Global Pyrogen Testing Market 2019-2023
Pharmaceutical and biotechnology companies, as well as research institutes, worldwide are increasingly focusing and spending on R&D for drug discovery and development due to the rising prevalence of chronic diseases. Such an increase in the number of projects fuels the demand for pyrogen testing products as these products are vital in analyzing and detecting the bacterial toxins in the raw materials used for the production of medicines. This further leads to the high-volume generation of pyrogen testing products by various manufacturers. Thus, an increase in R&D spending in the pharmaceutical industry results in the development of new drugs. Such benefits have resulted in increased outsourcing to meet the rising global demand for new drugs, which will drive the growth of the global pyrogen testing market during the forecast period. Technavio's analysts have predicted that the pyrogen testing market will register a CAGR of over 12% by 2023.
Vendors in the global pyrogen testing market are increasingly focusing on providing additional software along with pyrogen testing systems to successfully integrate the results obtained using these systems into the existing laboratory workflow and to record data for use at a later stage for R&D studies. Data integration is the key factor here as the data generated by pyrogen testing products need to be collated with other exploratory data to generate actionable insights and progress toward informed decision-making.
Manufacturers are affected by the stringent government regulations that control the manufacture, distribution, marketing, and sales of drugs and medical devices. The stringent regulations are expected to hinder the growth of the global pyrogen testing market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the pyrogen testing market during the 2019-2023, view our report.
The pyrogen testing market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.