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.
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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.
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.
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.
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