Medical Microbiology Testing Technologies Market is Expected to Expand at a CAGR of 5.4% Between 2016 and 2024
Rapid identification of microorganisms in medical microbiology can be of great value for selection of ideal treatments for patients for infections caused by bacteria, viruses, fungus, mycobacterium, and parasites. It enables actual reduction from conventional broad spectrum antimicrobial agents to specific targeted antimicrobial therapy. The various advantages associated with medical microbiology testing technologies over conventional manual systems, such as automated microscopy and serological testing have been the primary growth drivers for the global medical
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According to the research report, the global medical microbiology testing technologies market was valued at US$2.1 bn in 2015 and is expected to reach US$3.4 bn by the end of 2024. The global market is expected to expand at a CAGR of 5.4% between the forecast years of 2016 and 2024.
Need for Testing among Geriatrics to Drive Global Market
The various advantages of medical microbiology testing technologies are the introduction of automation in clinical microbiology. Prior to these technologies, the sector entirely depended on highly skilled manpower to receive, process, and interpret the outcomes from a wide variety of clinical specimens with limited aid from automation, which was subject to the risk of human error.
Increasing outbreak of various diseases, rising incidence of infectious diseases, public-private investments in the field of life science research and increasing funding and research grants are the major factors driving growth of the market for medical microbiology testing technologies. Testing volumes on the whole are expected to increase by 10 to 15% every year for the next 20 years as number of geriatrics in need of health care continue to rise.
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Depending on the type of technology used in the medical microbiology testing technologies market, medical microbiology testing technologies are segmented into microscope, serological tests, and cell culture. Although the industry is witnessing increasing use of automated medical microbiology testing technologies by many end users for clinical specimen testing, hospitals and diagnostic centers are still considered as the key revenue-generating segments. These are thus likely to continue the lead in the coming years. This is attributed to the changing perception of people as well as healthcare practitioners.
Asia Pacific to Follow Europe’s Lead during Forecast Period
In terms of geography, Europe claimed the largest regional share for medical microbiology testing technologies in terms of revenue. However, during the forecast period, the market in Asia Pacific for medical microbiology testing technologies will exhibit the highest market growth at a CAGR of 7.3%. High conversion rate from traditional testing methods to new advanced testing technologies is the key factors projected to trigger the market growth in APAC.
The Asia Pacific region is also expected to lead product development and adoption of newer technologies. Improving economic conditions leading to increased purchasing power, increasing awareness regarding the benefit of testing technologies, and the presence of a large pool of patients suffering from various chronic diseases, the market is expected to grow at a double digit rate.
The key players operating in the global medical microbiology testing technologies market are Agilent Technologies Inc., Becton, Dickinson & Company, Beckman Coulter Inc. (A Danaher Company) Biomerieux SA, Bio-Rad Laboratories Inc., and Roche Holding AG.
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