Microbial Identification Service Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global microbial identification service market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rise in the prevalence of infectious diseases such as HIV, tuberculosis, and others is anticipated to drive the growth of the market. According to the data published by World Health Organization (WHO) in 2021, HIV is a global public health issue that claimed 36.3 million lives. Nearly 37.7 million were living with HIV at the end of 2020, out of which one-third of the people belong to the African region. Moreover, in 2020, 680000 mortalities occured from HIV-related causes and 1.5 million people acquired HIV.

The rising incidence of Tuberculosis (TB) is further anticipated to drive the growth of the market. According to the data published by WHO in 2021, approximately 1.5 million mortalities occurred due to TB 2020. It is the 13th leading cause of mortality and the second infectious killer. In 2020, 10 million people fell ill with TB globally, out of which 5.6 were men, 3.3 women, and 1.1 million children. In addition, 30 high TB burden countries accounted for 86.0% of new TB cases in 2020. Also, 66 million lives were saved through TB diagnosis and treatment between 2000 to 2020. Thus, the rise in the incidence of infectious disease is anticipated to fuel the demand for the global microbial identification service market.

The rise in government spending and initiatives is anticipated to drive the growth of the market. For instance, as per the data published by the Minister's Department of Health in 2021, the Australian Government had committed $22.5 million to understand and defend antimicrobial resistance, prevent the outbreak of resistance superbugs, and evaluate the use of microbial antifungal, antibiotic and antimicrobial medicines in human and animal health. In addition, over the coming 3 years, the Australian government is planning to invest $14.2 million in surveillance of antimicrobial resistance in human health, which will also ensure emerging threats from AMR microbes, mainly bacteria. Thus, such initiatives are anticipated to fuel the demand for the global microbial identification service market during the forecast period.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Thermo Fisher Scientific Inc., Bruker Corp., and Alcami Corp. among others

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Global Microbial Identification Service Market Report by Segment
By Type
•Identification Services
•Culture Collection Services
By Application
•Food Testing
•Beverage Testing
•Cosmetic & Personal Care Products Testing
•Pharmaceutical Application
•Environmental Application

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.