Pune, India, August, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Microbiology Testing Market Research Report.
Market Research Future (MRFR) reports that the global market for microbiology testing was valued at USD 2706.1 million in 2016 and is projected to reach USD 5409.1 million by 2023. The market is set to expand at a phenomenal growth rate during the forecast period (2016-2023). Microbial testing is an analytical technique that determines a number of microorganisms in food, beverages, biological samples, and environmental samples. This technique employs chemical, biological, biochemical, or molecular methods to identify and quantify microbes.
Drivers and restraints
The growth of the microbial testing market is fuelled by the prevalence of various infectious diseases and increase in outbreaks of epidemics. Furthermore, the growing healthcare expenditure across the globe and increased research funding are expected to trigger the market growth as well.
On the other hand, stringent regulatory framework coupled with patient reimbursement situations is expected to impede the market growth. However, rising technological advancements in the field for product enhancement and also product launches by market players will be major causes for market progression in coming years. For instance, in March 2017, Cepheid launched Xpert MTB/RIF Ultra was launched by for better diagnosis of TB in children along with individuals with HIV.
Thus, product launches after thorough research and development are the most popular industry trends making their way into the market and shaping the dynamics positively.
The global microbiology testing market is segmented on the basis of type, application and end-user.
The types in the microbiology testing market are instruments, chemicals & reagents, consumables & accessories, and others. The chemicals & reagents segment held the largest market share of about 42.1% in 2016. However, the instruments segment is estimated to command the largest share of the global microbiology testing market over the review period owing to factors such as continuous technological advancements in the field of microbiology testing instruments coupled with the focus on laboratory automation.
By application, the market is segmented into gastrointestinal infections, respiratory infections, urinary tract infections, sexually transmitted infections and others. Among these, the segment of respiratory diseases is deemed to be the largest diseases area in the global market due to the large patient population having respiratory diseases, growing prevalence of target respiratory diseases such as TB, asthma, COPD, and bronchitis in developing countries, and elevated number of epidemic outbreaks of respiratory infections.
By end-user, the market is segmented on the basis of hospital based laboratory, independent laboratory, and academics & research institutes.
The regional segments of the global market are North America, Asia Pacific (APAC), Europe and the Middle East and Africa.
Globally, North America captured the largest market share of 37.9% in 2016. The market growth is backed by factors like refined healthcare infrastructure, sophisticated treatment procedures, rising incidences of infectious diseases and growing healthcare spending.
On the other hand, APAC is the second largest and fastest growing market in global Microbiology testing market and is expected to grow at a CAGR of 12.1% during the appraisal period. This growth is due to increasing healthcare spending along with growing funding, research grants, and public-private investments in the region.
Europe is also subjected to a phenomenal market growth and is expected to grow significantly during the review period owing to increasing market demand for advanced molecular diagnostic products that provide opportunities to regional players.
Lastly, Middle-East and Africa (ME&A) microbiology testing market is surging slower than other regions and is expected to grow at steady pace due to growing surveillance programs for disease control, and rising stringency of standards.
The key players in the global market include F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US), Alere (US), BD (US), Beckman Coulter, Inc. (US), Biomérieux SA (France), Cepheid (US), and others.