Rapid Microbiology Testing Market Size: Global Consumption Value, Sales and Key Companies Profile 2020

2020 Research Report on Global Rapid Microbiology Testing Market is a professional and comprehensive report on the Rapid Microbiology Testing industry.

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Key Players: bio Mérieux SA (France), Danaher Corporation (US), and Becton, Dickinson and Company (US).

"The rapid microbiology testing market is projected to grow at a CAGR of 8.1% during the forecast period."

The global rapid microbiology testing market is projected to reach 5.09 billion by 2023 from USD 3.45 billion in 2018 at a CAGR of 8.1%. Growth in the rapid microbiology testing market can be attributed to factors such as increasing food safety concerns; the rising prevalence of infectious diseases; and increased funding, research grants, and public-private investments. However, reimbursement concerns and the high cost of rapid microbiology testing products are the major factors restricting market growth.

"The food & beverage testing segment is expected to grow at the highest rate during the forecast period."

On the basis of application, the global rapid microbiology testing market has been segmented into clinical disease diagnosis, food & beverage testing, pharmaceutical & biological drug testing, cosmetics and personal care products testing, environmental applications, research applications, and other applications. The food & beverage testing rapid microbiology testing segment is expected to grow at the highest rate during the forecast period. Factors such as increasing food production, stringent quality control and quality assurance processes ensuring food safety, and the growing demand for packaged food products are driving growth in this market segment.

"The diagnostic laboratories & hospitals segment is expected to account for the largest share of the rapid microbiology testing market."

On the basis of end user, the rapid microbiology testing market is segmented into diagnostic laboratories & hospitals, food & beverage companies, pharmaceutical companies, CROs, and other end users. The diagnostic laboratories & hospitals segment is expected to account for the largest share of the market in 2018. This is mainly due to factors such as the increasing prevalence of infectious diseases, improving healthcare expenditure, and technological advancements in rapid microbial testing.

"The APAC market is expected to grow at the highest CAGR during the forecast period."

Geographically, the rapid microbiology testing market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The APAC market is expected to register the highest growth rate during the forecast period. Growth in this segment is mainly due to the increasing healthcare expenditure and growing initiatives to promote the use of advanced rapid microbiology testing technologies in Asia Pacific countries. Moreover, as markets in developed countries are increasingly becoming saturated, manufacturers and suppliers of rapid microbiology testing products are also shifting their focus towards the Asian market, thereby driving the growth of this market during the forecast period.

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In the end, the Global Rapid Microbiology Testing Market report's conclusion part notes the estimation of the industry veterans.

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This release was published on openPR.