Global Efficacy Testing Market To Touch USD 507 Million by 2030 | P&S Intelligence

The efficacy testing market was valued at USD 316 million in 2022, and it will reach USD 507 million, growing at a CAGR of 6.10%, by 2030 as per a statement by a market research institution, P&S Intelligence.

The growth is credited to the increased demand for competence and higher-quality of biologics and other drugs. Additionally, the increasing number of product approvals regulations is substantial for this industry.

The increasing implementation of the QbD approach by biotechnological and pharmaceutical companies due to the importance of the efficiency and stability of any drug among themselves and patients is a key trend in the healthcare sector.

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The efficacy testing industry will grow because of the rise in the demand for therapies and novel drugs across the globe. This is credited to the increasing incidence of infectious and chronic illnesses, for instance, diabetes, cancer, heart diseases, and TB. The rise in the elderly populace riddled with chronic illnesses is another reason behind the growing demand for therapies and novel drugs.

In 2022, the disinfection category, based on service type, held the larger efficacy testing market share, of approximately 64%, and it will continue to maintain its position in the years to come. This is attributed to the increasing consciousness of personal & environmental hygiene, which has led to the rising adoption of surface disinfectants.

Additionally, the technological advancements and the increasing investments in research and development by the leading industry players to deliver the evolving technologies in the industry are boosting the growth in this category.

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Furthermore, the rising requirement to determine how effective sanitizing and disinfectant agent is at eliminating microbes is expected to fuel the volume of such tests.

In 2022, North America accounted for the largest revenue share in the industry, at approximately 52%, and it will continue to remain dominant throughout this decade.

The growth in the North American industry is credited to the increasing outsourcing of testing procedures by cosmetics and pharmaceutical companies, high healthcare and research and development expenses, and a high adoption rate of advanced techniques and diagnostic tools.

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Additionally, Europe held a significant share of the efficacy testing industry. This is because of the existence of a strong healthcare infrastructure and the growing strictness of the regulatory policies for the safety of drugs. Moreover, the existence of numerous major industry players offering outsourcing services boosts the growth of the industry in the region.

It is because of the growing number of regulations for product approvals and increasing demand for high-quality and efficient biologics and other drugs, the efficacy testing industry will continue to grow in the years to come.

Market Size Breakdown by Segment

By Service Type
• Antimicrobial
o Traditional test methods
o Rapid test methods
• Disinfectant
o Surface test methods
o Suspension test methods
By Application
• Biopharmaceutical Application
• Cosmetic And Personal Care Products
• Consumer Products
• Medical Device
• Others
Geographical Analysis
• North America Efficacy Testing Market
o By service type
o By application
o By country - U.S. and Canada
• Europe Efficacy Testing Market
o By service type
o By application
o By country - Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia-Pacific (APAC) Efficacy Testing Market
o By service type
o By application
o By country - Japan, China, India, South Korea, Australia, and Rest of APAC
• Latin America (LATAM) Efficacy Testing Market
o By service type
o By application
o By country - Brazil, Mexico and Rest of LATAM
• Middle East and Africa (MEA) Efficacy Testing Market
o By service type
o By application
o By country - Saudi Arabia, South Africa, U.A.E., and Rest of MEA

Contact:
Chandra Mohan
AVP - Business Development
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About P&S Intelligence

P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.

This release was published on openPR.