Global Microbiology Testing Market - Segmented by Product, Applications and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global microbiology testing market was valued at USD 4,315.3 million in 2017. The market is estimated to be USD 4,722.2 million in 2018, and it is expected to reach USD 7,410.2 million in 2023, registering a CAGR of 9.4% during 2018-2023 (henceforth referred at as ‘the forecast period’). In 2016, North America and Europe are expected to be the mature markets for clinical microbiology products.
Growing healthcare expenditure
The healthcare spending is increasing day by day and has been maintaining a growing trend over the decades. United States stands for the highest total spending per capita on health approx. USD 9,523. Norway and Switzerland were being the next big spenders on health per capita. As of 2014, the expenditure ranges from a low of 1.8% in the Netherlands and the United Kingdom, up to 9.1% in Croatia, Estonia (10.3 %), Cyprus (10.8 %), Latvia (11.2 %) and the Czech Republic (12.3 %). In the United States, ~3% of healthcare expenditures are attributable to laboratory testing. However, there is a focus to replace the traditional methods and improve the automated testing by the increasing focus on the technological advances in microbiology testing methods and equipment, a major share of healthcare spending is going to be in this domain. Furthermore, the improving of the healthcare infrastructure across the emerging markets and growing market demand for advanced molecular diagnostic products also provide opportunities for the players in the microbiology market.
Growing market demand for advanced molecular diagnostic products
The ability of molecular diagnostics to detect any disease at an initial stage of development is expected to create an opportunity for the industry participants to capitalize on in the coming years. Furthermore, the recent developments, which includes integration of diagnostic methods with advanced IT and data analytics to minimize the complexity of assays and further analysis, and the use of nanotechnology for developing the molecular diagnostic products is to increase the efficiency of diagnostic methods and results, are creating the wide range of opportunities in the industry.
On the other hand the factors such as inadequate reimbursements, stringent government regulations, and intense competition among the vendors are expected to hinder the growth rate of microbiology testing market in the coming future.
North America hold the major market
Based on geography, the microbiology testing market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North-America held the largest market share in terms of revenue followed by Europe. North America accounts for the highest share among the regions in the global microbiology testing market, due to the presence of a large number of market-focused key players in the region, who are providing wide product portfolios, as well as the demand for high-quality and standardized products and services, which are essential to keep up with the pressure of international standards.
Key Developments in the market