CHICAGO, April 1, 2024 /PRNewswire/ -- Rapid Microbiology Testing Market in terms of revenue was estimated to be worth $5.2 billion in 2024 and is poised to reach $8.3 billion by 2029, growing at a CAGR of 10.1% from 2024 to 2029 according to a new report by MarketsandMarkets.
In recent times, the rapid microbiology testing market is experiencing an exponential growth due to the rising prevalence of infectious diseases, advancements in technology, and a stronger emphasis on early infectious disease detection.
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Rapid Microbiology Testing Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $5.2 billion |
Estimated Value by 2029 | $8.3 billion |
Growth Rate | Poised to grow at a CAGR of 10.1% |
Market Size Available for | 2022-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, method, and application |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Opportunities for growth in developing countries |
Key Market Drivers | Technological advancements in rapid microbiology testing |
In 2023, the instruments segment held the largest share of the rapid microbiology testing market by product segment.
Based on product, the rapid microbiology testing market has been segmented into instruments, reagents & kits and consumables. The instruments segment dominated the rapid microbiology testing market in 2023. The large share of this segment can be attributed to the ongoing trend of laboratory automation among clinical laboratories.
The industrial testing segment held the largest share of the rapid microbiology testing market by application segment in 2023.
Based on applications, the rapid microbiology testing market is segmented into clinical disease diagnosis, industrial testing, and research applications. In 2023, the largest share of the rapid microbiology testing market was held by the industrial testing segment. This is primarily due to the extensive use of rapid microbiology testing methods in industries such as pharmaceuticals, food and beverage, cosmetics, and environmental monitoring. In these industries, ensuring product quality, safety, and compliance with regulatory standards is of utmost importance. Rapid microbiology testing allows for quick detection and identification of microbial contaminants, facilitating timely corrective actions and minimizing production downtime.
North America is the largest regional market for rapid microbiology testing market.
The market for rapid microbiology testing has been divided into six key geographical regions, namely North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. In 2023, North America held the predominant portion of the rapid microbiology testing market. The high adoption of advanced diagnostic technologies in North America is driving market growth in this regional segment. This trend is further fueled by the rising awareness among healthcare professionals and the general population about the importance of early detection and prompt treatment. The strong focus on healthcare infrastructure and the increasing healthcare expenditure in North America also contribute to market growth, as do the expanding pharmaceutical and biotechnology industries. The food safety sector is another significant contributor, with rapid microbiology testing integral to ensuring the safety and quality of the food supply chain.
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Rapid Microbiology Testing Market Dynamics:
Drivers:
- Increasing incidence of infectious diseases and cancer
- Technological advancements in rapid microbiology testing
- Increased funding for R&D
- Increased focus on early detection of infectious diseases
Restraints:
- High capital investments and low cost-benefit ratio
- Unfavorable regulatory and reimbursement scenario
Opportunities:
- Growth opportunities in emerging countries
Challenge:
- Operational barriers
Key Market Players of Rapid Microbiology Testing Industry:
The major players operating in this market are bioMérieux SA (France), Danaher Corporation (US), Becton, Dickinson and Company (US), Abbott Laboratories (US), Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Sartorius AG (Germany), Bruker (US), QuidelOrtho Corporation (US), Charles River Laboratories (US), Neogen Corporation (US), Don Whitley Scientific Limited (UK), Rapid Micro Biosystems, Inc. (US), Gradientech (Sweden), rqmicro AG (Switzerland), Colifast AS (Norway), Serosep Limited (Ireland), Solus PerkinElmer (US), BTNX Inc. (Canada), R-Biopharm AG (Germany), Paragon Genomics, Inc. (US), Kypha Inc. (US), Vivione Biosciences (US), Bactest Ltd. (UK), and CorDx (US).
The break-up of the profile of primary participants in the rapid microbiology testing market:
- By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
- By Designation: C-level - 27%, D-level - 18%, and Others - 55%
- By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America - 6%, and Middle East & Africa- 4%
Recent Developments of Rapid Microbiology Testing Industry:
- In December 2023, Danaher Corporation (US) acquired Abcam (UK), a company that offers the scientific community validated antibodies, reagents, biomarkers, and assays to address targets in biological pathways that are critical for advancing drug discovery, life sciences research, and diagnostics.
- In May 2023, bioMérieux SA (France) received the US Food and Drug Administration (FDA) Clinical Laboratory Improvement Amendments (CLIA) waiver for the fast and accurate multiplex PCR-based BIOFIRE SPOTFIRE Respiratory (R) Panel Mini.
- In November 2022, Thermo Fisher Scientific Inc. (US) introduced the rapid RT-PCR Accula Flu A/Flu B test.
- In May 2021, Neogen Corporation (US) launched an improved version of its AccuPoint Advanced sanitation monitoring system that is simpler to use and provides results that are easier to analyze.
- In July 2020, Neogen Corporation (US) launched the advanced Soleris NG microbial testing system.
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Rapid Microbiology Testing Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall rapid microbiology testing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Analysis of key drivers (Increasing incidence of infectious diseases and cancer, technological advancements in rapid microbiology testing, increased funding for R&D and Increased focus on early detection of infectious diseases), opportunities (Growth opportunities in emerging countries), restraints (High capital investments and low cost-benefit ratio and nfavorable regulatory and reimbursement scenario), and challenges (Operational barriers) influencing the growth of the rapid microbiology testing market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the rapid microbiology testing market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the rapid microbiology testing market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the rapid microbiology testing market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings of leading players like bioMérieux SA (France), Becton, Dickinson and Company (US), Danaher Corporation (US), Abbott Laboratories (US), and Thermo Fisher Scientific Inc. (US).
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