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Market Leader - Efficacy Testing Market

The global efficacy testing market covers products and services that are used to detect contaminants in products. This helps to ensure shelf life and safety of the products. This market is expected to reach USD 501.6 Million by 2022 from USD 330.5 Million in 2017, at a CAGR of 8.7%. 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. For instance, according to the International Trade Administration, the global pharmaceuticals market is projected to grow from USD 1 trillion in 2015 to USD 1.3 trillion by 2020, at a CAGR of 4.9%.

On the basis of products and services, the efficacy testing market is categorized into consumables, services, and instruments. The consumables segment is expected to grow at the fastest rate during the forecast period. The regular and bulk purchases of consumables is one of the major factors contributing to the high growth rate of this segment.

By type, the market is categorized into antimicrobial efficacy testing and disinfectant efficacy testing. The antimicrobial efficacy testing segment is estimated to register the highest CAGR during the forecast period. The growth of this segment can be attributed to applications of antimicrobial efficacy testing in the cosmetic, pharmaceutical, and medical device industries.

Based on application, the market is categorized into pharmaceutical manufacturing, cosmetic and personal care products, and medical devices. Pharmaceutical manufacturing is expected to grow at the highest growth rate during the forecast period. R&D expenditure by pharmaceutical companies and growth of pharmaceutical industries are the major factors driving the growth of the segment.

The efficacy testing market is geographically segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia expected to have the highest growth rate due to the increasing growth of pharmaceutical industries and increasing demand for the outsourcing of quality control safety testing. Additionally, 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 of efficacy testing products and services.

Related Reports:

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

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