“Global efficacy testing market projected to grow at a CAGR of 8.7% during the forecast period”
The 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 major factors driving the growth of this market include the growing pharmaceutical and biotechnology industry driven by government support and the positive trend in the R&D investment in the lifescience sector. On the other hand, emerging markets and increasing pharmaceutical outsourcing are expected to offer growth opportunities for players in the efficacy testing market.
“The consumables segment is anticipated to grow at the fastest growth rate during the forecast period”
The efficacy testing market by product and service is segmented into consumables, services, and instruments. The consumables segment is expected to register the highest CAGR during the forecast period. The regular and bulk purchases of consumables are the key factors driving the growth of this market.
“The antimicrobial efficacy testing segment is estimated to grow at a rapid rate during the analysis period”
By type, the efficacy testing market is segmented into antimicrobial efficacy testing and disinfectant efficacy testing. The antimicrobial efficacy testing segment is expected to grow at the fastest-growing segment of the global efficacy testing market during the forecast period. Factors such as the increasing applications of antimicrobial efficacy testing in the cosmetic, pharmaceutical, and medical device industries are driving the growth of this segment.
“Asia is estimated to register the highest CAGR during the study period”
Geographically, the efficacy testing market is dominated by North America, followed by Europe in 2017, however, Asia is estimated to grow at the fastest rate during the forecast period. Growth in this region can be attributed to increasing growth of pharmaceutical industries and increasing demand for the outsourcing of quality control safety testing in Asian countries.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type - Tier 1 – 70% and Tier 2 – 30%
- By Designation – C level – 62%, Director level – 21%, Others – 17%
- By Region – North America – 50%, Europe – 20%, Asia– 30%
The 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), bioM?rieux (France), Pacific Biolabs (US), WuXi AppTec (China), North American Science Associates (US), and American Type Culture Collection (US).
The report analyses the efficacy testing market by product and service, type, application, and region. Apart from a comprehensive geographic product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles include the product portfolios, developments, and strategies adopted by prominent market players to maintain and increase their shares in the market. Market research data, current market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, and levels of output to remain successful in the market.
Key benefits of buying the Report:
This report will enable both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help these firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the efficacy testing market
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the efficacy testing market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the efficacy testing market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various efficacy testing and services across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the efficacy testing market