COVID-19 Impact Analysis on Global Rapid Microbiology Testing Market
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global rapid microbiology testing market. In addition, complete analysis of changes on the global rapid microbiology testing market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The medical industry has observed a relatively sluggish growth due to the COVID-19 pandemic unlike other industries. The global pandemic of Coronavirus (COVID-19) has triggered stock market instability, tight border controls, and worldwide lockdown, leading the healthcare industry, as well as large companies and governments, to restock supply chains. Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon.
Market Overview- Global Rapid Microbiology Testing Market
Market Drivers
The global rapid microbiology testing market has gained sustainable growth owing to increasing penetration of smartphones and growing number of smartphone-based healthcare applications compatible with wearable devices. Furthermore, the overall market is also being propelled by the swiftly increasing demand generated from emerging countries. Improving medical infrastructure and growing expenditure on healthcare are some of the major factors responsible for this growth. The market is further boosted by technological advancements in rapid microbiology testing by various vendors across the globe. Some of the prominent trends witnessed by the market includes growing awareness and preference for home healthcare in wearable medical devices.
Market Opportunities
The market is anticipated to have rising new growth opportunity with emerging economic countries. With the rapid development in healthcare industry, increasing technological advancement in rapid microbiology testing, rising funding for R&D, increasing infectious diseases is anticipated to provide ample of new growth opportunities for the market over the estimated time period.
Market Restraints
The major restraining factor for the market growth is high capital investment and low cost benefit ratio has hamper the market growth to major extent. Likewise, unfavorable regulatory and reimbursement scenarios is another major restraining factor for the market growth.
Market Growth Challenges
The major growth challenge for the market faced is operational barriers. Besides, Covid-19 has certainly created major challenge for the market growth.
Cumulative Growth Analysis
The report provides in-depth analysis of global rapid microbiology testing market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various rapid microbiology testing market in various applications has led the increasing demand for market and is expected to witness the growth at specific CAGR from 2021-2028.
Market Segmental Overview
The global rapid microbiology testing market comprises of different market segment like method, product, application, end user and geography.
Rapid Microbiology Testing Market by Method
Various method studied in the report are growth-based rapid microbiology testing, cellular component-based rapid microbiology testing, nucleic acid-based rapid microbiology testing, viability-based rapid microbiology testing & other rapid microbiology testing methods. The growth-based rapid microbiology testing is expected to rising demand for the market owing to its major demand and use for performing test which significantly helps to decrease the time in the detection activity. Likewise, cellular component-based rapid microbiology testing followed by nucleic acid-based rapid microbiology testing is likely to have rising new growth avenue during the estimated time period.
Rapid Microbiology Testing Market by Product
The products of the industry are classified into instruments, reagents & kits & consumables. The instruments segment is further categorized into automated microbial identification and antimicrobial susceptibility testing systems, mass spectrometers, PCR systems, bioluminescence- and fluorescence-based detection systems, cytometers, active air samplers, and other instruments. Also, reagents & kits majorly comprise of sterility testing reagents & kits and other reagents & kits. Instruments is expected to rising demand for the market over the forecast period. The key factor contributing in the growth of market segment are most of the application and market end user have majority of their test conducted processed using the instruments. Besides, most of the instruments are developed with technological advancements in rapid microbiological testing has contributed healthy growth in the market over the estimated time period.
Rapid Microbiology Testing Market by Application
Several applications of the industry are segmented into clinical disease diagnosis, food & beverage testing, pharmaceutical & biological drug testing, environmental testing, cosmetics & personal care products testing and research applications and other applications. Clinical disease diagnosis is the leading application in rapid microbiology testing market. The segment is driven by factors like rising number of clinical specimens of patient for infectious diseases identification has fuelled the requirement for the market. This factor has indeed created increasing requirement for rapid microbiology testing market products. On the other hand, pharmaceutical and biological drug testing is expected to find rising demand for market over the forecast period (2022-2028).
Rapid Microbiology Testing Market by End User
The end users of rapid microbiology testing industry are diagnostic laboratories & hospitals, food & beverage companies, pharmaceutical & biotechnology companies, contract research organizations, and other end users. In 2021, diagnostic laboratories gained majority of market share and is expected to maintain its dominance over the estimated time period (2021-2028). The increasing number of test performed in the diagnostic laboratories, and rising requirement quality results with increased sensitivity has flourish the demand for rapid microbiology market. Besides, the burden of diseases like cancer and other disease has fuelled the market demand to major extend. Also, in diagnostic laboratories the market support for improved sensitivity and specificity, improve process control, and other advantages.
Rapid Microbiology Testing Market by Geography
By geography, rapid microbiology testing market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa. North America was a lucrative region for the rapid microbiology testing market in 2021. The North America accounted for the largest market share in 2021 in terms of revenue followed by Europe. Rising prevalence of various diseases among the population, refined healthcare infrastructure, and rising need for advanced diagnostic testing are the key reasons accounted for the market growth in North America. Developing economies of Asia Pacific such as India, are expected to experience a rapid expansion due to favorable laws being incorporated in the country. Moreover, the rise in prevalence and severity of diseases in emerging nations such as India, China, Indonesia, and Malaysia propel the growth in the region.
Competitive Landscape Analysis
The competitive landscape analysis of rapid microbiology testing market is majorly focused on new product launches, mergers and acquisitions, partnerships, joint ventures, and strategies adopted by the major players to gain competitive advantage. The companies are also introducing advanced microbiological automated systems that have high throughputs and are less time-consuming.
Some of the market players in the global rapid microbiology testing include bioMérieux SA (France). Abbott Laboratories Inc. (US), Danaher Corporation (US), and Becton, Dickinson and Company (US), Bruker Corporation (US), Charles River Laboratories International, Inc. (US), Don Whitley Scientific Limited (UK), Merck KGaA (Germany), Neogen (US), Quidel Corporation (US), Rapid Micro Biosystems, Inc. (US), Sartorius Group (Germany), Thermo Fisher Scientific (US), TSI Inc. (US), and Vivione Biosciences, LLC (US).
