Microbiology testing market to grow at 6.4% CAGR to 2023

Pune: As per ReportsnReports.com, the global clinical microbiology market is projected to reach USD 4.95 billion by 2023 from USD 3.63 billion in 2018, growing at a CAGR of 6.4% from 2018 to 2023.

Key factors driving the growth of this market include ongoing technological advancements in the field of infectious disease diagnosis, rising incidence of infectious diseases and growing outbreak of epidemics, and increased funding and public-private investments for research and innovation.

Some of the major market players in the microbiology testing/clinical microbiology market are bioMérieux SA (France), Danaher Corporation (US), Becton, Dickinson and Company (US), Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche AG (Switzerland), Bruker Corporation (US), Hologic, Inc. (US), QIAGEN N.V. (The Netherlands), Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Merck KGaA (Germany), Shimadzu Corporation (Japan), 3M Company (US), and Neogen Corporation (US), among others.

North America is expected to hold largest share of microbiology testing market in 2018, however, Asia Pacific is expected to grow at fastest rate during the forecast period. Factors like growing number of hospitals & clinical diagnostic laboratories in developing APAC countries; expanding research capabilities for development of innovative and affordable clinical microbiology testing procedures across India, China, and Japan; and rising incidence and prevalence of infectious diseases in the region.

Microbiology testing market is classified into instruments (laboratory instruments and microbiology analyzers) and reagents (pathogen-specific kits and general reagents). In 2018, the instruments product segment accounted for the largest share of the market, however, the reagents product segment is expected to grow at a higher rate during the forecast period.

Report studies the microbiology testing market based on applications and region and the clinical microbiology market based on product, disease area, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and trends) which affect market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for key players.

The microbiology testing market report profiles key players who are involved in the manufacturing and commercialization of microbiology testing products and analyzes their core competencies. The report also tracks and analyzes competitive developments in the market such as product launches and enhancements; acquisitions; partnerships and collaborations; and expansions.

The microbiology testing market is segmented into hospitals and diagnostic centers, custom lab service providers and academic and research institutes. The custom lab service providers segment is estimated to witness the highest growth during the forecast period owing to the continuous outsourcing of drug testing procedures to laboratory service providers by pharmaceutical companies, procedural benefits offered by advanced molecular technology-based instruments (such as PCR and NGS) in drug discovery, increasing number of microbiology-based clinical trials, and the growing number of custom lab service providers across major markets.