Rockville , July 26, 2023 (GLOBE NEWSWIRE) -- The revenues of the efficacy testing market were estimated at US$ 320 million in 2022 and is projected to grow at a CAGR of 6.4% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 650 million. The market through disinfectant efficacy testing service type is expected to grow with a projected CAGR of 6.2% from 2023 to 2033.
The key factors influencing the growth of the efficacy testing market are rising consumer demand for high-quality, risk-free products, technological advancements, an increase in the prevalence of chronic diseases, rapid expansion in research and development, massive government investment, and legally binding regulations.
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Efficacy testing is the process of evaluating the effectiveness of a particular product, intervention, or treatment under controlled laboratory conditions. Efficacy testing typically involves conducting experiments or clinical trials in which the product, intervention, or treatment is tested against a control group to determine whether it produces the desired effect. Efficacy testing is an important step in the development of new drugs, medical devices, and other interventions, as it provides critical information about their safety and effectiveness before they are approved for use by the general public.
According to the International Diabetes Federation, There were over 463 million adults living with diabetes and around 4.2 million deaths were reported globally in 2019. Efficacy testing plays a crucial role in the development of new treatments and the ongoing evaluation of existing treatments to ensure that they remain effective over time. This influences the growth of the efficacy testing market.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Projected Market Value 2033 | US$ 650 million |
| Growth Rate (2023-2033) | 6.4% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 18 Tables |
| No. of Figures | 90 Figures |
Country -Specific Analysis:-
With an absolute dollar increase of US$ 63.4 million from 2023 to 2033, the market in the United States is predicted to increase in value to US$ 140.6 million by 2033. From 2018 to 2022, the market in the nation grew at a CAGR of 10.1%, and from 2023 to 2033, a CAGR of 6.2% is anticipated.
Research indicates that the US cosmetics sector had a value of $89.5 billion in 2018. Many cosmetic items, including those for skin care, hair care, makeup, fragrances, and personal care, are available on the market. Around $18.8 billion in sales were made in the makeup area, while $17 billion or so were made in the skin care product category. The industry has been driven by the rising demand for high-quality, secure products in sectors like pharmaceuticals and cosmetics. Businesses spend in efficacy testing to make sure their goods adhere to legal requirements and are secure for consumers.
Key players in the market are:-
- Charles River Laboratories,
- Wuxi App Tec,
- Eurofins Scientific,
- SGS,
- Intertek Group,
- Nelson Laboratories, Llc,
- Microbac Laboratories, Inc.,
- Almac Group,
- North American Science Associates, LLC,
- ALS Limited,
- Pacific Biolabs,
- MSL Solution Providers,
- Accugen Laboratories, Inc.
- Lucideon.
A few of the recent developments in the Efficacy Testing Market are:
In June 2022, Eurofins Cosmetics & Personal Care purchased a majority ownership in CRA Korea Inc. This clinical testing facility is headquartered in South Korea and primarily focuses on offering consumer testing, sensory evaluation, and safety and efficacy studies to the cosmetics and personal care sector.
In August 2021, Eurofins acquired Omega Laboratories, a US-based company that provides drug testing services. The acquisition is expected to expand Eurofins' testing capabilities in the clinical and forensic toxicology markets.
In July 2021, Intertek announced the expansion of its laboratory facilities in the United States, Canada, and Europe. The expansions include the addition of new testing capabilities and increased capacity to meet growing demand in various industries, including food, pharmaceuticals, and consumer goods.
Segmentation of the Efficacy Testing Market:
- By Service Type :
- Antimicrobial/ Preservative Efficacy Testing
- Traditional Testing Methods
- Rapid Test Methods
- Disinfectant Efficacy Testing
- Surface Test Methods
- Suspension Test Methods
- Antimicrobial/ Preservative Efficacy Testing
- By Application :
- Pharmaceutical Manufacturing Applications
- Cosmetic and Personal Care Product Applications
- Consumer Product Applications
- Medical Device Applications
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the efficacy testing market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Efficacy Testing Market by Service Type (Antimicrobial/ Preservative Efficacy Testing, Disinfectant Efficacy Testing), by Application (Pharmaceutical Manufacturing Applications, Cosmetic and Personal Care Product Applications, Consumer Product Applications, Medical Device Applications), by Region (North America, Latin America, Europe, Asia- Pacific, Middle East and Africa) - 2023 to 2033.
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