Wilmington, New Castle, Delaware, March 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Microbial Identification Market by Product and Service (Instruments, Consumables, and Services), Method (Phenotypic Method, Genotypic Method, and Proteomic Method), Technology (Mass Spectrometry, PCR, Flow Cytometry, and Others), and End User (Food and Beverage Industry, Pharmaceutical and Biotechnological Industry, Environmental Water Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global microbial identification industry generated $3.5 billion in 2022 and is anticipated to generate $6.4 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032.
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Prime determinants of growth
Rise in infectious diseases globally, increase in awareness of food safety issues, and continuous advancements in technology are the factors that drive the growth of the global microbial identification market. However, lack of skilled personnel and limited accessibility in underdeveloped regions restrict the market growth. Moreover, the high growth potential in emerging countries is expected to present new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $3.5 Billion |
| Market Size In 2032 | $6.4 Billion |
| CAGR | 6.2% |
| No. Of Pages In Report | 296 |
| Segments Covered | Product And Service, Method, Technology, End User, and Region |
| Drivers | Increase In the Prevalence of Infectious Diseases |
| Increase In Awareness of Food Safety Issues | |
| Rise In Technological Advancements | |
| Opportunity | High Growth Potential in Emerging Countries |
| Restraint | Lack of Skilled Personnel and Limited Accessibility in Underdeveloped Regions |
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Recession Impact
- During economic downturns, governments and individuals may cut back on healthcare spending to manage budgets more effectively. This impacts the purchasing power of healthcare institutions and may slow down the adoption of new technologies, including microbial identification solutions.
- However, surge in the prevalence of foodborne diseases and rise in technological advancements. This can boost the need for microbial identification that is experiencing a moderately positive impact from the global recession.
The consumables segment to maintain its leadership status throughout the forecast period
By product and service, the consumables segment held the largest market share in 2022, accounting for more than half of the global microbial identification market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the rise in need for rapid and accurate microbial identification to curb the spread of infectious diseases and drives an increased demand for consumables.
However, the instruments segment is expected to register the highest CAGR of 6.9% during the forecast period. This is attributed to the surge in demand for advanced and automated microbial identification technologies.
The phenotypic method segment to maintain its leadership status throughout the forecast period
By method, the phenotypic method segment held the largest market share in 2022, accounting for more than two-fifths of the global microbial identification market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its versatility, widespread acceptance, ease of use, and cost-effectiveness. However, the genotypic method segment is expected to register the highest CAGR of 6.9% during the forecast period. This is attributed to the precision, specificity, and technological advancements associated with these methods.
The phenotypic method segment to maintain its leadership status throughout the forecast period
By technology, the mass spectrometry segment held the largest market share in 2022, accounting for more than one-third of the global microbial identification market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its speed, versatility, accuracy, and continuous technological advancements. However, the PCR segment is expected to register the highest CAGR of 7.0% during the forecast period. This is attributed to the accuracy, versatility, real-time capabilities, technological advancements, and its integral role in addressing emerging challenges in microbiology and infectious diseases.
The food and beverage industry segment to maintain its lead position during the forecast period
By end user, the food and beverage industry segment accounted for the largest share in 2022, contributing to more than half of global microbial identification market revenue, and is projected to maintain its lead position during the forecast period. This segment is expected to register the highest CAGR of 6.7% during the forecast period. This is attributed to increased consumer awareness and demand for high-quality and safe food products that further propel the need for robust microbial identification solutions in the food and beverage industry.
North America to maintain its dominance by 2032
By region, North America held the largest market share in terms of revenue in 2022, accounting for more than one-third of the microbial identification market revenue and is expected to dominate the market during the forecast period. This is attributed to its well-developed healthcare infrastructure, technological advancements in testing methodologies, and growth in emphasis on preventive healthcare practices in North America.
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However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.6% from 2023 to 2032. This is attributed to rise in the prevalence of infectious diseases and rise in research and development activities in fields such as genomics, proteomics, and microbiology that contribute to the demand for cutting-edge microbial identification technologies.
Leading Market Players:
- BIOMÉRIEUX
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc
- Bruker Corporation
- Charles River Laboratories
- Danaher Corporation
- Merck KGaA
- QIAGEN
- Shimadzu Corporation
- Thermo Fisher Scientific Inc
The report provides a detailed analysis of these key players in the global microbial identification market. These players have adopted strategies such as acquisition, partnership, agreement, product approval, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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