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Sterility Testing Market 2018; Expected to exhibit an 11.7% CAGR with Renowned Players like Bioquell, Belimed Deutschland GmbH, Baxter BioPharma Solutions, etc. by 2023
Sterility Testing Market
The global sterility testing market is predicted to touch USD 1,245.2 million by 2023 from USD 575 million in 2016, expanding at an astounding CAGR of 11.7% during the assessment period (2017-2023). The rise in demands for sterile drugs can open up avenues for suppliers and manufacturers of sterility testing market. Developing countries, such as China and India, owing to advancements in biotechnology and pharmaceuticals, are emerging as prospective markets and have turned out to be the favorite destination of investment of various market players who are now expanding their operations in these regions.
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The sterility testing market is segmented on the basis of product type, test type, and end-user. By product type, the global market for sterility testing is segmented into instruments, consumables, and services. The service segment is sub-segmented into sterility assurance tests, sterilization validations, cleaning and disinfection, stability testing, and others. Mostly, sterility assurance tests are performed to determine the sterility-assurance level (SAL) of perishable pharmaceutical products, such as injectable to ensure the sterility of the drugs. Owing to these features, the sterility assurance tests segment held the largest market in 2016 with a market valuation of USD 67.1 million. Current predictions estimate its valuation at USD 151.6 million by the end of the forecast period.
Sterility Testing Market Top Players are:
Bioquell U.K. Ltd., Belimed Deutschland GmbH, Baxter BioPharma Solutions, Charles River Laboratories Inc., Boston Scientific Corporation, BioMérieux SA, Thermo Fisher Scientific Inc., SGS SA, etc.
Regional Market Summary
The global sterility testing market, by regions, is segmented into the Americas, Europe, Asia Pacific (APAC) and the Middle East and Africa (MEA).
The Americas accounted for the most significant market share of about 42.1% in the global sterility testing market due to the presence of top-tier manufacturers, surging technological advancement in the pharmaceutical and biotechnology industries, and others.
Europe accounted for the second largest market share. The market in the region is experiencing a rapid increase in healthcare expenditures, and this can act as a market booster for sterility testing market.
The APAC market is expected to register the fastest CAGR of 12.4% during the forecast period. The region has a lot of developing economies with markets offering various opportunities making it a potential global influencer.
The MEA has a few deterrents, such as the presence of low-income countries and stringent government regulations, which impeded the growth in the past. The MEA market accounted for the least market share in 2016.
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Competitive Analysis:
The key players of the global sterility testing market include Merck KGaA, Charles River Laboratories Inc., BioMérieux SA, Thermo Fisher Scientific Inc., BD, SGS SA, Baxter BioPharma Solutions, and others. Between 2014 and 2017, the primary market players were trying to sustain by adopting various growth strategies, such as expansion and mergers & acquisitions. For instance, BioMérieux SA acquired the U.S. Company BioFire in 2014. Recently, consolidations are being witnessed in the market with the latest being the acquisition of MPI Research by Charles River Laboratories Inc. in 2018. Due to the substantial investments made by the key market players in expanding across borders, the global sterility testing market is experiencing an extensive growth.
Major TOC of Sterility Testing Market Research Report - Global Forecast till 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Sterility Testing Market, by Product Type
7 Global Sterility Testing Market, by Test Type
8 Global Sterility Testing Market, by End User
9 Global Sterility Testing Market, by Region
10 Competitive Landscape
11 Company Profiles
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