Market Trends of Sterility Testing Industry
This section covers the major market trends shaping the Sterility Testing Market according to our research experts:
Pharmaceutical and Biological Manufacturing Segment Expected to Grow Over the Forecast Period
The pharmaceutical and biological manufacturing segment is expected to witness significant growth in the sterility testing market over the forecast period. The factors attributing to the segment growth are the rising demand for drugs, vaccines, and high-growth pharmaceutical and biological industries.
Sterility testing is carried out at all levels of manufacturing pharmaceutical and biological products to minimize the risk of product contamination. As the demand for pharmaceutical and medical products for different health conditions is increasing, the frequency of sterility testing in the industries is also increasing, which is expected to boost the market.
Furthermore, the increase in R&D spending in the biopharmaceutical sector aided in the growth of the market. For instance, according to the data published by IFPMA, in December 2021, the annual R&D spending of the biopharmaceutical industry has been 7.3 times greater than that of the aerospace and defense industries, 6.5 times more than that of the chemicals industry, and 1.5 times more than that of the software and computer services industry. As per the report, in 2022, over 202 billion was estimated to be spent around the world in biopharmaceutical research and development. The large investments in the market are considered a result of the rising acceptance of sterility testing and its related services over the years. This is also expected to increase segment growth over the forecast period.
Therefore, these increasing R&D activities and expenditures in the segment are expected to propel the market growth over the forecast period.
North America Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to hold a significant share in the sterility testing market over the forecast period, mainly due to the growing research and innovations in the biotechnology and pharmaceutical industries in the region, the increasing investment in research and development activities in life sciences and medical technology, and favorable government initiatives.
In the North American region, the United States holds the largest market for sterility testing, 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 for research and development by the government and private entities in the country. For instance,
In addition, the rising number of drug launches and increasing company focus on conducting various clinical trials in the region for treating various chronic, infectious, and other diseases are also contributing to the market growth. For instance, in March 2022, VBI Vaccines Inc. launched PreHevbrioin in the United States for the prevention of infection caused by all known subtypes of hepatitis B virus (HBV) in adults of age 18 years and older. This vaccine was approved by the FDA as the only approved 3-antigen HBV vaccine for adults in November 2021.
The increasing incidence of diabetes in compliance with the rising investment from the Canadian government for diabetes research and development is propelling the growth of the market. For instance, Canada's Budget 2021 proposed new investments in diabetes research, surveillance, prevention, and the development of a national framework for diabetes. As part of this, the spokesperson of the government of Canada announced that the Canadian government, through the Canadian Institutes of Health Research (CIHR), was planning to recommit to the JDRF-CIHR partnership to Defeat Diabetes and announced the investment of up to USD 15 million for a total research impact of USD 30 million. Such government investments are anticipated to drive market growth over the forecast period.
Furthermore, according to the data published by the CBO in February 2022, the PhRMA members spent USD 102 billion on R&D activities in the United States in 2021. Also, as per the data published by Statistics Canada from June 2022, the in-house spending of Canada on its pharmaceutical R&D activities was USD 23.4 billion in 2021, and this number was expected to increase by 1.7% to USD 23.8 billion in 2022. Thus, the expected increase in pharmaceutical and medicine manufacturing in the region is anticipated to fuel the adoption of sterility testing, which in turn is expected to propel the market growth over the forecast period.
Therefore, owing to the factors such as high R&D spending, increasing investments by the government, and rising drug launches, the studied market is expected to grow over the forecast period.
