The global microbial identification market was valued at $951.8 million in 2015, and it is expected to grow at a CAGR of 6.0% during the period 2016 – 2022. The global market is increasing, due to increasing incidence of infectious diseases, increasing healthcare expenditure, growing awareness and food safety concerns. In addition, technological advancements with advent of innovative microbial identification products are further encouraging the market growth.
Based on products, the consumables segment accounted for the largest share during the forecast period. Among the end-users, the hospital segment accounted for the largest share in the global market in 2015; and the segment is expected to grow at 6.4% CAGR during 2016 – 2022.
The increasing incidence of infectious diseases is playing a key role in the growth of the global microbial identification market. Infectious diseases are caused due to pathogenic microorganisms, such as fungi, bacteria, viruses and parasites. Tuberculosis, hepatitis, measles, malaria and HIV are some of the infectious diseases caused due to microorganisms. Microbial infection is the common cause of millions of deaths and demanding increasing healthcare resources leading to increase in healthcare cost.
The rapid identification of microorganisms in clinical microbiology laboratory for infections caused by virus, fungi, mycobacterium, parasite and bacterial are needed for patient management for infections. Genotypic microbial identification provides technological advancement in the field of microbial identification. The new methods are rapid, provide high throughput in less time and are effective.
In addition, rising food safety concerns to prevent the food from spoilage also acts as a major driver in the global microbial identification market. In order to maintain the safety and quality of food, the presence of required microorganisms needs to be confirmed, and the presence of microorganisms which may lead to spoilage must be detected. Both government authorities and food companies use microbiological analysis to monitor contamination and analyze its trends to detect emerging risks.
However, the stringent regulatory requirements act as major restraint in the growth of the global market. In addition, the high cost of automated microbial identification system is further restraining the growth of the market. The Asia-Pacific market is expected to witness the fastest growth, at a CAGR of 6.8% during the period 2016 – 2022.
The key companies operating in the global Microbial identification market include Becton, Dickinson and Company, Danaher Corporation, Siemens AG, Shimadzu Corporation, BioMerieux SA, Thermo Fisher Scientific Inc., Qiagen N.V., Midi Inc, Charles River Laboratories Inc., Biolog Inc. and Bruker Corporation.
News Courtesy: P&S Market Research