Hospital Acquired Disease Testing Market Poised to Expand at a Robust Pace by 2023
The global Hospital Acquired Disease Testing Market is marked by the presence of renowned players in the pharmaceutical and healthcare equipment space. Rising thrust from companies on new products is building competition in the hospital acquired diseases market. Further, companies are also eyeing expansion into areas with higher potential to expand their global presence in the hospital acquired diseases market.
Some of the key players in the hospital acquired diseases testing market include Abott Laboratories, Roche, Thermo Fischer Scientific Inc., and Alere Inc. With stringent competition among the major players, it is predicted that there could be little room for new companies to emerge in the hospital acquired diseases market.
The global hospital acquired diseases testing market has been recording a phenomenal growth in the recent years. Analysts state that the market will grow at an astounding CAGR of 19.9% between 2015 and 2023. The hospital acquired diseases testing market was valued at US$ 416.7 mn in and is predicted to attain a total value of US$ 2.07 bn by the end of 2023.
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Based on test, urinary tract infection is expected to fetch the highest share in the hospital acquired diseases testing market. The segment was valued at US$ 155.3 mn in 2014 and is expected to expand at a promising CAGR of 19.8%.
When it comes to regions, North America is predicted to hold the highest share in the global hospital acquired diseases testing market. This region alone held 38.5% in 2014, and was followed by Asia Pacific.
With rising awareness among people about healthcare, the need for hospital care facilities is rising. This is projected to drive demand in the global hospital acquired diseases testing market. While population in urban areas have increased access to healthcare facilities, people in rural areas are also understanding the need for hospital care for better treatment. The number of patients receiving treatment at hospitals is increasing with every year. This demands more products to prevent people from hospital acquired diseases. People are tested for hospital acquired diseases when they are under treatment in hospitals.
Further, the growing geriatric population is also considered to support demand for hospital acquired diseases testing market. Senior citizens usually have less immunity and are thus prone to easily acquire infections. This is another factor that will drive demand in the hospital acquired diseases testing market.
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While the thrust from developed and developing nations on healthcare is emerging as a driver for the hospital acquired diseases testing market, there are some challenges too. Lack of supporting healthcare policies in underdeveloped nations is expected to hinder growth in the market.
However, several non-governmental organizations are emerging to provide help in such regions where there is no policy to support healthcare. Such trends are expected to boost demand for products in the hospital acquired diseases testing market in the future.