Latest Research Report on Microbial Identification Market Growth, Industry Revenue Analysis
The market growth is primarily driven by the rising incidence of infectious diseases coupled with epidemic and pandemic outbreaks, increasing food safety concerns, technological advancements in microbial identification techniques, and government initiatives and funding to promote microbial identification.
The microbial identification market is expected to reach USD 3.00 Billion by 2022 from USD 2.04 Billion in 2016 at a CAGR of 6.6%.
Market Dynamics
+ Drivers
+ Rising Incidence of Infectious Diseases Coupled with Epidemic and Pandemic Events
+ Technological Advancements in Microbial Identification
+ Increasing Food Safety Concerns
+ Government Initiatives and Funding for Promoting Microbial Identification
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The market is segmented into phenotypic, genotypic, and proteomics-based methods. The phenotypic methods segment is anticipated to account for the largest share of the global microbial identification market in 2017. These methods are cost-effective, easy to perform, and can deliver results rapidly. Therefore, they are widely adopted across industries, which is a major factor responsible for the large share of this segment.
The microbial identification market is categorized into hospitals, diagnostic laboratories, and blood banks; food manufacturing companies; beverage manufacturing companies; pharmaceutical companies and CROs; and other end users. The hospitals, diagnostic laboratories, and blood banks segment is estimated to account for the largest share of the global microbial identification market in 2017. The heavy burden of different infectious diseases, along with periodic outbreaks of pandemic and epidemic diseases are the key factors driving the growth of this end user segment.
Major industry players launched innovative products to maintain and improve their position in the market. Becton, Dickinson and Company (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), bioMérieux S.A. (France), and Bruker Corporation (US), Eurofins Scientific S.E. (Luxembourg) have been identified as the key players in microbial identification market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
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