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Industrial Microbiology Market Size, Share & Trends Analysis Report By Product, By Test Type, By End-use, By Region And Segment Forecasts, 2023 - 2030
Industrial Microbiology Market Size, Share & Trends Analysis Report By Product (Equipment And Systems, Reaction Consumables), By Test Type (Sterility Testing), By End-use, By Region, And Segment Forecasts, 2023 - 2030
New York, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Microbiology Market Size, Share & Trends Analysis Report By Product, By Test Type, By End-use, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06377958/?utm_source=GNW
Industrial Microbiology Market Growth & Trends
The global industrial microbiology market size is expected to reach USD 19.36 billion by 2030, expanding at a CAGR of 6.9% during the forecast period. The increasing discovery and development of vaccines, drugs, and vitamins by the pharmaceutical sector are expected to enhance the demand for industrial microbiology. Additionally, constant innovation in the technology employed for testing is expected to increase the efficiency and effectiveness of microbiology tests in numerous industries.
Industrial microbiology in the food and beverage industry is increasing and is expected to have significant growth during the forecast period.For instance, in November 2022, bioMerieux announced the availability of its product, Bottlesafe, across the globe.
The product offers pre-bottling testing for wineries.Bottlesafe provides sufficient insights to verify filtration in less than 4 hours, as compared to 2 to 5 days in traditional microbiological testing.
Similarly, the demand for pharmaceutical and biotechnology industries is also increasing. For instance, in August 2022, SpectrumX announced the expansion of its team to maintain product quality through industrial microbiology testing thereby accelerating the overall process of bringing the product to the market.
The COVID-19 pandemic had a significant impact on the market.Industrial microbiology was used for diagnosing COVID-19, majorly through antigen tests, and nucleic acid amplification tests (NAAT).
As of January 2021, some of the companies in Japan such as Sysmex Corporation, Kyorin Pharmaceutical Company Limited, and Shimadzu Corporation, made nucleic acid amplification tests available for COVID-19 tests.
The growing strategic initiatives such as production or regional expansion by the companies are anticipated to boost the industrial microbiology market growth in the times to come. For instance, in October 2022, Thermo Fisher Scientific Inc. announced an investment of USD 59 million to expand its lab operations in Kentucky. The expansion is part of the global strategy to offer high-quality central laboratory and biomarker services in the clinical research projects of the customers. The central lab offers services in safety testing including microbiological tests. Moreover, companies have established their central labs in Belgium, Brussels, and Singapore. Thus, increasing regional expansion is also expected to be a strong growth determinant for the industrial microbiology market over the years.
Industrial Microbiology Market Report Highlights
• By product, the reaction consumables segment is projected to have the fastest growth rate with a larger market share of industrial microbiology in 2022. Since increasing product development by the existing players to expand the usage of industrial microbiology in various industries
• By test, the sterility testing segment is anticipated to capture the majority of the industrial microbiology market share in 2022. Owing to the stringent requirements on sterile raw materials and components during drug manufacturing are expected to propel market growth
• By end-use, the pharmaceutical biotechnology segment is projected to have a majority of the market share in 2022. This is attributed to the presence of well-established regulations on drug discovery and development, and highly monitored industry by the regulatory bodies
• North America has strengthened its regional position in the market with 46.94% of the overall market share. This is attributed to the growing R&D activities in the industrial microbiology sector, along with the increasing strategic initiative by the existing key players in the region
Read the full report: https://www.reportlinker.com/p06377958/?utm_source=GNW
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