Microbiology Testing Market Size, Analysis and Forecast 2023-2029

The global microbiology testing market size was valued at USD 3,913.6 million in 2022 and is poised to grow at a significant CAGR of 10.6% during the forecast period 2023-29. Growing cases of HIV, malaria, tuberculosis, and pneumonia coupled with growing outbreaks and epidemics are directly influencing the growth of the market. Rising R&D spending, particularly in established and developing nations, will generate more profitable market growth prospects for medical instruments and technologies. Research and development capabilities for integrating sophisticated technology in healthcare facilities and detecting infectious illnesses are also boosting market growth rates.

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The microbiology testing market is segmented based on product type, application, end user and geography.

Based on the Product Type, the market is segmented into the following:
• Instruments
• Chemicals & Reagents
• Consumables & Accessories
• Others

Based on the Application, the market is segmented into the following:
• Gastrointestinal Infections
• Respiratory Infections
• Urinary Tract Infections
• Bloodstream Infections
• Sexually Transmitted Infections
• Others

Based on the End User, the market is segmented into the following:
• Hospital Based Laboratories
• Independent Laboratories
• Academics & Research Institutes
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

The Chemicals & Reagents segment is expected to account for a larger revenue share and the market is expected to grow at double digit growth rate over the forecast years. Laboratory chemical reagent is a composite that is utilized in a chemical reaction to identify, examine, determine, or manufacture other chemical substances. The chemical reagents play an important role in the correctness of a chemical experiment. Increasing usage of broad range of reagents, adoption of reagents on rent strategies and other cost effective procedures by end users in recent periods will be expected to drive the chemicals and reagents segment over the forecast period.

North America Leads Microbiology Testing Market
North America is expected to hold a significant market share in the global Microbiology Testing market and is projected to grow at a prominent growth rate over the forecast years owing to the strong base of healthcare facilities, rising investment from key players in the growth of the advanced devices, well-established distribution channels for clinical microbiology product manufacturers and rising number of research activities in this region. Moreover, Asia-Pacific is expected to grow significantly as a result of increased government initiatives to raise awareness, an increase in medical tourism, expanding research activities in the region, a favourable regulatory scenario to improve the adoption rate of microbiology testing and other advanced diagnostic methods, and a growing demand for quality healthcare in the region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players

Global Microbiology Testing market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In August 2020, Biotech firm codex DNA launched the BioXp3250 system. The automated platform for on-demand DNA assembly and amplification allows researchers to synthesize genes and genomes faster than ever, with the potential to accelerate the development of vaccines, diagnostics, and treatment.

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Key player's profiles in the Microbiology Testing Market report are bioMérieux SA (France), Danaher. (US), BD (US), Abbott (US), F. Hoffmann-La Roche Ltd (Switzerland), Bruker (US), Hologic, Inc. (US), Bio-Rad Laboratories, Inc. (US), QIAGEN (Germany), Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), Merck KGaA (Germany), 3M (US).

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This release was published on openPR.