Hospital Microbiology Testing Market
Number of pages: 100 | Report Format: PDF | Published date: February 08, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.04 billion |
|
Revenue Forecast in 2030 |
US$ 4.84 billion |
|
CAGR |
10.1% |
|
Base year for estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product type, Application, End user and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global hospital microbiology testing market was valued at US$ 2.04 billion in 2021 and is expected to register a revenue CAGR of 10.1% to reach US$ 4.84 billion by 2030.
Hospital Microbiology Testing Market Fundamentals
Hospital microbiology testing is a type of clinical laboratory testing that involves performing numerous assays and blood draws in hospitals. It facilitates the effective management of infectious disease concerns. Microbiology is the branch of medicine that deals with the treatment, diagnosis, and eradication of infectious diseases. Rapid microbiological testing aids in increasing product safety profiles, tracking critical control points in real-time, identifying microbial dangers more immediately, improving production processes, and lowering overall quality program costs. Rapid microbiology testing applications are also known as microbiological applications, and these are the types of technologies that help to obtain microbiology test results faster than traditional culture-plate applications. Furthermore, manufacturers and players in the global hospital microbiology testing market provide a wide range of tests, such as fungal, viral, and bacterial tests, as well as instruments and consumables to their end customers, which include hospitals and clinics. Microscopy, molecular diagnostics, microbial culture, and biochemical assays are some of the primary techniques used in the global hospital microbiology testing market.
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Hospital Microbiology Testing Market Dynamics
The increasing availability and efficacy of various anti-viral therapy treatments intended for the treatment of illnesses, such as gingivitis, COPD or chronic pulmonary obstructive disease, and periodontitis, is propelling the global hospital microbiology testing market revenue growth. Furthermore, the rising prevalence of sexually transmitted diseases is driving up demand avenues in the global hospital microbiology testing market. Moreover, an increase in awareness about sex and sexuality in various emerging countries is contributing to market revenue growth.
Increased investments in microbiology testing solutions and relevant equipment are likely to drive the growth of the worldwide hospital microbiology testing market in the coming years. Additionally, rapid technological advancements are also being observed globally, which are expected to fuel revenue growth in the microbiology testing market in the next few years. Over the forecast period, emerging economies such as India and China are expected to offer new growth prospects for the hospital microbiological testing market. To increase their revenue share in the market, industry players are employing various strategies, such as acquisitions, collaborations, partnerships, and expansions. For instance, in July 2020, bioMérieux SA developed BIOFIRE MYCOPLASMA, a novel test for mycoplasma identification in pharmaceutical goods used for biotherapeutics (antibodies, hormones, and cell and gene treatments), the pharmaceutical industry’s most lively sector. Thus, the rising prevalence of chronic and infectious diseases is likely to fuel the expansion of the microbiology testing market. Furthermore, rising medical expenditures, as well as the existence of well-trained healthcare professionals and advanced healthcare infrastructure in both established and developing nations, are driving revenue growth in the global hospital microbiology testing market.
However, concerns such as laboratory reimbursement and the high cost of microbiology tools may stifle market expansion to some extent.
Hospital Microbiology Testing Market Ecosystem
The global hospital microbiology testing market has been analyzed from four perspectives: product type, application, end user, and region.
Hospital Microbiology Testing Market by Product Type
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Based on product type, the global hospital microbiology testing market is segmented into instruments, chemicals and reagents, consumables and accessories, and others.
The instrument segment is expected to dominate the market during the forecast period due to factors such as constant technical improvements in the field of microbiology testing equipment and increase in the focus on laboratory automation.
Hospital Microbiology Testing Market by Application
Based on application, the global hospital microbiology testing market is segmented into gastrointestinal infections, respiratory infections, urinary tract infections, sexually transmitted infections, and others.
The respiratory infections segment is expected to dominate the market during the forecast period. This can be attributed to the vast number of patients suffering from respiratory diseases, the rising incidence of target respiratory diseases (including tuberculosis, asthma, COPD, and bronchitis) in emerging nations, and the increasing frequency of outbreaks of respiratory infections.
Hospital Microbiology Testing Market by Region
Based on region, the global hospital microbiology testing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the largest revenue share of the global hospital microbiology testing market, owing to the rising prevalence of chronic and acute diseases, the presence of well-established and technologically advanced healthcare infrastructure, and the region’s rising demand for technologically advanced and accurate diagnostic testing capabilities. The COVID-19 pandemic in North America underlined the necessity for disease diagnosis and research groups to engage with the government to create new diagnostic techniques in order to meet future health crises. Furthermore, the United States is the world’s most COVID-affected country. As a result, the demand for COVID-19 diagnostics was quite strong. According to an April 2022 report by the Centers for Disease Control and Prevention, approximately 677,769 cases of gonorrhea were documented. In addition, gonorrhea has emerged as the second most visible sexually transmitted disease in the United States.
Europe has the second-largest revenue share of the global hospital microbiology testing market. However, the market is expected to gain significant revenue growth opportunities in Asia Pacific in the future years. The rise in the trend of medical tourism, new and attractive reimbursement policies, and tax benefits are fueling the revenue growth of the Asia Pacific hospital microbiology testing market.
Hospital Microbiology Testing Market Competitive Landscape
The prominent market players in the global hospital microbiology testing market include:
Hospital microbiology testing market competition is modest. Companies are using strategies such as new product launches, mergers and acquisitions, partnerships, and joint ventures to obtain a competitive advantage. They are also introducing new microbiological automated systems with high throughputs and shorter turnaround times.
Hospital Microbiology Testing Market Strategic Developments
Europe is the key revenue growth region in the global hospital microbiology testing market.
The technological advancements in microbiology testing and rising private-public funding for research on infectious diseases are propelling revenue growth in the market.
Thermo Fisher Scientific, Inc., Bio Rad Laboratories, Inc., Siemens Healthcare Diagnostics, Inc., Sysmex Corporation, and F. Hoffmann La Roche Ltd. are among the top market players.
The respiratory infection segment accounts for the largest revenue share in the global hospital microbiology testing market.
Hospital microbiology testing is a type of clinical laboratory testing that involves performing numerous assays and blood draws in hospitals. It facilitates the effective management of infectious disease concerns.
*Insights on financial performance are subject to availability of the information in the public domain