Market Research Future estimated that the global microbiology testing market is set to touch the mark of 10.4% CAGR with valuation of USD 5409.16 million, during the forecast period.
The global microbiological testing market has been assessed as a rapidly growing market and the market is expected to continue to grow in the near future. The increasing prevalence of infectious diseases, changing disease patterns and increasing awareness are the main drivers of the global market for microbiological testing. In addition, technological developments, new techniques and methods, changes in the medical sector and increased funding for research are some of the factors that stimulate market growth.
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Technological advances, an increasing number of infectious disease cases, disease monitoring programs, higher standards and inefficient traditional laboratory techniques are the most important factors for market growth. However, inaccurate results and the high cost of reagents and instruments may limit market growth.
Infectious diseases such as hepatitis B and C, human papillomavirus (HPV) and HIV are some serious and potentially fatal forms of sexually transmitted diseases. Due to the increasing incidence of these diseases, the demand for microbiological testing is increasing. Increasing healthcare costs and the presence of better medical infrastructure, such as clinical laboratories and hospitals, are additional factors contributing to the growth of the microbiological testing market.
The rapid growth observed in the geriatric population, the increasing number of microbiological clinical studies, the increased frequency of infectious diseases and funding, research grants, and public-private investments are some of the factors that influence population growth of the global market for microbiological testing.
In addition, the increasing number of infectious disease cases, disease surveillance programs, stricter standards and weak traditional laboratory techniques are likely to support market growth. On the other hand, incorrect results and the high cost of reagents and instruments should hinder market growth.
The global market is segmented by product type, application and end user. Depending on the type, the global market is subdivided into instruments, chemicals and reagents, consumables and accessories, etc.
The instrument business represented a market value of $ 954.9 million in 2016. Based on the applications, the global market was segmented into gastrointestinal infections, respiratory tract infections, urinary tract infections, sexually transmitted infections, and so on.
Based on the end user, the global market has been segmented into associated hospital laboratories, independent laboratories, and academic and research institutions.
North America is estimated to dominate the global microbiology testing market over the forecast period. This can be attributed to the rapid acceptance of advanced products and techniques. The European microbiological testing market is expected to be the second largest in the forecast period. Increased innovation and evolving laboratory practices are expected to stimulate market growth in this region.
Asia Pacific is considered the fastest growing market due to increased funding for R&D, health infrastructure development, growing awareness of microbiological testing, government initiatives to improve public health and increase investment by key players. In addition, South Korea’s market share in the region was 9.2% in 2016.
The market in the Middle East and Africa is expected to grow steadily due to limited access to health facilities. , lack of knowledge of new microbiological testing techniques, less R&D funding, and limited equipment availability.
The key industry players in the global microbiology testing market are, BioMérieux SA, Beckman Coulter, Inc. (a subsidiary of Danaher Corp), Cepheid (a subsidiary of Danaher), F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific Inc.
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