Efficacy Testing Market worth $423 million by 2027 – Exclusive Report by MarketsandMarkets™
Efficacy Testing Market is projected to reach USD 423 million by 2027 from USD 315 million in 2022, at a CAGR of 6.1% during the forecast period according to a new report by MarketsandMarkets™. The growth of this market is driven by the regulations for the safety and efficacy of pharmaceutical products. Increasing support from governments across the world for pharmaceutical and biotechnology industries, coupled with increasing investments for research and development activities in these sectors contributes to market growth. Moreover, the growing application of antimicrobial efficacy testing for different types of medical devices, in cosmetic and pharmaceutical industries, and R&D investments in the life sciences space are anticipated to boost the market.
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143 – Tables
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The COVID-19 outbreak has made institutional and household disinfection increasingly important to prevent the spread of the disease. Many consumers responded by panic-buying disinfecting products to ensure that they can keep their homes virus-free. As a result, synthetic disinfectants ran out of stock at retail stores. In response, retailers restocked their shelves with green disinfectants. The EPA also added many natural disinfectants to its “approved” list for fighting COVID-19.
Government agencies announced special financial aid toward the development of preventive and curative drugs, the purchase of critical care medical devices, and the fast-track approval of diagnostic tests. Various organizations across the globe, such as the Bill and Melinda Gates Foundation (BMGF) and Wellcome Trust, came together to accelerate and strengthen the efforts to fight the COVID-19 pandemic.
Disinfectant efficacy testing accounted for the largest share of the efficacy testing market
Based on service type, the market is segmented into antimicrobial/preservative efficacy testing (AET/PET) and disinfectant efficacy testing. In 2021, the disinfectant efficacy testing segment accounted for the largest share of market. The disinfectant efficacy testing segment is also expected to register the highest CAGR of 7.6% during the forecast period. Growing awareness of environmental and personal hygiene has resulted in the increasing production and use of surface disinfectants. This, in turn, is driving the demand for disinfectant efficacy testing.
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The pharmaceutical manufacturing applications segment accounted for the fastest-growing application type segment of the market
The efficacy testing market, by application, is segmented into pharmaceutical manufacturing applications, cosmetics and personal care product applications, consumer product applications, and medical device applications. The pharmaceutical manufacturing applications segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment is majorly attributed to the stringent regulations for the microbial testing of pharma drugs for regulatory approval and the growing focus on patient safety.
North America accounted for the largest share of the efficacy testing market
The market is dominated by North America and is anticipated to be trailed by Europe. It is expected that North America would continue to lead the said market over the forecast period. However, the region of Asia Pacific is estimated to experience a very high CAGR over the forecast period. The market in the Asia Pacific region is foreseen to be fuelled by various elements like growing geriatric population, rising incidences of chronic diseases, increasing awareness about consumer health, and increased expenditure by the government on healthcare industry have bolstered the demand for pharmaceutical products in Asia Pacific region.
The prominent players in this efficacy testing market are Charles River Laboratories (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), SGS (Switzerland), Intertek Group (UK), Nelson Laboratories, LLC (a Sotera Health company, US), Microbac Laboratories, Inc. (US), Almac Group (UK), North American Science Associates, Inc. (US), Toxikon (US), Pacific Biolabs (US), MSL Solution Providers (UK), Intertek Group PLC (UK), Accugen Laboratories, Inc. (US), Consumer Product Testing Company (US), Lucideon (U
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