The global microbial identification panel market is expected to reach US$ 3,873.1 Mn in 2027 from US$ 2,288.7 Mn in 2018. The market is estimated to grow with a CAGR of 6.2% from 2019-2027.
The major factors that are driving the growth of the microbial identification panel market include advancements in the field of microbiology, rising microbial application in industry, rising incidence of infectious disease, and growing investments from private players and government. However, the market is likely to experience slower growth due to the restraining factors such as higher cost of microbial identification equipment and consumables.
The better health of the community results in several benefits for the countries. Also, as the micro-organisms are widely used for the commercial application, maintaining sterility is very important. Across the industries such as medical diagnostics, pharmaceutical industry, agriculture, and food industry and others practice microbial identification for various practices. For instance, in medical diagnostic microbial identification is done to identify the pathogen causing disease in a patient. Similarly, in the research and pharmaceutical industries, microbial identification helps in identifying a new isolate which carries out an important process. Thus, the microbial identification is important in the improvising the health and also assist in offering the best treatment.
Therefore, owing to the importance of microbial identification in healthcare and other industries, the government has increased support for microbial identification. The governments are supporting through providing grants & funds, introducing initiatives, recognitions, and other means. For instance, 2016, National Institute of Allergy and Infectious Diseases (NIAID) have made five awards under RFA-AI-14-064. The awards were made for the Systems Biology and Antibacterial Resistance. Similarly, in the same year, NIAID awarded nearly US$5 million in funds for 24 research projects under RFA-AI-14-066.
In past years the government has also funded for the initiatives that include microbial applications. For instance, in the US National Microbiome Initiative was in 2016. The US government has invested approximately US$121 million for two years. It has also invested US$ 400 million from private investors for an unspecified period. Same initiatives were also funded in Canada and the European Union. Recently in May 2018, American Gut project has received funds of US$2.5 million, and crowdsourced samples from more than 11,000 people were collected till mid of 2017. Thus, owing to the rise in the government support for microbial identification is likely to grow the market during the forecast period.
The microbial identification market is segmented on the basis of product & service, method and end user. Based on the product & service it is classified as instruments, consumables, software and services. On the basis of method the market is classified as phenotypic, genotypic and MALDI-TOF. Based on the end user the market is segmented as hospitals and diagnostic laboratories, pharmaceutical companies, other end users.
Some of the major primary and secondary sources included in the report for the microbial identification panel market are Department of Health and Human Services, S?o Paulo State Research Foundation, National Institute of Health and Medical Research, National Institute of Allergy and Infectious Diseases, and World Health