The global efficacy testing market is expected to reach USD 501.6 Million by 2022 from USD 330.5 Million in 2017, at a CAGR of 8.7%.
The increasing government support for pharmaceutical and biotechnology industries and R&D investments in the pharmaceutical sector are the key factors driving the growth of this market.
The global efficacy testing market is segmented by product and service, type, application, and region. By product and service, the market is segmented into consumables, services, and instruments. The consumables segment is estimated to account for the largest market share of the market in 2017. Factors driving the growth of this segment include regular and bulk purchases of consumables.
On the basis of type, the market is classified into antimicrobial efficacy testing and disinfectant efficacy testing. The disinfectant efficacy testing segment is estimated to account for the largest share of the market during the next five years. The applications of antimicrobial efficacy testing in the cosmetic, pharmaceutical, and medical device industries are driving the growth of this market.
On the basis of application, the market is classified into pharmaceutical manufacturing, cosmetic and personal care products and medical devices. The pharmaceutical manufacturing segment is estimated to account for the largest share of the market during the next five years. The large share of this segment can primarily be attributed to the increasing R&D expenditure by pharmaceutical companies and growth of the pharmaceutical industry.
The market is dominated by North America, followed by Europe. North America will continue to dominate the market during the forecast period. However, Asia is expected to witness the highest CAGR from 2017 to 2022. Factors such as the increasing government expenditure on healthcare, rising geriatric population, growing consumer health awareness, and increasing incidence of chronic diseases have boosted the demand for pharmaceutical products in this region. This will result in, increasing demand for efficacy testing products and services.
Eurofins Scientific (Luxembourg), Charles River Laboratories International (US), Becton, Dickinson and Company (US), SGS (Switzerland), Merck KGaA (Germany), bioMrieux (France), Pacific Biolabs (US), WuXi AppTec (China), North American Science Associates (US), and American Type Culture Collection (US) are some of the companies that provide products and services in this market.