Microbial Identification Market: Technological Advancements to Propel the Global Growth
The global microbial identification market is estimated at $896.5 million in 2014 and is expected to reach $1,194.1 million by 2019, growing at a CAGR of 5.9% from 2014 to 2019.
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The prominent players in the microbial identification market include Becton, Dickinson and Company, (U.S.), Biolog Inc. (U.S.), bioMérieux SA (France), Bruker Corporation (U.S.), Charles River Laboratories Inc. (U.S.), MIDI Inc. (U.S.), QIAGEN N.V. (Netherlands), Shimadzu Corporation (Japan), Siemens Healthcare (Germany), Sigma-Aldrich Corporation (U.S.), and Thermo Fisher Scientific Inc. (U.S.).
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North America dominates the microbial identification market. However, the Asia-Pacific region is poised to grow at the highest CAGR during the forecast period owing to the government support and economic developments. Apart from this, factors such as governmental focus on antimicrobial resistance, bioterrorism surveillance, and focus on the emerging geographies are expected to provide the required impetus for the growth of this market.
This growth is mainly attributed to the technological advancements in products, high prevalence of infectious diseases, growing food safety concerns, government initiatives, and higher healthcare expenditure in the emerging geographies.
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Furthermore, efforts of various players to provide innovative products by collaboration and high focus on research and development is likely to drive this market. However, a complex regulatory framework and high costing identification instruments are likely to hinder the growth of this market.
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