As of 2017, the global microbiology testing market was valued at USD 4,315.3 million. In 2018, this market is estimated to be valued USD 4,722.2 million and reach USD 7,410.2 million by 2023, registering a CAGR of 9.4% during 2018-2023 (the forecast period). In 2016, North America and Europe were the mature markets for clinical microbiology products.
Growing Healthcare Expenditure
The healthcare spending is increasing day-by-day and has been maintaining a rising trend over the decades. The United States accounts for the highest total spending per capita on health at approximately USD 9,523. Norway and Switzerland were the next big spenders on health per capita. As of 2014, the expenditure ranges from as low as 1.8% as recorded by the Netherlands and the United Kingdom up to 9.1% in Croatia, Estonia (10.3 %), Cyprus (10.8 %), Latvia (11.2 %), and the Czech Republic (12.3 %). In the United States, ~3% of healthcare expenditures are attributable to laboratory testing. However, there is a concern to replace traditional methods and improve the automated testing, by the increasing focus on the technological advances in microbiology testing methods and equipment. A major share of healthcare spending is likely to be witnessed in this domain. Furthermore, improving the healthcare infrastructure across the emerging markets and growing market demand for advanced molecular diagnostic products also provide opportunities to the players in the microbiology market.
Growing Market Demand for Advanced Molecular Diagnostic Products
The ability of molecular diagnostics, to detect any disease at an initial stage of development, is expected to create an opportunity for the industry participants to capitalize on in the coming years. Furthermore, the recent developments, which includes the integration of diagnostic methods with advanced IT and data analytics to minimize the complexity of assays and further analysis, and the use of nanotechnology to develop molecular diagnostic products to increase the efficiency of diagnostic methods and results, are creating a wide range of opportunities in the market.
On the other hand, the factors, such as inadequate reimbursements, stringent government regulations, and intense competition among the vendors, are expected to hinder the growth rate of microbiology testing market in the coming future.
North America to Hold the Major Market
Based on geography, the microbiology testing market has been segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North-America, followed by Europe, held the largest market share, in terms of revenue. North America accounts for the highest share among the all regions in the global microbiology testing market, owing to the presence of a large number of market-focused key players, who focus on providing wide product portfolios, and the growing demand for high-quality and standardized products & services that are essential to keep up with the pressure of international standards.
Key Developments in the Market
- January 2017: Abbott acquired St. Jude Medical, making the company a leader in the medical device sector.
- June 2017: Bio-Rad launched RT-PCR Assay Kit, for the detection of zika, dengue, and chikungunya viruses.
- March 2017: Xpert MTB/RIF Ultra was launched by Cepheid, for better diagnosis of TB in children and individuals with HIV.
- February 2017: Xpert® Xpress Flu and Xpert Xpress Flu/RSV by Cepheid were indicated for healthcare-associated infections, sexual health, critical infectious disease, and oncology.
Major Players: Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Abbott Laboratories, Becton Dickinson, Alere Inc., Roche Holding, and Cepheid Inc., among others.
Reasons to Purchase this Report
- Current and future microbiology testing market outlook in the developed and emerging markets
- Various perspectives of the market, with the help of Porter’s five forces analysis
- The segment expected to dominate the market
- The region expected to witness the fastest growth rate during the forecast period
- The latest developments, market shares, and strategies that employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Product & Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Technological Advancements in Microbiology Testing
6.1.2 Rising Incidence of Infectious Diseases and Outbreak of Epidemics
6.1.3 Growing Healthcare Expenditure
6.1.4 Rising Private-Public Funding For Research on Infectious Diseases
6.2 Market Restraints
6.2.1 Laboratory Reimbursement Issues
6.2.2 High Cost of Microbiology Instruments
6.4 Key Challenges
7. Market Segmentation
7.1 Segmentation-By Application
7.1.1 Pharmaceutical Application
7.1.2 Diagnostic Application
7.1.3 Food & Beverage Testing Application
7.1.4 Environmental Application
7.1.5 Cosmetic Application
7.2 By Product
7.3 Segmentation-By Geography
7.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Australia & New Zealand
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
7.3.4 Middle East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of the Middle East & Africa
7.3.5 South America
184.108.40.206 Rest of South America
8. Competitive Landscape
8.1 Mergers and Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 BIO-RAD LABORATORIES INC.
9.2 ABBOTT LABORATORIES
9.3 BECTON DICKINSON
9.4 ALERE INC.
9.5 ROCHE HOLDING AG
9.6 BRUKER CORP.
9.7 HOLOGIC CORPORATION
9.8 CEPHEID INC.
9.10 THERMO FISHER SCIENTIFIC INC.
10. Future of the Market