Global Microbiology Testing Market (2020-2024) report highlights Significant dynamics and in-depth analysis of the market segment with concentrating on factual data, present industry activities, growth opportunities, new product inventions, and market forecast for the future prospective of time along with leading market players, market study based on several regions, and extensive product. Microbiology Testing Market report can function as an assistive reference point for helping individuals as well as businesses from this segment. The leading industry players across the globe are explored in detail in this report. It demonstrates product overview, company summary, and manufacturing cost, capacity, and market shares for most of the participants.
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The objective of the study is to define market sizes of different segments and countries in previous years and to forecast the values to the next Five years. The report is designed to incorporate both qualify qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as drivers and restraining factors which will define the future growth of the Microbiology Testing market.
The Microbiology Testing Market business development trends and selling channels square measure analyzed. From a global perspective, it also represents overall industry size by analyzing qualitative insights and historical data.
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The global microbiology testing market was valued at USD 4,315.3 million in 2017. The market is estimated to be USD 4,722.2 million in 2018, and it is expected to reach USD 7,410.2 million in 2023, registering a CAGR of 9.4% during 2018-2023 (henceforth referred at as â€˜the forecast periodâ€™). In 2016, North America and Europe are expected to be the mature markets for clinical microbiology products.
Growing healthcare expenditure
The healthcare spending is increasing day by day and has been maintaining a growing trend over the decades. United States stands for the highest total spending per capita on health approx. USD 9,523. Norway and Switzerland were being the next big spenders on health per capita. As of 2014, the expenditure ranges from a low of 1.8% in 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 focus to replace the 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 going to be in this domain. Furthermore, the improving of the healthcare infrastructure across the emerging markets and growing market demand for advanced molecular diagnostic products also provide opportunities for 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 integration of diagnostic methods with advanced IT and data analytics to minimize the complexity of assays and further analysis, and the use of nanotechnology for developing the molecular diagnostic products is to increase the efficiency of diagnostic methods and results, are creating the wide range of opportunities in the industry.
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 hold the major market
Based on geography, the microbiology testing market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North-America held the largest market share in terms of revenue followed by Europe. North America accounts for the highest share among the regions in the global microbiology testing market, due to the presence of a large number of market-focused key players in the region, who are providing wide product portfolios, as well as the demand for high-quality and standardized products and services, which are essential to keep up with the pressure of international standards.
Key Developments in the Market
January, 2017: Abbott completed the acquisition of St. Jude Medical, making the company a leader in in the medical device arena.
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 people living with HIV.
Febraury, 2017: Xpert Xpress Flu and Xpert Xpress Flu/RSV by Cepheid were indicated for healthcare-associated infections, sexual health, critical infectious disease, and oncology.
Key players are BIO-RAD LABORATORIES Inc., THERMO FISHER SCIENTIFIC Inc., ABBOTT LABORATORIES, BECTON DICKINSON, ALERE Inc., ROCHE HOLDING and CEPHEID Inc.
Reasons to Purchase this Report
Current and future microbiology testing market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porterâ€™s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
Customization of the Report
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Microbiology Testing Market for 2020-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Microbiology Testing.
The market is divided into the following segments based on geography:
- North America
- United States
Global Microbiology Testing Market 2020-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
- Growing research activities coupled with new product launches.
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- High Opportunity in the Industry
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- Complications associated with Microbiology Testing procedures.
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Key questions answered in this report
- What will the market size be in 2024 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Some Major Points from Toc :-
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
5. Market Segmentation and Analysis (Market Size, Growth & Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.4 Democratic Republic of Congo
6.2 Consumption Analysis (Market Size, Growth and Forecast)
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
6.2.2 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
6.2.4 South America
188.8.131.52 Rest of South America
6.2.5 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
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