The Mycoplasma Testing Market is expected to reach USD 943.4 Million by 2022 from USD 523.3 Million in 2017, at a CAGR of 12.5% during the forecast period, as per a report by MarketsandMarkets.
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Why increasing pharmaceutical outsourcing offers an opportunity?
The R&D expenditure in the pharmaceutical industry is very high. According to PhRMA, its member companies invested an estimated USD 58.8 billion in research and development (R&D) in 2015, an increase of 10.3% from 2014. Contract research organizations act as outsourcing partners for pharmaceutical and biotechnology companies and academic institutes. Many pharmaceutical and biotechnology companies and academic institutes opt to outsource functions like manufacturing, clinical trial management, and drug discovery to CROs. Pharmaceutical research outsourcing enables these organizations to decrease their operational costs. Furthermore, owing to technological advancements and the emergence of new technologies, it is not feasible for companies to undertake all testing functions in-house. CROs can afford to invest in an extensive drug discovery infrastructure as they cater to multiple clients. This makes investing in advanced techniques like PCR, ELISA, and cell line authentication and characterization tests a cost-effective option for CROs. With the help of CROs, pharmaceutical and biotechnology companies can reduce their operational costs and R&D budgets. With the growth in outsourcing R&D activities, the demand for mycoplasma testing services from CROs is estimated to increase. The rise in outsourcing thus provides significant growth opportunities for the market.
Why shortage of skilled professionals is a key challenge?
The success of mycoplasma tests depends mainly on the expertise of the analysts themselves as much as the environmental conditions under which the test is performed. For optimal efficacy, mycoplasma testing needs to be conducted by skilled professionals with sufficient knowledge of the nuances of this field. Handling the instruments used in mycoplasma testing also requires expertise. Consequently, the dearth of a sufficiently skilled workforce poses a key challenge to the growth of the mycoplasma testing market.
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