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Sterility Testing Market is Projected to Witness a CAGR of Over 7.0 % from 2017 to 2025
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According to TMR, the global sterility testing market is anticipated to be worth US$1500 bn by 2025. On the basis of product type, this market is anticipated to be led by the kits and reagents segment on account of a rising need for repetitive purchase of kits and reagents, increasing affordability, and use in research and development activities. Strong growth is also predicted for the instrument segment in the years to come.
In terms of geography, it is anticipated that North America will continue to lead in the market and this growth is majorly attributed to the establishment of several new pharmaceutical companies as well as a growing demand for sterility testing. Apart from North America, it is forecasted that Asia Pacific will also emerge as a key market for sterility testing. In fact the Asia Pacific sterility testing market is anticipated to expand the fastest pace in the period from 2017 to 2025.
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An increase in the number of pharmaceutical companies as well as the rising focus of public and private groups regarding the safety of products is anticipated to fuel the demand for sterility testing in Asia Pacific. On the basis of application, the pharmaceutical manufacturing segment is leading and will also expand at a rapid pace in the years to come. The demand for traditional sterility testing is the highest in terms of test type on account of its low initial set up cost and faster return on investment.
Factors such as growing population, growing healthcare expenditure, advancements in technology, high prevalence rate of chronic as well as rare diseases, and favourable healthcare insurance coverage are behind the stupendous increase in the demand for sterility testing. With advancements in technology, there has been several new developments in the sterile testing methods which offers reliable and accurate test results with minimal operator intervention and in lesser time. This in turn is favouring the growth of the global sterility testing market.
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