also supplementing the market growth in the region. Similarly, companies the actively focusing on improving their presence in the region of ASIA, especially in countries such as China and India.

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Key participants operating in the global market for pyrogen testing include Lonza Group, Ltd., Associates of Cape Cod, Inc., Charles River aboratories International, Inc., Merck & Co., and Genscript, Wako Chemicals. These companies are strongly focusing on improving distribution channels, extending geographical presence and running healthcare awareness campaigns in order to maintain a competitive edge in the market.

Report Analysis: https://www.researchreportinsights.com/report/rd/110114676/Pyrogen-Testing-Market 

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