Market Definition
Rapid microbiology testing has high sensitivity and less turnover time compared to traditional methods and is used to diagnose infectious diseases or target products by examining pathogens within a short period.
Market Outlook
The global rapid microbiology testing market was valued at USD 4.2 billion in 2021 and it is anticipated to grow up to USD 10.7 billion by 2031, at a CAGR of 9.8% during the forecast period.
Increasing incidence of infectious disease and cancer will drive the industry growth. The incidence of various infectious diseases such as HIV, tuberculosis, malaria, and pneumonia has increased. With a rise in the global burden of these diseases, the demand for rapid microbiology techniques for faster and accurate microbial screening, identification, and susceptibility testing against pathogens is expected to witness significant growth during the forecast period
High capital investments and low cost-benefit ratio may restraint the market growth. Significant capital investments are required for the discovery, development, and validation of efficient rapid tests. Additionally, due to the high drug attrition in clinical trials (with almost 30% of drugs failing in Phase III), diagnostic manufacturers are exposed to significant financial challenges. To gain approval for in vitro diagnostics (IVD) from regulators, manufacturers need successful Phase III clinical trials. Huge investments are required to run clinical trials and address stringent regulatory requirements, which not only affects the ability of small companies to develop tests but also severely affects innovation. Hence, along with the high amount of capital investments, the low cost-benefit ratio is hindering the growth of the rapid microbiology testing market.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on product, it is segmented into instrument, reagent and kits, and consumables. Among these, the instruments segment is expected to witness significant CAGR through 2031. This is attributed to the adoption of new instruments with advanced technology. For instance, in August 2018, Illumina received approval from the China National Drug Administration for the launch of MiSeq Dx Sequencing System in China. The clinical laboratories can develop and perform next generation sequencing (NGS) tests for gene testing to determine the order of nucleotides in entire genome or targeted regions of DNA or RNA. Thus, patients and various medical institutions have increased access to next generation sequencing technology. Hence, with advanced technologies the demand of new instruments surges, thereby propelling the overall market expansion.
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Major Players
The key players in the market are Abbott Laboratories, Inc. (US), Becton, Dickinson and Company (US), bioMérieux SA (France), Bruker Corporation (US), Charles River Laboratories International, Inc. (US), Danaher Corporation (US), Merck KGaA (Germany), NEOGEN Corporation (US), Quidel Corporation (US), Sartorius AG (Germany) and Thermo Fisher Scientific, Inc. (US), among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $4.2 bn
• Market Size in 2031 – $10.7 bn
• CAGR % – 9.8%
• Historic Period – 2015-2022
• Forecast Period – 2024-2033
• Base Year – 2023
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