Given the debilitating impact of COVID-19 (Coronavirus) on Rapid Sterility Testing Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
Rapid Sterility Testing Market Insight
Rapid sterility testing ensures rapid and accurate testing. Rapid sterility testing is used in a number of fields, such as pharmaceuticals, biotechnology, and medical devices. It is commonly used in the pharmaceutical industry. Rapid sterility tests have utter sensitivity and specificity for bacterial detection and can recognize viable microbes in the context of microbiological growth.
According to Market Research Future (MRFR), the global rapid sterility testing market is projected to expand significantly over the forecast period. The market held a value of USD 158 million in 2017 and is estimated to rise at a CAGR of 13.4% from 2017 to 2023 (forecast period).
Rapid Sterility Testing Market Key Players
Some of the major participants in the global rapid sterility testing market are Charles River Laboratories, Inc. (US), Gibraltar Laboratories (US), Merck KGaA (Germany), Rapid Micro Biosystems, Inc. (US), bioMérieux (France), Eurofins Scientific (Luxembourg), Becton, Dickinson, and Company (US), FOCUS Laboratories (US), Sartorius AG (Germany), and Thermo Fisher Scientific (US).
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Rapid Sterility Testing Market Dynamics
Increasing number of medical devices, technical advancements in rapid sterility testing, easy testing methods, rapid test results, and increasing demand for high-quality products are key factors driving the global market for rapid sterility testing. For example, a technologically advanced product called “direct growth” is a growth-based system. It allows sterile pharmaceutical manufacturers to produce consistently reliable outcomes in approximately half the time, to deliver products to market quicker than ever before, and to reduce errors and investigations. However, the existence of alternative conventional approaches hinders the growth of the market over the forecast period.
Rapid Sterility Testing Market Segmentation
The global market for rapid sterility testing has been segmented into product, technology, and application.
Based on the product, the market segmented into kits & reagents, instruments, and services. The biological kits & reagents segment is projected to account for the largest share of the market in 2017.
Based on technology, the market for rapid sterility testing has been segmented into membrane filtration, ATP bioluminescence, and other technologies.
Based on application, the market segmented into pharmaceutical and biological manufacturing, medical device manufacturing, other end users.
The market for rapid sterility testing has been segmented, by region, into North America, Europe, the Asia Pacific, and the Middle East & Africa.
North America dominates the rapid sterility testing market. Technological advancements, rapid adoption of emerging technologies, and the existence of a large number of pharmaceutical and medical providers are expected to fuel the demand for rapid sterility testing in North America during the forecast period. According to SelectUSA, the United States accounts for around a third of the global pharmaceutical industry.
Europe is the second-largest market for rapid sterility testing. Factors such as the involvement of major players, an increase in research and development activities, and a rise in the number of medical device companies are expected to boost the demand for rapid sterility testing in Europe. As reported by International Federation of Pharmaceutical Manufacturers & Associations, the Research &Development expenditure of the pharmaceutical industry in Europe rose from EUR 17.849 million in 2000 to EUR 31.500 million in 2015.
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The market for rapid sterility testing in the Asia Pacific is expected to grow at a rapid pace during the forecast period. Market growth in the region is due to a rise in the number of pharmaceutical and biopharmaceutical companies and an increase in demand for pharmaceutical products. According to the Singapore Economic Development Board, Asia has a rapidly increasing economy, and the number and scale of publicly-listed pharmaceutical companies in the region has increased dramatically.
The Middle East & Africa has the lowest share of the market.