(EMAILWIRE.COM, February 05, 2020 ) Growth in the market can be attributed to factors such the rising prevalence of infectious diseases; ongoing technological advancements; increasing food safety concerns; and increased funding, research grants, and public-private investments. Emerging countries and a growing focus on the detection of antimicrobial resistance are expected to provide significant growth opportunities in the market.

What the Market Looks Like?

Predicted to grow at a CAGR of 8.1% during the forecast period, the Global Rapid Microbiology Testing Market is estimated to reach USD 5.09 billion by the end of 2023.

Segmentation in Detailed:

On the basis of application, the market is segmented into clinical disease diagnosis, food & beverage testing, pharmaceutical & biological drug testing, cosmetics and personal care products testing, environmental applications, research applications, and other applications. The clinical disease diagnosis application segment is expected to dominate the rapid microbiology testing market during the forecast period. This can primarily be attributed to the increasing use of rapid microbiology testing for the diagnosis of infectious diseases in humans; rising emphasis on effective and early disease diagnosis across major markets; and the introduction of advanced, accurate, and rapid methods for faster clinical diagnosis.

Based on product, the global market is segmented into instruments, reagents & kits, and consumables. In 2018, the instruments segment is expected to account for the largest share of the market owing to factors such as the significant adoption of modern laboratory instruments in the research and academic sectors (coupled with growing industry-academia collaborations for genomic research) and the ongoing trend of laboratory automation among clinical laboratories.

Based on method, the global market is divided into five segments growth-based, viability-based, cellular component-based, nucleic acid-based, and other testing methods. The growth-based rapid microbiology testing segment is expected to account for the largest share of the market in 2018. The large share of this segment can be attributed to factors such as the ease of processing (this method uses conventional liquid or agar media), the limited requirement of skilled professionals, and supportive government regulations.

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What Drives the Market?

The growth of the global market for Rapid Microbiology Testing is primarily influenced by the following factors:

• Rising Incidence of Infectious Diseases
• Technological Advancements
• Increasing Food Safety Concerns
• Funding, Research Grants, and Public-Private Investments
• Government Initiatives for the Detection of Antimicrobial Resistance

Objectives of the Study are:

• To define, describe, and forecast the global market on the basis of product, method, application, end user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the total market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To profile the key players and comprehensively analyze their market shares and core competencies

Geographical growth scenario of Rapid Microbiology Testing Market:

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the global market during the forecast period (2018–2023). The large share of this market can be attributed to the growing technological advancements in the field of rapid microbial testing, rising incidence of infectious diseases, and growing food safety concerns. In addition, the region has supportive government initiatives that help create awareness and promote the adoption of advanced microbial testing devices among key end users, thereby propelling the growth of the market in North America.

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Leading market players and strategies adopted:

The prominent players in the Rapid Microbiology Testing Market include Biomérieux SA (France), Danaher Corporation (US), And Becton, Dickinson And Company (US), Abbott Laboratories Inc. (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).