(IT-NEWSWIRE.COM, November 07, 2018 )
The efficacy testing market was valued at USD 304.2 Million in 2016 and is expected to reach USD 501.6 Million by 2022, at a CAGR of 8.7%. The base year for this study is 2016 and the forecast period is 2017–2022.
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.
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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.
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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.
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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.
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Mr. Shelly Singh