Efficacy Testing Market Worth 501.6 Million USD by 2022
Jan 25, 2018, 06:30 ET
PUNE, India, January 25, 2018 /PRNewswire/ --
According to a new market research "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™, the market is expected to reach USD 501.6 Million by 2022 from USD 330.5 Million in 2017, at a CAGR of 8.7%.
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Browse 63 market data Tables and 32 Figures spread through 109 Pages and in-depth TOC on "Efficacy Testing Market"
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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.
The consumables segment is estimated to account for the largest market share in 2017
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.
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The pharmaceutical manufacturing segment is expected to dominate the market in 2017
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.
North America is estimated to command the largest share of the market
Based on region, the Efficacy Testing Market is segmented into North America, Europe, Asia, and Rest of the World (RoW). North America is expected to dominate the Efficacy Testing Market in 2017. This is attributed to factors such as by the availability of government funding for life science research activities, high R&D investments by pharmaceutical companies, and the presence of stringent drug development regulations as compared to other regions.
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Key players in the Efficacy Testing Market include 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) are the major players operating in the global Efficacy Testing Market.
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