Mycoplasma Diagnostics Market to Grow at CAGR of 10.6% through 2024

The global market for mycoplasma disorder featured the top five vendors, namely Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche, Merck KGaA, Agilent Technologies, and Lonza Group accounting for over 68% of the overall market in 2016, observes Transparency Market Research (TMR) in a recent report. The high level of consolidation has ensued intense competition and increased focus of leading vendors on mergers and acquisitions, geographical expansion, and introduction of technologically advanced product varieties. With rise in mergers, acquisitions, and strategic collaborations, the market is expected to become less competitive in the next few years.

Transparency Market Research states that the global mycoplasma diagnostics market will expand at a promising 10.6% CAGR over the period between 2016 and 2024, rising from a valuation of US$602.0 mn in 2016 to US$1.35 bn in 2024.

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North America Dominates Market with Massive Contribution in Global Revenues

In terms of the key end users of mycoplasma diagnostics devices and consumables, the segment of hospitals is presently the dominant demand and revenue generator. The segment accounted for a nearly 33% of the overall mycoplasma disorder market in 2016 but is projected to witness a slight decline in its global share by the end of the report’s forecast period. From a geographical perspective, the market in North America is presently the leading revenue generator, accounting for a more than 35% of the overall market in 2016.

Rising Prevalence of Pulmonary Disorders to Drive Market Growth

The vast rise in the rate of prevalence of respiratory tract infections has emerged as the key growth driver for the global mycoplasma diagnostics market in the past few years. A report by the Forum of International Respiratory Society, published in 2013-2014, has predicted that deaths resulting from pulmonary conditions such as lung cancer, obstructive pulmonary diseases, and tuberculosis will rise at a worrisome pace in the next few years. The situation thus calls for effective methods of diagnosing these conditions so as to detect the diseases in their early stages.

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The vast rise in the population of geriatrics, a demographic which is more vulnerable to these conditions, is also expected to increase the global demand for mycoplasma diagnostics in the next few years. Rising awareness among families regarding advanced diagnostic technologies related to mycoplasma is also expected to remain a prime factor fueling the growth prospects of the global mycoplasma diagnostics market over the report’s forecast period. Rising disposable incomes of people across developing economies will help the market ace cost constraints.

Lack of Awareness about Technological Advancements to Hinder Market Growth Prospects

Some challenges are projected to hinder the growth prospects of the market to a certain extent in the next few years. These include reliability issues, lack of awareness regarding technological advancements in mycoplasma diagnostics, and the high cost of devices and consumables acting as a key restraint for the market to expand in cost-sensitive regional economies. Besides these, the market is also expected to bear the brunt of stringent regulatory approval norms, especially in developed regions such as North America and Europe.

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This release was published on openPR.