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Clinical Microbiology Market is projected to register a CAGR of 6.4% by 2023

 



(Medical-NewsWire.com, August 13, 2019 ) According to research report the clinical microbiology market is expected to reach USD 4.95 billion by 2023 from USD 3.63 billion in 2018 growing at a CAGR of 6.4% during forecast period.
Growth in clinical microbiology market can be attributed to factors such as rising incidence of infectious diseases and growing outbreak of epidemics and increased funding and public-private investments.
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The global clinical microbiology market is segmented by product, disease area, end user, and region. On the basis of products, the clinical microbiology market is segmented into instruments, and reagents. The reagents product segment is expected to grow at the fastest rate during the forecast period. The high growth of reagents segment is attributed to the high prevalence of infectious diseases across major markets (resulting in a growing number of clinical diagnostic procedures), growing trend of reagent rental agreements along with instrument sales, and an increasing number of life science researches in the field of specific reagents for targeted infectious disease diagnosis & treatment, especially across emerging countries.
The instruments product segment is further subsegmented into laboratory instruments (incubators, gram stainers, autoclave sterilizers, bacterial colony counters, microbial air samplers, blood culture counters, microbial culture systems, anaerobic culture systems, petri dish fillers, and other laboratory instruments) and microbiology analyzers (molecular diagnostic instruments, advanced microscopes, and mass spectrometers). The microbiology analyzer segment is expected to grow at higher CAGR during the forecast period. The growth of this segment is attributed to factors such as increasing adoption of advanced analyzers for disease diagnosis by end users and technological advancements in the field of molecular diagnostic instruments.
The reagents product segment is further subsegmented into pathogen-specific kits and general reagents. The pathogen-specific kits segment is expected to grow at higher CAGR during the forecast period. The growth of this segment is attributed to factors such as the flexibility pathogen-specific kits offer end users to optimize the reaction for better results and increasing patient preference across major countries for early and accurate disease diagnosis (including pathogen detection).
On the basis of disease area, the clinical microbiology market is segmented into respiratory diseases, bloodstream infections (BSIs), gastrointestinal (GI) diseases, sexually transmitted diseases (STDs), urinary tract infections (UTIs), periodontal diseases, and other diseases (including cardiovascular disease, central nervous system infections, connective tissue & joint diseases, and skin diseases, among others). The significant growth potential offered by the respiratory diseases segment is attributed to factors such as the large patient population suffering from respiratory diseases, rising prevalence of target respiratory diseases (including TB, asthma, COPD, and bronchitis) across developing countries, and increasing number of epidemic outbreaks of respiratory infections.
On the basis of end user, the clinical microbiology 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 and researches, increasing number of microbiology-based clinical trials, and the growing number of custom lab service providers across major markets.
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Geographically, Asia Pacific market is expected to grow at the highest CAGR from 2018 to 2023. Key factors driving the growth of the market in APAC are the growing number of hospitals and clinical diagnostic laboratories in developing APAC countries; expanding research capabilities for the development of innovative and affordable clinical microbiology testing procedures across India, China, and Japan; and the rising incidence of infectious diseases in the region.


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