Prevalence of HAIs to Boost the Biological Safety Testing Market | Technavio

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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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