The following is an excerpt from BCC Research Report “Synthetic Biology: Global Markets” by John Bergin.
The global market for biological safety testing is anticipating brisk growth in coming years owing to the growth of personalized medicines, patent expiration of brand-name biologics, and the development of new cell lines that express specific biomarkers for disease states, according to a new report from BCC Research. The market’s compound annual growth rate (CAGR) is forecast to be 20.09% through 2022.
Globally, the rise in research expenditures, deterioration in human health conditions and the need for novel and effective therapies have boosted the demand for drug discovery tools. In just the last few years, the drug discovery and development industry has undergone a major transition, with increased calls for efficient, user-friendly and affordable products. A new study by BCC Research examines all aspects of the drug discovery process, which consumes a major portion of drug development costs. Therefore, it is imperative for companies to use technologies that offer a high probability that their future drug product will be commercially successful.