HYDERABAD, India, August 23, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the microbiology testing market. The report titled, "Global Microbiology Testing Market - Growth, Trends and Forecasts" discusses the current landscape and outlook of the said market.
The global market for microbiology testing is estimated to be USD 3.35 billion in 2016 and is expected to reach USD 5.77 billion by 2021, growing at a compound annual growth rate (CAGR) of 11.5% during the forecast period.
North America accounts for the highest market share due to presence of large number of market-focused key players providing a wide range of product portfolio. However, Asia-Pacific is expected to grow at the highest CAGR due to expanding research in the development of new and innovative microbiology testing procedures. An increasing number of hospitals and testing laboratories as well as a rising incidence of diseases across India, China & Japan are factors promoting the microbiology testing market.
Other market driving factors include - technological advancements in pathogen identification; rising incidence of infectious diseases & outbreak of epidemics; growing healthcare expenditure and a rising private-public research funding. Laboratory reimbursement issues and high cost of microbiology instruments are expected to restrain the market growth during the forecast period.
The report is segmented by application, product, disease area and geography. By application, the market is segmented into pharmaceutical applications, diagnostic applications, and food testing applications, environmental applications, cosmetic applications and others. Pharmaceutical application holds the largest share in the market owing to an increase in number of FDA and MHRA approved testing laboratories. Diagnostic applications segment is expected to grow at the highest CAGR during the forecast period due to rising incidence of infectious diseases and growing outbreak of epidemics.
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Additionally, the report is segmented based on products into instruments and reagents. The instruments segment holds the largest share due to numerous factors such as high cost of instruments, increasing technological advances and increasing number of automated instruments in laboratories and industries. The reagents segment is expected to grow at the highest CAGR as there is an increase in the availability of pathogen-specific reagent kits across the globe and increasing number of public-private partnerships for research on specific infectious diseases. The market is also segmented by disease area into bloodstream infections, gastrointestinal infections, respiratory diseases, sexually transmitted diseases, urinary tract infections and others.
Some of the major players in the market are Becton Dickinson, Bio-Rad Laboratories Inc., Abbott Laboratories, bioMérieux, Intertek, among others.
About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm. Our focus is to provide research insights to facilitate business success. Our research expertise covers niche segments under Agriculture, Healthcare, ICT, Chemicals, Manufacturing, Logistics, Electronics and Automotive, among others. We believe in data, and we provide solutions through it. Optimum solutions and goal-oriented strategies define our endeavors and make us the preferred choice for clients.
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SOURCE Mordor Intelligence