The global rapid microbiology testing market is projected to reach 5.09 billion by 2023 from USD 3.45 billion in 2018 at a CAGR of 8.1%
LONDON, Sept. 19, 2018 /PRNewswire/ --
The rapid microbiology testing market is projected to grow at a CAGR of 8.1% during the forecast period.
Download the full report: https://www.reportbuyer.com/product/5567582
The global rapid microbiology testing market is projected to reach 5.09 billion by 2023 from USD 3.45 billion in 2018 at a CAGR of 8.1%. Growth in the rapid microbiology testing market can be attributed to factors such as increasing food safety concerns; the rising prevalence of infectious diseases; and increased funding, research grants, and public-private investments. However, reimbursement concerns and the high cost of rapid microbiology testing products are the major factors restricting market growth.
The food & beverage testing segment is expected to grow at the highest rate during the forecast period.
On the basis of application, the global rapid microbiology testing market has been segmented into clinical disease diagnosis, food & beverage testing, pharmaceutical & biological drug testing, cosmetics and personal care products testing, environmental applications, research applications, and other applications.The food & beverage testing rapid microbiology testing segment is expected to grow at the highest rate during the forecast period.
Factors such as increasing food production, stringent quality control and quality assurance processes ensuring food safety, and the growing demand for packaged food products are driving growth in this market segment.
The diagnostic laboratories & hospitals segment is expected to account for the largest share of the rapid microbiology testing market.
On the basis of end user, the rapid microbiology testing market is segmented into diagnostic laboratories & hospitals, food & beverage companies, pharmaceutical companies, CROs, and other end users.The diagnostic laboratories & hospitals segment is expected to account for the largest share of the market in 2018.
This is mainly due to factors such as the increasing prevalence of infectious diseases, improving healthcare expenditure, and technological advancements in rapid microbial testing.
The APAC market is expected to grow at the highest CAGR during the forecast period.
Geographically, the rapid microbiology testing market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World.The APAC market is expected to register the highest growth rate during the forecast period.
Growth in this segment is mainly due to the increasing healthcare expenditure and growing initiatives to promote the use of advanced rapid microbiology testing technologies in Asia Pacific countries. Moreover, as markets in developed countries are increasingly becoming saturated, manufacturers and suppliers of rapid microbiology testing products are also shifting their focus towards the Asian market, thereby driving the growth of this market during the forecast period.
Breakdown of supply-side primary interviews:
-- By Company Type: Tier 1 - 25%, Tier 2 - 30%, and Tier 3 - 45%
-- By Designation: C-level - 26%, Director-level - 30%, and Others - 44%
-- By Region: North America - 34%, Europe - 26%, APAC - 23%, and RoW - 17%
The major players in the market include bioMérieux SA (France), Danaher Corporation (US), and Becton, Dickinson and Company (US).
Research Coverage
This report studies the rapid microbiology testing market based on product, method, application, end user, and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Reasons to Buy the Report:
This report focuses on various levels of analysis--industry trends, market ranking of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the rapid microbiology testing market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
Download the full report: https://www.reportbuyer.com/product/5567582
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: sarah@reportbuyer.com
Tel: +1 (718) 213 4904
Website: www.reportbuyer.com
View original content:http://www.prnewswire.com/news-releases/the-global-rapid-microbiology-testing-market-is-projected-to-reach-5-09-billion-by-2023-from-usd-3-45-billion-in-2018-at-a-cagr-of-8-1-300715596.html
SOURCE ReportBuyer
