Some of the prominent players in the global market for medical microbiology testing technologies are Abbott Laboratories, Beckman Coulter, Inc., Agilent Technologies, Becton, and Dickinson and Company. One of the popular strategies adopted by them to further increase their market share is focus of product development by ploughing funds into research and development. Besides, they are also constantly looking to expand their geographical footprints to tap into underserved attractive markets.
A report by Transparency Market Research finds that the global market for medical microbiology testing technologies will likely rise at a CAGR of 5.4% between 2016 and 2024 to attain a value of US$3.4 bn by the end of 2024 from US$2.1 bn in 2015.
Shift to Advanced Testing Technologies from Traditional Ones Makes Asia Pacific Clock Maximum Growth Rate
Depending upon indication, the TMR report segments the global market for medical microbiology testing technologies into respiratory diseases, infectious diseases, and neurological diseases, among others. Among them, the infectious diseases segment is predicted to hold a share of 41% in the global market by the end of 2024 in terms of volume. The alarming increase in infectious diseases worldwide will lead to the segment dominating in the foreseeable future.
Geographically, the key segments of the global market for medical microbiology testing technologies are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. As per the report, Europe and North America will emerge as key markets in the upcoming years with the former leading because of increasing demand for better microbiology technologies in the region.
In terms of growth rate, however, Asia Pacific is anticipated to clock a maximum CAGR of 7.3%. This will result mainly from the rising trend of supplanting traditional testing methods with advanced testing technologies. Other factors providing a fillip to the Asia Pacific market are the improving economy resulting in increased purchasing power, growing awareness pertaining to the benefits of testing technologies, and the rising instances of chronic diseases.
Government Investment into Research Stoking Market Growth
Majorly boosting the global market for medical microbiology testing technologies is the substantial investments by governments into research in life sciences, biological, and medical sciences. Going forward too, money will flow into it as they are usually high risk and protracted, making them financially not very viable for companies looking to make quick profits.
Other factors driving the growth in the global market for medical biology are rising instances of infectious diseases and new types of those, particularly in developing nations. Some of the most common form of infectious diseases afflicting people worldwide these days are impetigo, urinary tract infections, and pneumonia. “Furthermore, the growing demand for automation in medical microbiology for specimen management, nucleic acid amplification, identification, microbial detection, and susceptibility testing is also estimated to benefit the global market,” adds the lead analyst of the TMR report.
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Countering the growth in the global medical microbiology testing technologies market is the steep cost associated with different types of media. Experts feel the complexities involved in sample preparation techniques will also restrain market growth. The premium pricing of using medical microbiology technologies will also serve as a roadblock as much as the point-of-care testing.
This review is based on the findings of a TMR report, titled, “Medical Microbiology Testing Technologies Market (Indication – Respiratory Diseases, Neurological Diseases, and Infectious Diseases; Technology – Cell Culture, Microscopy, and Serology; Application – Diagnostic and Treatment Monitoring; End User – Hospital Labs, Pathology Labs, and Research Institutes) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”
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