The global medical microbiology testing technologies market is anticipated to experience an intense level of competition among the major players in the market. The gradual growth of the players for example, Agilent Technologies Inc., Dickinson & Company, Becton, Beckman Coulter Inc. (A Danaher Company), Bio-Rad Laboratories Inc., Biomerieux SA, and Roche Holding AG., that are indicating an increased competition. The key organizations are concentrating a lot on the innovation of the advanced products, improved product offerings, diversification in the product, and consistent efforts to penetrate the market more to maintain their position around the globe. The market seems to be really fragmented owing to the presence of various vendors, especially niche ones all over the world. Moreover, to get an edge over the competitors, the firms in the global market for medical microbiology testing technology are taking up the product packaging strategy that comprise of over two services or products. The developing nations are expected to provide great opportunities for regional and global vendors.
According to a recent report published by Transparency Market Research (TMR), the global medical microbiology testing technologies market is estimated to expand at a steady CAGR of 5.40% within the forecast period from 2016 to 2024. In 2015, the market was valued at worth of US$2.1 bn. This market figure is likely to reach around worth of US$3.4 bn by 2024. This is attributed to the rise in demand for automation in the field of medical microbiology.
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On the basis of the type of technology utilized in the medical microbiology testing technologies market is categorized into serological tests, microscope, and cell culture. Even though the sector is experiencing rise in use of automated medical microbiology testing technologies by various end users for hospitals, healthcare specimen testing, and diagnostic institutes are likely to emerge into major revenue-making segments. Geography-wise, in the forecast period, the Asia Pacific region for medical microbiology testing technologies will project the biggest market growth at a steady CAGR of 7.3%. Increased conversion rate from conventional testing procedures to new advanced testing technologies is the major factor depicting to surge the market growth in Asia Pacific.
Rising Prevalence of Chronic Ailments to Fuel market Demand
The global market for medical microbiology testing technologies is estimated to increase at a really high pace in the upcoming years, on account of the increasing in the investments by the government to expand the research and development activities in life sciences and biological and sciences. The market is additionally anticipated to be helped by the increase in cases of chronic ailments, especially in developing economies. One of the essential drivers for this market is the exponential increase in the advanced technologies that make microbiology tests speedier, less expensive, more exact, and builds the utilization of microbiology tests for the detection of different illnesses. Additionally, the emergence of new tests by players in the market is required to drive the microbiology testing market in the entire world. These innovative progressions combined with high buyer acceptance will push the global microbiology testing market within the forecast period.
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High Expense in Using of Technology to Hinder Market Demand
Then again, the increased expenses caused in the utilization of these technologies may restrict their popularity in the forthcoming years, impacting this market, adversely. The complex application strategies will increase the trouble the market, and is foreseen to look in the years to come.