Efficacy Testing Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product and Service (Consumables, Services), By Type (Antimicrobial Efficacy Testing, Disinfectant Efficacy Testing, Others), By Application (Pharmaceutical Manufacturing, Cosmetic, Personal Care Products, Others) and Region

Efficacy Testing Market size was valued at US$ 446.4 million in 2022 and is poised to grow at a 6.4% CAGR from 2023 to 2029. Efficacy testing is used for determining the efficiency of the product by analyzing a variety of tests such as the stability test, toxicology test, and safety test. In other words, it is a set of trials and procedures in product research and development that determine the product's intended purpose to authorize those substantial claims that appear on the packaging or in advertisements. Efficacy testing has a wide range of applications in numerous sectors such as cosmetics and personal care products pharmaceutical manufacturing, consumer products, and medical devices which boosts the demand for efficacy testing.

Furthermore, stringent regulations for pharmaceutical and cosmetic products proving the safety of the products are further expected to push the growth of the global market for efficacy testing during the forecasted period. During COVID-19 outbreak has increased the demand for institutional and household disinfection to prevent the spread of the disease. The EPA also added several natural disinfectants to its "approved" list for fighting COVID-19. Government bodies announced special financial support toward the development of preventive and curative drugs, the purchase of critical care medical devices, and the fast-track approval of diagnostic tests. Various organizations across the world, such as the Bill and Melinda Gates Foundation (BMGF) and Wellcome Trust, came together to hasten and strengthen the efforts to fight the COVID-19 pandemic. Post-COVID-19, the demand for surface disinfectants is expected to level up due to the rising awareness about personal hygiene, and with the emergence of new key players in the surface disinfectants market, which in turn, will hike the demand for disinfectant efficacy testing, consequently would expect to expand the efficacy testing market size.