(PharmaNewsWire.Com, October 19, 2021 ) According to the new market research report Clinical Microbiology Market is estimated to be USD 3.9 billion in 2020 and projected to reach USD 5.3 billion by 2025, at a CAGR of 6.5%.
Factors such as the Technological advancements, rising incidence of infectious diseases and growing outbreak of epidemics (such as COVID-19), and increased funding and public-private investments are some of the key factors driving the growth of the microbiological testing/clinical microbiology market. However, unfavorable reimbursement scenarios in some countries are hampering the development of this market.
Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.
Therapeutic segment is expected to grow at the highest CAGR On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic. The diagnostic segment accounted for a larger share of the market 2020. The large share of this segment can be attributed to the non-invasiveness, increasing prevalence of cardiovascular diseases and early diagnosis.
Thyroid applications segment is expected to register the highest growth during the forecast period in the microbiology testing market
Based on application, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders
bioMérieux (France), Danaher Corporation (US), Becton, Dickinson and Company (US), Abbott Laboratories (US), and Roche Diagnostics (Switzerland). Other prominent players include Thermo Fisher Scientific (US), QIAGEN (Netherlands), 3M (US), Bio-Rad Laboratories (US), Bruker Corporation (US), and Hologic (US) are some of the major players in the clinical microbiology market among others. The analysis of market developments between 2017 and 2020 revealed several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the clinical microbiology market.
bioMérieux is the leading player in the clinical microbiology market. The company has a robust product portfolio and a strong geographical presence in more than 160 countries. To maintain its leadership position in the market, the company has been focusing on R&D activities and product launches. In 2019, the company invested USD 60 million for setting up a production facility in Durham. The company launched several products in the clinical testing space in the past four years, such as VITEK MS, FilmArray 2.0, VIDAS C. difficile GDH assay kit, FilmArray Respiratory Panel, GENE-UP diagnostic solution, EviSight Compact, BacT/ALERT VIRTUO system, FilmArray Gastrointestinal (GI) Panel, ChromID Salmonella ELITE, and FilmArray Ebola test. It also aims to increase its geographical presence and strengthen its product portfolio through growth strategies such as partnerships, collaborations, and expansions.
Geographically, the emerging Asian countries, such as China, India, South Korea, Taiwan, and Singapore, are offering high-growth opportunities for market players. The Asia Pacific clinical microbiology market is projected to grow at the highest CAGR from 2020 to 2025.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 sales@marketsandmarkets.com
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