Efficacy Testing Market at CAGR of 8.7% - Global Forecast to 2022

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According to the new market research report "Efficacy Testing Market by Product and Service (Consumables, Services), Type (Antimicrobial Efficacy Testing, Disinfectant Efficacy Testing), Application (Pharmaceutical Manufacturing, Cosmetic & Personal Care Products) - Global Forecast to 2022", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities.
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.
Based on 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.
Browse and in-depth TOC on " Efficacy Testing Market "
63 - Tables
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Based on 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.
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Factors driving the growth of this market include the increasing growth of pharmaceutical companies and rising outsourcing of efficacy testing by pharma, cosmetic, and medical devices companies. The high growth potential in emerging markets will provide growth opportunities for players operating in the efficacy testing market.
By product and service, the market is classified into consumables, services, and instruments. The consumables segment is expected to lead the global efficacy testing market in 2017. Factors driving the growth of this segment can be attributed to the regular and bulk purchases of consumables.
By pharmaceutical manufacturing, the market is segmented into pharmaceutical manufacturing, cosmetic and personal care products, and medical devices. The pharmaceutical manufacturing segment is expected to account for the largest share of the global efficacy testing market in 2017. Rising growth of pharmaceutical industries are a major factor responsible for the dominant share of this segment.
Key players
The key players in the efficacy testing market include are Eurofins Scientific (Luxembourg), Charles River Laboratories International (US), Becton, Dickinson and Company (US), SGS (Switzerland), Merck KGaA (Germany), bioMérieux (France), Pacific Biolabs (US), WuXi AppTec (China), North American Science Associates (US), and American Type Culture Collection (US).

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