Efficacy Testing Market worth $423 million by 2027 - Leading Key Players are Charles River Laboratories (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), SGS (Switzerland), Intertek Group (UK)

Efficacy Testing Market is projected to reach USD 423 million by 2027 from USD 315 million in 2022, at a CAGR of 6.1% during the forecast period according to a new report by MarketsandMarkets™. The growth of this market is driven by the regulations for the safety and efficacy of pharmaceutical products. Increasing support from governments across the world for pharmaceutical and biotechnology industries, coupled with increasing investments for research and development activities in these sectors contributes to market growth. Moreover, the growing application of antimicrobial efficacy testing for different types of medical devices, in cosmetic and pharmaceutical industries, and R&D investments in the life sciences space are anticipated to boost the market.

Browse in-depth TOC on "Efficacy Testing Market"
143 - Tables
36 - Figures
181 - Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=51479831&utm_source=openpr&utm_medium=referral

The COVID-19 outbreak has made institutional and household disinfection increasingly important to prevent the spread of the disease. Many consumers responded by panic-buying disinfecting products to ensure that they can keep their homes virus-free. As a result, synthetic disinfectants ran out of stock at retail stores. In response, retailers restocked their shelves with green disinfectants. The EPA also added many natural disinfectants to its "approved" list for fighting COVID-19.

Government agencies announced special financial aid toward the development of preventive and curative drugs, the purchase of critical care medical devices, and the fast-track approval of diagnostic tests. Various organizations across the globe, such as the Bill and Melinda Gates Foundation (BMGF) and Wellcome Trust, came together to accelerate and strengthen the efforts to fight the COVID-19 pandemic.

Disinfectant efficacy testing accounted for the largest share of the efficacy testing market

Based on service type, the market is segmented into antimicrobial/preservative efficacy testing (AET/PET) and disinfectant efficacy testing. In 2021, the disinfectant efficacy testing segment accounted for the largest share of market. The disinfectant efficacy testing segment is also expected to register the highest CAGR of 7.6% during the forecast period. Growing awareness of environmental and personal hygiene has resulted in the increasing production and use of surface disinfectants. This, in turn, is driving the demand for disinfectant efficacy testing.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=51479831&utm_source=openpr&utm_medium=referral

The pharmaceutical manufacturing applications segment accounted for the fastest-growing application type segment of the market

The efficacy testing market, by application, is segmented into pharmaceutical manufacturing applications, cosmetics and personal care product applications, consumer product applications, and medical device applications. The pharmaceutical manufacturing applications segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment is majorly attributed to the stringent regulations for the microbial testing of pharma drugs for regulatory approval and the growing focus on patient safety.

North America accounted for the largest share of the efficacy testing market

The market is dominated by North America and is anticipated to be trailed by Europe. It is expected that North America would continue to lead the said market over the forecast period. However, the region of Asia Pacific is estimated to experience a very high CAGR over the forecast period. The market in the Asia Pacific region is foreseen to be fuelled by various elements like growing geriatric population, rising incidences of chronic diseases, increasing awareness about consumer health, and increased expenditure by the government on healthcare industry have bolstered the demand for pharmaceutical products in Asia Pacific region.

The prominent players in this efficacy testing market are Charles River Laboratories (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), SGS (Switzerland), Intertek Group (UK), Nelson Laboratories, LLC (a Sotera Health company, US), Microbac Laboratories, Inc. (US), Almac Group (UK), North American Science Associates, Inc. (US), Toxikon (US), Pacific Biolabs (US), MSL Solution Providers (UK), Intertek Group PLC (UK), Accugen Laboratories, Inc. (US), Consumer Product Testing Company (US), Lucideon (U

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=51479831&utm_source=openpr&utm_medium=referral

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.