The Global Rapid Microbiology Testing Market in terms of revenue was estimated to be worth $4.2 billion in 2021 and is poised to reach $6.7 billion by 2026, growing at a CAGR of 9.4% from 2021 to 2026. The new research study consists of an industry trend analysis of the market. The stakeholders and consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market growth is driven by the growing incidence of epidemics, increased infectious diseases and Increasing incidence of cancer.
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Rapid Microbiology Testing Market Dynamics
Driver: Increasing incidence of infectious disease and growing outbreaks of epidemics.
There is an increase in incidence of infectious diseases and other epidemics and pandemics like Pneumonia and COVID-19 which has increased the use of diagnostic tests. With a rise in the global burden of these diseases, there is increased awareness amongst the public for early diseases detection which is the reason for significant growth during the forecast period
Opportunity: Growth opportunities in emerging countries
Emerging economies such as India, South Korea, Brazil, and Mexico offer significant growth opportunities to players operating in the market. This can be attributed to the high disease prevalence, large patient population, improving healthcare infrastructure, increasing disposable income, and growing medical tourism in these countries.
Restraint: High capital investments and low cost-benefit ratio.
Development of diagnostic tests specifically for cancer and infectious diseases requires high capital investment. Specifically to meet theregulatory requirements. Increased regulatory guidelines for each clinical trial phase interrupts the process of development leading to the need of heavy investments for clinical trials and approval. Hence, along with the high amount of capital investments, the low cost-benefit ratio is hindering the growth of the market.
Challenge: Improving healthcare infrastructure
Growing healthcare expenditure, and increasing availability and affordability of low-cost clinical microbiology products. Emerging countries are witnessing rapid modernization in healthcare facilities and expansion of healthcare infrastructure. Small emerging companies are collaborating to develop new and improved products.
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Instruments segment accounted for the largest share of the rapid microbiology testing market
Development and extensive use of advanced molecular diagnostic techniques such as NGS, real-time PCR, molecular cartridges, and PCR coupled with mass spectrometry. development and commercialization of pathogen-specific reagent/diagnostic kits have led to better sample utilization will drive the market growth.
Growth-based rapid microbiology testing segment accounted for the largest share in the rapid microbiology testing industry
Growing R&D investments to develop new rapid diagnostic kits, increased adoption of rapid POC diagnostic tests to diagnose diseases like COVID-19 are the drivers that attribute to the growth of the market.
Clinical disease diagnosis segment accounted for the largest share in the rapid microbiology testing market
Rising geriatric population, and subsequent growth of infectious diseases is expected to increase the prevalence of various diseases across the globe, decreased public immune system, new developments in the diagnostic market are the factors that will support the market growth.
North America is the largest regional market for rapid microbiology testing industry
The global market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global market. The North American market growth can be attributed to the, increased government initiatives for healthcare development, increased awareness on the early detection of infectious disease and increased incidence of infectious disease and cancer.
Recent Developments
- In October 2020, Merck KGAA (Germany) collaborated with Mammoth Biosciences (US) for the development, scale up and commercial production of CRISPR- based SARS-COV-2 diagnostic test.
- In September 2020, Bruker Corporation (US) has an acquisition with Canopy Bioscience LLC ( US) which enhanced bruker’s offerings in targeted multi-omics and fluorescence-based imaging technique.
- In July 2020, Biomérieux SA (France) launched Biofire mycoplasma test for the detection of mycoplasma in biopharmaceutical products.
Report Objectives
- To define, describe, segment, and forecast the rapid microbiology testing market by product, method, application and region.
- To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2.
- To track and analyze company developments such as product launches, agreements, expansions, and acquisitions in the rapid microbiology testing market.
- To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy.
Key Players:
Abbott Laboratories, Inc. (US), Becton, Dickinson and Company (US), bioMérieux SA (France), Bruker Corporation (US), Charles River Laboratories International, Inc. (US), Danaher Corporation (US), Merck KGaA (Germany), NEOGEN Corporation (US), Quidel Corporation (US), Sartorius AG (Germany), Thermo Fisher Scientific, Inc. (US)
Report Link: ( Rapid Microbiology Testing Market )
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