Microbiology Culture Market is Expanding at a CAGR of 5.90% During the Period from 2015 to 2023
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Although the four top players, namely, Dickinson and Co., Thermo Fisher, Sigma-Aldrich, Becton, and Merck Millipore held a share of around 52.7% of the world microbiology culture market in the year 2014, the presence of a large pool of regional and international market participants point towards a moderately fragmented structure of the said market, as observed by a report by Transparency Market Research (TMR). However, the degree of competition is high within the market and market players are emphasizing aggressively on reaching new breakthroughs and making new discoveries so as to gain a competitive edge.
In terms of geography, the world market for microbiology culture has been categorized into the regions of Asia-Pacific excluding Japan, North America, Latin America, Europe, and Middle East and Africa. On account of augmented funding by many of the governments in the industry of microbiology, North America and Europe have acquired the first two positions in the world market for microbiology culture. In the year 2014, North America topped the list with a share of around 35.4%, whereas the region of Europe is closely trailing with a market share of around 32.0%. As expected by analysts, North America to continue with its regional dominance; however, the region of Asia Pacific might register a growth with the fastest cumulative average rate of around 6.80% between the years 2015 and 2023.
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Various market elements such as the increasing access to antibiotic drugs, the rising healthcare expenditure, and high prevalence of infectious diseases have fuelled the consumption of antibiotics across the globe since the last few decades are likely fuel the market in the years to come. As such, the demand for microbial culture is also anticipated to rise quite significantly over the forthcoming years.
However, on the other hand, the said market might come across severe challenges from the high costs that are associated with constant functioning of fermentation vessel over several weeks and culture media. The difficulty that arises in the identification of alternative sources of nutrient for the development of various microorganisms in a bid to meet certain requirements and to reduce large-scale fermentation cost are also anticipated to restrain microbial culture practices to some extent in the years to come.
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As recombinant technology makes foray into the said market, it is prognosticated to make an offering of promising growth opportunities to the market players that are operating in the world market for microbiology culture over the next few years.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
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