Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Sterility Testing - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The global Sterility Testing market is poised for significant expansion, with a projected compound annual growth rate (CAGR) of 11.10% during the forecast period from 2024 to 2029. This growth is driven by the increasing investment in research and development within the life sciences sector along with rising demand for new drug launches and sterilized products.
Impact of COVID-19 Pandemic on Market Dynamics
The COVID-19 pandemic has had a substantial impact on the sterility testing industry, amplifying its importance across pharmaceutical and biotechnological companies. Amidst the pandemic, a surge in research activities aimed at combating SARS-CoV-2 has resulted in significant investment from both private and public sectors, thereby enhancing the market's potential.
Chronic Diseases Fueling Demand for Sterility Testing
The growing prevalence of chronic diseases is escalating the need for strict sterility testing, ensuring product and medical device safety prior to market release. For example, the persistent rise in cardiovascular and infectious diseases has highlighted the necessity for rigorous sterility measures within drug manufacturing and distribution.
Strategic Industry Movements and Government Investments
Strategic activities by market participants, such as facility expansions and collaborations, have significantly influenced the market growth. The industry has also benefited from augmented government budgets dedicated to biotechnology R&D, promoting the advancement of the sterility testing market.
Pharmaceutical and Biological Manufacturing Segments Exhibiting Remarkable Growth
Pharmaceutical and biological product manufacturing require stringent sterility protocol adherence. The escalating demand for pharmaceuticals and biological products translates into an increasing frequency of sterility tests, further contributing to market growth.
North America Dominating the Market Landscape
Geographically, North America holds a dominant position within the sterility testing market, primarily facilitated by innovation, research, and favorable government backing. The United States, in particular, is expected to maintain market preeminence throughout the forecast period. The region's substantial investment in R&D and a series of drug launches promise sustained growth within the market.
Market Overview and Competitive Landscape
The sterility testing market reflects moderate competitive intensity with the presence of several heavyweight industry players. The market panorama is anticipated to welcome new entrants in light of the expanding biopharmaceutical segment. Current major players demonstrate growth through strategic approaches, including expansions and collaborative ventures.
The market's forward trajectory illustrates a combination of factors such as elevated R&D expenditure, government investments, and a steady stream of new drug approvals. These dynamics are projected to underpin robust growth within the sterility testing market over the coming years.
A selection of companies mentioned in this report includes, but is not limited to:
- bioMerieux SA
- Charles River Laboratories
- Merck KGaA
- Sartorius AG
- SGS SA
- Sotera Health (Nelson Laboratories LLC)
- STERIS
- Thermo Fisher Scientific
- Laboratory Corporation of America Holdings (TOXIKON)
- WuXi AppTec
- Rapid Micro Biosystems Inc.
- Pace Analytical
For more information about this report visit https://www.researchandmarkets.com/r/ipk9cg
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