Global Microbiology Testing Market - Segmented by Product, Application, Geography - Growth, Trends and Forecasts (2018 - 2023)
The global microbiology testing market is expected to witness a CAGR of 9.4%. In 2016, North America and Europe are expected to be the mature markets for clinical microbiology products.
Rising Incidence of Infectious Diseases and Outbreak of Epidemics
The diseases such as HIV/AIDS, Hepatitis, severe acute respiratory syndrome (SARS) and the 2009 pandemic H1N1 influenza and 2014 Ebola virus infections, are some of the examples for rising incidence of the infectious diseases in the modern world. There are several other factors that precipitate the disease emergence, which includes ecological, environmental, or demographical factors. These factors, along with the ongoing evolution of viral and microbial variants and selection for drug resistance, suggest that infections will continue to emerge and increase in the coming years, which in turn, emphasizes the urgent need for effective surveillance, control, and microbiology testing. Hence these are some of the factors propelling the growth of the market.
The other factors includes technological advancements in microbiology testing, rising incidence of infectious diseases and outbreak of epidemics, growing healthcare
expenditure and the rising private-public funding for research on infectious diseases.
High Cost of Microbiology Instruments
One of the biggest complaints that customers consistently have is regarding the laboratory industry which takes too long for labs to process the analytical results. Therefore, instrumentation manufacturers in recent years have focused on developing new advanced methods that save time, but cost more. Microbiology is an expensive laboratory service because it is labor intensive. It requires skilled laboratory personnel. Staff salaries generally account for 60-70% of the microbiology laboratory’s operating budget, which most of the times, is incurred on customers in the form of test costs. Based on the above-mentioned factors, high costs are hindering the microbiology testing market growth.
The other factor also include laboratory reimbursement issues.
North America hold the major market
Based on geography, the microbiology testing market has been segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North-America, followed by Europe, held the largest market share, in terms of revenue. North America accounts for the highest share among the all regions in the global microbiology testing market, owing to the presence of a large number of market-focused key players, who focus on providing wide product portfolios, and the growing demand for high-quality and standardized products & services that are essential to keep up with the pressure of international standards.
Key Developments in the Market
January 2017, Abbott acquired St. Jude Medical, making the company a leader in the medical device sector.
June 2017, Bio-Rad launched RT-PCR Assay Kit, for the detection of Zika, Dengue and Chikungunya viruses.
March 2017: Xpert MTB/RIF Ultra was launched by Cepheid, for better diagnosis of TB in children and individuals with HIV.
February 2017: Xpert Xpress Flu and Xpert Xpress Flu/RSV by Cepheid were indicated for healthcare-associated infections, sexual health, critical infectious disease, and oncology.
Major Players - BIO-RAD LABORATORIES INC., ABBOTT LABORATORIES, BECTON DICKINSON, ROCHE HOLDING, BRUKER CORP, HOLOGIC CORPORATION, CEPHEID INC., BIOMÉRIEUX AND THERMO FISHER SCIENTIFIC INC. amongst others.
Reasons to Purchase this Report
Current and future microbiology testing market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in Excel).
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