Technavio market research analysts forecast the global microbial testing market to grow at a CAGR of close to 11% during the period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global microbial testing market from 2018-2022. (Graphic: Business Wire)
This market research report segments the global microbial testing market into the following applications (pharmaceutical industry and healthcare industry) and key regions (the Americas, APAC, and EMEA). The report analyses the progress and latest developments in the market by taking into consideration the primary drivers and top trends. Factors that can potentially obstruct the growth of the market have been presented in the report to help businesses make better decisions.
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In this report, Technavio analysts highlight the rise in older adult population as a key factor contributing to the growth of the global microbial testing market:
Rise in older adult population
The increase in life expectancy is resulting in the growth in older adult population. This long life is due to the shift in causes of death from fatal acute infections to chronic conditions like arthritis, diabetes, high cholesterol, and hypertension mainly due to changes in lifestyle. The innovations and advancements in medicine have resulted in decreased cases of disability. The above mentioned demographic effects reflect the change in the global geriatric population.
According to a senior analyst at Technavio for life science and research tools, "The growing old age population has resulted in an increase in expenditure on healthcare for health check-ups, diagnosis of diseases and treatments. Some of the common infections among the geriatric population are urinary tract infections, elderly skin infections, bacterial pneumonia, influenza, and gastrointestinal infections. Low immunity and low metabolism among older adults make them prone to infections, which can be identified through diagnostic tests such as microbial testing. Therefore, infections in geriatric population result in an increased demand for microbial testing, which provide information required for treatment."
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Global microbial testing market segmentation
Of the two major applications, the pharmaceutical industry segment held the largest market share in 2017, accounting for nearly 32% of the market. However, the market share for this application is expected to decrease nearly 2% by 2022.
The Americas was the leading region for the global microbial testing market in 2017, accounting for a market share of 42%. By 2022, APAC is expected to witness a growth of nearly 1% whereas EMEA and the Americas are expected to see a decline in their market shares.
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