The global rapid microbiology testing market is projected to reach USD 6.7 billion by 2026 from USD 4.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Market growth is driven by factors such as the technological advancements in rapid microbiology testing, Increasing incidence of infectious disease and cancer,increased focus on the early detection of infectious disease and increased funding on R&D.On the other hand, the high capital investments and low cost-benefit ratio and unfavorable regulatory and reimbursement scenarios are the major factors hampering the growth of this market.
“The reagents and kits segment accounted for the highest growth rate in therapid microbiology testing market, by product, during the forecast period”
The rapid microbiology testing market is segmented instruments, reagents and kits and consumables based on product. In 2020, the reagents and kits segment accounted for the highest growth rate in the rapid microbiology testing market.The increased focus on the early detection on infectious disease is a major factor contributing to the growth of this segment.
“Food and beverage testing segment accounted for the highest CAGR”
Based on applications, the rapid microbiology testing market is segmented intoclinical disease diagnosis, food and beverage testing, pharmaceutican and biological drug testing, environmental testing, cosmetics and personal care products testing, research applications and other applications. In 2020, the food and beverage testing segment accounted for the highest growth rate. This can be attributed to theincrease incidence of infectious disease and cancer of rapid microbiology testingmarket to serve a large patient pool.
“Asia Pacific: The fastest-growing regionrapid microbiology testing market”
The global rapid microbiology testing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period.Factors such as the technological advancements, increased funding on R&D, increasing government efforts to increase awareness about early disease detection, expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region are driving the growth of the rapid microbiology testing market in this region.
The primary interviews conducted for this report can be categorized as follows:
- 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 the Middle East & Africa – 4%
This report provides a detailed picture of the global rapid microbiology testing market. It aims at estimating the size and future growth potential of the market across different segments, such as product,method, applications,and region. The report also includes an in-depth competitive analysis ofthe key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall rapid microbiology testing market and its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.