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.
New York, According to a new market research report published by Global Insight Services “Rapid Microbiology Testing Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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.
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Market Trends and Drivers
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
Market Restraints and Challenges
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.
Global Rapid Microbiology Testing Market Segmental Overview
The report analyses the global rapid microbiology testing market based on product, application, method, and region.
Global Rapid Microbiology Testing Market by Product
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.
Major Players in the Global Rapid Microbiology Testing Market
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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Reasons to buy Rapid Microbiology Testing Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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