Press release
Medical Microbiology Testing Technologies Market: Increasing Government Investments Boost Global Market
According to the research report, the global medical microbiology testing technologies market is expected to be worth US$3.4 bn by the end of 2024 from US$2.1 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 5.4% due to the increasing demand for automation in the field of medical microbiology.
Europe to Lead the Pack as Uptake of Technology Improves
Geographically, this global medical microbiology testing technologies market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The report suggests that Europe and North America will offer the global market lucrative opportunities in the near future. Europe is estimated to dominate the global market as the regional market expands at a CAGR of 4.8% between 2016 and 2024. The growing demand for improved microbiology technologies in the region is expected to boost the demand in the coming years.
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On the basis of indication, the global market for medical microbiology testing technologies is categorized into respiratory diseases, neurological diseases, infectious diseases, and others. Of all these segments, the infectious diseases segment is expected to acquire a share of 41% in the global market by the end of 2024 in terms of volume. The high incidence of infectious diseases across the globe is expected to drive this segment in the near future.
Increasing Government Investments Boost Global Market
The growing government investments in the research of life sciences and biological and medical sciences are largely responsible for the accelerated pace of growth of the overall market. The report predicts that government investments are likely to continue in the coming years as this research is characterized by high risk and long duration, which makes it unattractive for companies looking to make quick profits. The market is also expected to be driven by the high prevalence of infectious diseases and emerging infectious diseases, especially among the population of the developing nations. The commonly seen infectious diseases affecting individuals across the globe are impetigo, urinary tract infections, and pneumonia. Furthermore, the growing demand for automation in medical microbiology for specimen management, nucleic acid amplification, identification, microbial detection, and susceptibility testing is also estimated to benefit the global market.
High Costs and Complex Procedures Restrain Global Market
The global medical microbiology testing technologies market is being restrained by the high cost associated with various types of media. Analysts anticipate that the global market will also be held back due to the complexities involved in sample preparation techniques. The premium pricing of using medical microbiology technologies are also projected to limit the growth of the global market through the forecast period. Lastly, the impact of point-of-care testing is also proving to be a negative one on the overall market.
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This review is based on Transparency Market Research’s review, titled “Medical Microbiology Testing Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”
The market has been segmented as below:
Global Medical Microbiology Testing Technologies Market – By Indication
Respiratory Diseases
Neurological Diseases
Infectious Diseases
Others
Global Medical Microbiology Testing Technologies Market – By Technology
Cell Culture
Microscopy
Serology
Global Medical Microbiology Testing Technologies Market – By Application
Diagnostic
Treatment Monitoring
Global Medical Microbiology Testing Technologies Market – By End User
Hospital Labs
Pathology Labs
Research Institutes
Others
Global Medical Microbiology Testing Technologies Market – By Region
North America
U.S.
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
Australia
New Zealand
Rest of Asia Pacific
Middle East and Africa (MEA)
Saudi Arabia
UAE
RSA
Rest of MEA
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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