According to the report’s estimations, the worldwide market for medical microbiology testing technologies was worth US$2.1 bn in 2015. Surging at a CAGR of 5.40% over the period from 2016 to 2024, the market is anticipated to reach US$3.4 bn by the end of the forecast period, thanks to the growing demand for automation in the area of medical microbiology.
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Demand for Medical Microbiology Testing Technologies to Remain Strong for Infectious Diseases
The report considers respiratory diseases, infectious diseases, and neurological diseases as the key indication segments of the global medical microbiology testing technologies market. Among these, the infectious diseases segment has been dominating the overall market and is expected to remain on the top over the next few years, on the grounds of the increasing incidence rate of infectious diseases across the world.
In terms of the geography, the report categorizes the worldwide market for medical microbiology testing technologies into the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe. North America and Europe have surfaced as the leading regional markets for medical microbiology testing technologies. However, Europe will take the top most position in this market in the years to come. The rising demand for enhanced microbiology technologies in Europe is expected to support this regional market over the forecast period, states the research report.
Increasing Government Investments to Support Global Medical Microbiology Testing Technologies Market
“The global market for medical microbiology testing technologies is expected to gain tremendous momentum in the near future, thanks to the rise in government investments to increase the research activities in life sciences and medical and biological sciences,” says the author of this report. The market is also projected to be boosted by the increasing prevalence of infectious diseases, particularly in emerging economies.
On the other hand, the high cost incurred in the application of these technologies may limit their adoption in the near future, reflecting negatively on this market. The complicated application procedures will double up the difficulty the market is anticipated to face in the years to come, states the research report.