LONDON, Feb. 13, 2017 /PRNewswire/ -- The global clinical microbiology market was valued at USD 8.4 billion in 2015 and is expected to reach a value of USD 16.1 billion by 2024. Key factors driving the market growth include constant introduction of advanced products coupled with increasing demand in pharmaceutical, and clinical applications for investigation and diagnosis of various infectious diseases.
The market is rapidly growing due to the increasing adoption of automated and advanced technologies for laboratory instruments and analyzers in developed countries. Growing geriatric population and thereby rising prevalence of infectious diseases is one of the major factors boosting the adoption of clinical microbiology in healthcare sector for disease diagnosis and monitoring. In addition, industry is gaining high momentum with launch of innovative products such as MALDI Biotyper, GeneXpert and Myla IT performance management solutions. Moreover, with the U.S. FDA approving the Xpert Carba-R, commercialization of clinical microbiology devices is expected to increase significantly over the next few years.
In North America, the government authorities and private companies have significantly contributed toward technology development, research funding, and commercialization of clinical microbiology associated devices.
Further Key Findings from the Study Suggest:
Rapid adoption of technology and automation of laboratory work flow, laboratory instrument segement is expected to be the fastest growing segment with CAGR of 8.6% over the forecast period.
Reagents is the largest segment with market share of 34.7% in 2015. Repeat purchase of reagents contribute to its growth thus it is the largest growing segment in market.
In 2015, North America dominated the global market with largest revenue share of 41.0%. The continuous research on infectious disease treatment, and subsequent grant from government healthcare agencies are contributing to the development of a strong ecosystem for the expansion of clinical microbiology in the region.
Asia Pacific is expected to emerge as the fastest growing region during the forecast period. The growing geriatric population in India, China and Japan leading to increase in the prevalence of re-emerging infectious diseases such as tuberculosis, cholera and typhoid in this region are expected to promote the utilization of clinical application of microbiology in healthcare.