Microbial Identification Market Overview
The global microbial identification market is expected to attain a value of $1.4 billion by 2022, witnessing a CAGR of 6.0% during the forecast period (2016–2022). Some of the factors driving the growth of the market include rising healthcare expenditure, growing incidence of infectious diseases, surging concerns related to food safety across the globe, and technological advancements in the field of microbial identification.
In terms of method, the microbial identification market is classified into phenotypic and genotypic. Between the two methods, the phenotypic category accounts for larger share in the market, and is predicted to hold 63.1% share by 2022. Whereas, the genotypic category is expected to witness faster growth in the market during the forecast period.
GLOBAL MICROBIAL IDENTIFICATION MARKET BY PRODUCT $M (2012–2022)
On the basis of product, the microbial identification market is categorized into consumables, instruments and software, and services. The consumables category is expected to account for the largest share, of 47.8%, by 2022. Whereas, the instruments and software category is predicted to witness the fastest growth in the market during the forecast period.
Based on geography, the Asia-Pacific (APAC) microbial identification market is expected to witness fastest growth, owing to the increasing demand for these products in APAC countries, such as Japan, China, and India. Further, increasing demand of these products in biotechnology and pharmaceutical companies, research institutes, and blood banks is also expected to drive the growth of the regional market. In the APAC region, the Japanese market is expected to generate the largest revenue by 2022, with a CAGR of 7.0% during the forecast period.
Microbial Identification Market Dynamics
Increasing technological advancement is one of the major factors for the growth of the microbial identification market. Uses of technologically advanced methods have made the process of microbial identification faster and precise, as compared to traditional assays. These methods are cost-effective and provide high throughput time. For instance, the MALDI-TOF method is a widely accepted method, as it provides faster results and requires minimal consumables, and has low cost.
Shifting preference toward genotypic identification method from conventional phenotypic method is a prominent trend observed in the microbial identification market. This is mainly due to the fact that the genotypic microbial identification method is more accurate and reliable, as it is based on nucleic acid analysis.
Microbial identification methods are costly and require trained professionals for their uses, which may hinder the growth of the microbial identification market. For instance, although molecular method, like gene sequencing for microbial identification, provides rapid results, but it is very expensive and requires expertise of skilled professional, which limit its adoption. Also, the 16S rRNA gene sequencing method has adoption in limited geographies due to its high cost. Therefore, high cost of the identification methods leads to their lower adoption, especially in the developing countries.
Microbial identification Market Competitive Landscape
Key players operating in the global microbial identification market are Becton, Dickinson and Company, Danaher Corporation, Siemens AG, Shimadzu Corporation, BioMerieux SA, Thermo Fisher Scientific Inc., Qiagen N.V., Midi Inc., Charles River Laboratories Inc., Biolog Inc., and Bruker Corporation.
Key Questions Answered in the Report
What is the current scenario of the global microbial identification market?
What are the historical size and present size of the market segments and their future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
What are the key geographies from the investment perspective?
What are the key strategies adopted by the major players to expand their market shares?