In 2023, the global pharmaceutical sterility testing market revenue is estimated to rise to USD 1,769.0 million and grow at an 11.5% compound annual growth rate between 2024 and 2030, reaching a value of USD 3,763.0 million by 2030.
This development of the market can be credited to the enlargement of pharmaceutical and biotechnological companies, the surge in their R&D activities, the rise in the occurrence of diseases, and significant government investments in the healthcare industry.
The frequency of hematological malignancies is on the surge. As per The Leukemia & Lymphoma Society, every 3 minutes, an individual is diagnosed with lymphoma, myeloma, and leukemia in the U.S. Biopharmaceuticals, like gene, immune, and cell therapies, are quickly being accepted as an alternate treatment for hematological cancers. This is mainly because these therapeutics show high potency and efficiency against these diseases.
In 2023, the North American region dominated the market, with a revenue share of 55%. This can be credited to the existence of key pharmaceutical and bio-pharmaceutical companies, growing R&D activities in the biotechnology and pharmaceutical industries, an increasing number of product introductions, the high occurrence of chronic illnesses, and helpful government rules for the setup of research and development facilities in the continent.
Furthermore, the existence of strong healthcare guidelines, strict drug approval needs, increasing public awareness of drug safety, improving acceptance of cutting-edge tech, and the launch of gene and cell therapies for the cure of various hematologic malignancies are causing the enlargement of the regional industry.
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