Rapid Microbiology Testing: Market Size. From $3. 91 billion in 2020, the global Rapid Microbiology Testing market is projected to reach $9. 27 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 11.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Rapid Microbiology Testing Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127638/?utm_source=GNW
4% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, rising incidence of infectious diseases, increased funding for R&D and increasing incidence of infectious diseases and cancer.
Global Rapid Microbiology Testing Market: Market Dynamics
The increasing technological advancements, rising funding, research grants, and public-private investments, increasing emphasis on effective and early disease diagnosis, increase in the number of research activities, rise in the number of infectious diseases and increase in the technological advancements are the major factors driving the market 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. Increasing food safety concerns is the vital factor escalating the market growth.
For instance, According to the American Cancer Society, 17.0 million new cases of cancer were witnessed in 2018 with 9.5 million deaths across the globe which is expected to reach 27.5 million new cases with 16.3 million deaths by 2040. Such increase in cancer cases is expected to increase the adoption of rapid microbiology testing to enhance the testing methods.
On the other hand, the increasing government initiatives for the detection of antimicrobial resistance, increasing emerging countries, and rising bioterrorism surveillance are driving the market growth.
Impact of COVID-19 on Rapid Microbiology Testing
The outbreak of Covid-19 hurts the rapid microbiology testing market. The advent of the COVID-19 pandemic has changed the delivery of medical care across the world. Due to the lockdown practices, the rapid microbiology testing market faced challenges in the manufacturing and supply chain. Also, the lack of skilled working professionals to conduct diagnostic tests, insufficient funding for research institutes, and challenges in providing services due to travel restrictions, have led to reducing the supply of rapid microbiology testing products.
Reagents and Kits Segment Dominate the Market in 2020
The reagents and kits segment made huge revenue in 2020 and growing its prominence during the forecast period due to the implementation of modern laboratory instruments and the trend of laboratory automation among clinical laboratories. The increased focus on the early detection of infectious disease is a major factor contributing to the growth of this segment.
North America Region is Leading in the Global Market Place
North America is likely to have a huge demand in the forecast period due to the increased funding for R&D, increased focus on the early detection of infectious disease, an increased incidence of infectious disease and cancer, and rising technological advancements makes microbiology tests faster, inexpensive, and more accurate in countries in the region.
List of the Key Players profiled in the market Include:
• Abbott Laboratories, Inc
• Bruker Corporation
• Charles River Laboratories International, Inc
• Danaher Corporation
• Don Whitley Scientific Limited
• LubioScience GmbH
• Merck KGaA
• NEOGEN Corporation
• Quidel Corporation
• Rapid Micro Biosystems, Inc
• R-Biopharm AG
• Sartorius AG
• Serosep Ltd
• Thermo Fisher Scientific, Inc
• Vivione Biosciences, LLC
List of the regions/countries profiled in the market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127638/?utm_source=GNW
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