Blood Culture Tests Market to Grow at a CAGR of 9.65% During the Forecast Period 2020-2025

Blood Culture Tests Market size was valued at $ 3.95 Billion by 2019, and is anticipated to grow at a CAGR of 9.65% during the forecast period 2020-2025. The Blood Culture Tests Market growth rate is attributed to increasing aging population, rise in product approvals and launches, growing number of sepsis cases, high incidence of bloodstream infections (BSI), increase in demand for rapid Diagnostic techniques and high prevalence of infectious diseases are driving the market growth. To detect the presence of microorganisms such as bacteria or fungi in the blood, blood culture tests are performed. It is used to assess the existence of infection, to recognize the causative agents and to direct a patient's proper care. Blood culture testing is used to classify a blood infection (also called septicemia), which can lead to a severe and fatal condition called sepsis if otherwise left undetected.

Furthermore, increasing prevalence of infectious diseases, BSIs, and sepsis are poised to be the main factor driving market growth. According to the World Health Organization (WHO), about 250,000 cases of BSIs occur in the U.S. annually, and among them, around 80,000 patients in ICUs suffer from catheter-related BSIs. Proportionately, there is a high demand for advanced products by hospitals and clinical diagnostics laboratories for the detection of bacterial, fungal, and mycobacterial infections. Hence, many Healthcare organizations have seen an increase in R&D activities to produce innovative products such as materials, consumables, and software. Investing in R&D for the production of a novel product is a key strategy for suppliers to help their companies' long-term growth. However, diagnostic products, such as instruments, kits, reagents, media, and assays, undergo rigorous clinical trials prior to a regulatory approval. This leads to a significant rise in the costs incurred by the manufacturers and delay in product launch.

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Blood Culture Tests Market Segment Analysis - By Equipment Type

On the basis of equipment type, anesthesia devices segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 9.5%. The reason behind robust growth is being attributed to the infection diagnostics, comprehensive product application of assays, kits, reagents, blood culture media, and other accessories. In addition, recurring consumable sales are likely to drive price patterns over the study period. In addition, this segment is anticipated to gain largest revenue share during the forecast period 2020-2025 as a result of recurring consumable sales that is poised to drive price patterns over the study period.

Apart from this, over the forecast period 2020-2025, the instruments segment is anticipated to witness significant CAGR during the forecast period 2020-2025 owing to product advancements. Furthermore, the automated blood culture system is to pave the way for the overall segmental growth owing to the need for rapid diagnosis of the infections and other diseases the automated blood culture system is anticipated to grow at significant rates. In addition, a high adaptation of automated equipment and accuracy in the results eliminating the manual errors in results automated blood culture tests gaining traction in the market.

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Blood Culture Tests Market Segment Analysis - By Geography

North America dominated the Blood Culture Tests Market with a share of 36.5% in 2019. The application of blood culture tests has grown rapidly over the last few years owing to the presence of well-established healthcare infrastructure and better access to the diagnostics. The presence of many large healthcare companies such as Becton, Dickinson and Company; BioMérieux SA; Thermo Fisher Scientific Inc.; Roche Diagnostics, etc. coupled with higher adoption of technological advancements are also driving growth in the region.

Furthermore, over the forecast period 2020-2025, Asia Pacific is projected to record the fastest growth owing to the high prevalence of infectious diseases and the growth of facilities for healthcare. For business expansion, many diagnostic companies are targeting Asian countries, such as China and India. Some of the main factors contributing to regional market growth are the existence of a broad target population base and growing disposable income in the Asia Pacific region.

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Blood Culture Tests Market Drivers

Growing number of incidences of bloodstream infections with rising geriatric population

Presently, Blood Culture Tests global market is driven by the high incidence of blood stream infections, growing demand for rapid diagnostic testing, a high percentage of ageing populations across countries, apart from rapid developments in medical technology, increasing patient recognition and increasing patient acceptance rates of the new technologies. Some of the newest blood culture test technologies include multiplex real-time PCR system, molecular method use, mass spectrometry & ionisation of electro spray.

Blood Culture Tests Market Challenges

Stringent regulations and regulatory approvals

Market growth is poised to be hampered by stringent government regulations for the production and manufacture of diagnostic products, including products for blood culture tests. Before regulatory approval, diagnostic products, such as instruments, kits, reagents, media, and assays, undergo rigorous clinical trials. This results in a major increase in the costs incurred by the suppliers and delays in the launch of the product. The marketing of diagnostic goods relies on the successful completion, which is a lengthy, unpredictable and expensive phase, of clinical trials. In addition, product recall is another major challenge faced by manufacturers, which could adversely affect the growth.

Blood Culture Tests Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Blood Culture Tests Market. In 2019, Blood Culture Tests Market share is fragmented by the top ten players present in the market. Blood Culture Tests Market top 10 companies are Abbott Laboratories, bioMérieux SA, Becton Dickinson, Siemens AG, Bayer Healthcare, Bruker Corporation, Merck, Thermo Fisher Scientific Inc., Roche Diagnostics, Beckman Coulter Inc. (Danaher) and others.

Acquisitions/Product Launches:

In March 2020, Magnolia Medical Technologies announced that it received clearance from U.S. regulators for its expanded line of blood contamination reduction products, including Steripath Gen2 Initial Specimen Diversion Device.

In June 2016, Luminex Corporation completed the acquisition of Nanosphere, Inc. to strengthen their molecular microbiology and diagnostics businesses.

Key Takeaways

North America dominated the Blood Culture Tests Market with a share of 36.5% in the year 2019.

The factors such prevalence of primary bloodstream infection, sepsis, kidney disorders, and other chronic infections along with associated demand for rapid diagnostic tests are amongst the major factor projected to impel growth of Blood Culture Tests Market.

Technological advancements providing better accuracy, reliability in disease diagnosis and avoiding unnecessary healthcare costs is to accelerate the market demand are the key factors owing to the growth in the segment during forecast period 2020-2025.

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