NEW YORK, Aug. 4, 2016 /PRNewswire/ -- The global blood culture tests market is projected to reach USD 4,768.9 million by 2021 from USD 3,252.6 million in 2016, at a CAGR of 8.0%. Major factors contributing to the growth of this market include growing number of sepsis cases and high cost of treatment, increase in prevalence of infectious diseases, rapidly rising aging population, increase in product approvals and launches, increase in demand for rapid diagnostic techniques, and high incidence of bloodstream infections. However, factors such as high cost of automated instruments and lack of technically skilled professionals are restraining the growth of this market.
North America commanded the largest share of the global blood culture tests market in 2015. Factors such as increase in number of sepsis cases, rising geriatric population, growing demand for rapid diagnostic techniques, significant presence of blood culture tests providers and growing product approvals and launches in this region are propelling the growth of the blood culture tests market in North America. In addition, the growth of the blood culture tests market in North America is driven by technological advancements and increase in demand for rapid diagnostic techniques. Various market players are focusing on new product launches to expand their product portfolios and cater to their wide customer base. For instance, in September 2014, the company introduced a new technology, Polymerase Chain Reaction coupled with Electrospray Ionization Mass Spectroscopy (PCR/ESI-MS), at the 54th Interscience Conference on Antimicrobial Agents and Chemotherapy in the U.S. This technology is based on a study conducted by the Rapid Diagnostics of Infection on the Critically Ill (RADICAL). The study suggests that Abbott's PCR/ESI-MS can detect bacteria, viruses, or fungi in a short span of time when the blood culture tests are negative. Such technological advancements will significantly contribute towards the adoption of rapid diagnostic techniques among hospital laboratories and reference laboratories, which are major end users of these instruments.
Apart from the comprehensive regional analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players over the last three years. The company profiles comprise basic views on key players and their product portfolios, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments, and levels of output in order to remain successful.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner a greater market share. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the blood culture tests market. The report analyzes the blood culture tests market by method, product, technology, application, end user, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the blood culture tests market
- Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the blood culture tests market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for blood culture tests across geographies
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the blood culture tests market
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