Global Automated and Rapid Microbiological Tests Market Report 2022-2026: Developed Regions Lead, Developing Economies to Boost Future Growth
DUBLIN, Sept. 23, 2022 /PRNewswire/ -- The "Automated and Rapid Microbiological Tests - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Automated and Rapid Microbiological Tests Market to Reach $7.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Automated and Rapid Microbiological Tests estimated at US$5.9 Billion in the year 2022, is projected to reach a revised size of US$7.6 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.
GC/CRT (Clinical), one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the AISS (clinical) segment is readjusted to a revised 3.4% CAGR for the next 7-year period.
This segment currently accounts for a 10.4% share of the global Automated and Rapid Microbiological Tests market. The surge in the occurrences of STDs, such as GC/Chlamydia, HIV and Syphilis, has turned STD rapid tests into the most dynamic and vigorous segment of the market.
Growth in the global is set to be fueled by rising global prevalence of chronic infectious diseases, increasing food safety concerns, growing need for fast and easy diagnosis, rising public-private investments, funding, and research grants, and sustained technological advancements.
Continued technological advancements in terms of improved functionality, efficiency, efficacy, faster results, and accuracy are driving the adoption of microbial testing in academic institutes, research laboratories, hospitals, clinical laboratories, and biotechnology and pharmaceutical companies. Recent advances in proteomics and genomics are contributing to the rapid evolution of new methodologies for microbial identification and quantification.
Rapid advancements in microbial testing help in overcoming limitations such as an extensive period of exposure to pathogenic strains and long procedural times associated with traditional testing methods. In addition, these tests serve as a cost-effective alternative to microbial identification by enabling reduction in the consumable cost per procedure.
The U.S. Market is Estimated at $2.2 Billion in 2022, While China is Forecast to Reach $709.2 Million by 2026
The Automated and Rapid Microbiological Tests market in the U.S. is estimated at US$2.2 Billion in the year 2022. The country currently accounts for a 37.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$709.2 Million in the year 2026 trailing a CAGR of 8.6% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 5.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR while Rest of European market (as defined in the study) will reach US$766.1 Million by the end of the analysis period.
North America and Europe represent the leading regional markets, due to technological advancements related to rapid microbial testing, growing incidences of infectious diseases, and increasing food safety concerns. Asia-Pacific region presents considerable growth opportunities due to the rising healthcare expenditure and expanding initiatives for promotion of the use of advanced technologies in rapid microbiology testing.
ABCS (Clinical) Segment to Reach $530.3 Million by 2026
In the global ABS (Clinical) segment, USA, Canada, Japan, China and Europe will drive the 2.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$372.2 Million will reach a projected size of US$456.1 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$32.7 Million by the year 2026, while Latin America will expand at a 3.8% CAGR through the analysis period.
Key Topics Covered:
2. FOCUS ON SELECT PLAYERS (Total 77 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/bfkfc8
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SOURCE Research and Markets