Global Sterility Testing Market (2022 – 2027): Key Market Trends, Forecasts and Competitive Landscape – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Sterility Testing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.

The sterility testing market is expected to register a CAGR of 8.5% during the forecast period.

As the COVID-19 pandemic started most of the pharmaceutical and biotechnological companies started focusing on their research and development for the identification of leads that can diagnose and treat the SARS-CoV-2 infection.

The surge in COVID-19 cases forced the major players and research institutions to look beyond conventional medicine or therapies and led to huge investment in the research and development activities by private as well as government entities across the world. These activities significantly boosted the sterility testing market.

The severity and high infection rate of the infection generated demand for in the biologics manufacturing sector for sterility testing products, which is expected to fuel the growth of the studied market over the forecast period.

The major factor driving the growth of the sterility testing market is the increasing research and development in the field of life sciences coupled with huge public and private funding in the sector.

For example, as per the Union Budget for the year 2021-2022, the Indian Ministry of Science and Technology allocated a budget of INR 35 billion, which is a 25% hike from the 2020-21 budget, for the Department of Biotechnology (DBT) of India, mainly for biotechnology research and development, and industrial and entrepreneurship development in the country which will boost the studied market.

The other factor contributing to the growth of the sterility testing market is the increasing number of drug approvals and new drug launches over the year.

For instance, according to the April 2021 report from the Congressional Budget Office on “Research and Development in Pharmaceutical Industry, between 2010 and 2019, there was 60% increase in the number of new drugs for sales in the United States and in 2021, Food and Drug Administration (FDA) approved total 50 new drugs in the country.

Additionally, the new product launches and development in the sterility testing market by the key market players and strategic collaborations, mergers, and acquisitions will also drive the growth of the studied market. For instance, Reading Scientific Services Ltd. has launched fast, responsive, and flexible sterility testing service for pharmaceutical and medical devices companies in November 2019.

Furthermore, certain potential safety concerns that are associated with the products, which generally arise from the manufacturing processes and complex biological and structural characteristics of the products along with rising demand for sterilized products globally are among other factors which are expected to boost growth of the studied market over the forecast period.

Whereas the stringent regulatory policies and framework of different countries around the world is expected to impede the growth of the sterility testing market over the forecast period.

Key Market Trends

Pharmaceutical and Biological Manufacturing Segment is Expected to Grow Over the Forecast Period

Sterility testing is carried out at all levels of manufacturing pharmaceutical and biological products to minimize the risk of product contamination and the high growth of pharmaceutical and biological industries will considerably boost the overall use of sterility testing leading to the high demand for sterility testing products and solutions which will boost the growth of the studied market over the forecast period.

In the manufacturing process of any pharmaceutical or biological product, the sterility testing is carried out for raw materials, finished product, and even before the releasing of the final product to ensure the absence of microorganisms as per the mandated regulations of the regulatory authority or institutions and as the demand for pharmaceutical and medical products for different health conditions is increasing, the frequency of sterility testing in the industries also increasing which is expected to boost the growth of the studied market.

North America Dominates the Sterility Testing Market and is Expected to Follow the Same Trend During the Forecast Period

North America holds a major share in the sterility testing market and is expected to show a similar trend over the forecast period mainly due to the growing research and innovations in the biotechnology and pharmaceutical industries in the regions along with the increasing investment in the research and development activities in life sciences and medical technology and favorable government initiatives.

For instance, according to the Government of Canada, Industrial research and development, 2019 (actual), 2020 (preliminary), and 2021 (intentions) report, in 2019, Canadian businesses spent a record high of USD 21.7 billion on in-house R&D, which was a 3.8% increase over the spending in 2018.

Where the Pharmaceutical industry profile of the Canadian Government shows that from the year 2011 to 2020, pharmaceutical exports and imports between Canada and the rest of the world increased by 143% and 58% respectively.

In the North American region, the United States holds the largest market in the sterility testing market, and it is expected to dominate over the forecast period as well. The high share of the United States in the sterility testing market is attributed to the presence of several global pharmaceutical and biopharmaceutical companies and huge funding in research and development by the government as well as private entities in the country.

For more information about this report visit https://www.researchandmarkets.com/r/o78l8k

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