New York, USA, June 13, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global bloodstream infection testing market is predicted to rise at a tremendous CAGR of 8.4%, thereby garnering a revenue of $7,722.2 million in the 2020-2027 timeframe. This integrated report presents a brief outlook of the current framework of the bloodstream infection testing market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2020-2027. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market:
Drivers: Growing number of sepsis cases across the globe is expected to be the primary growth driver of the bloodstream infection testing market in the 2020-2027 timeframe. Additionally, there has been a steady increase in the incidence of infectious diseases, especially among the geriatric population, which is expected to boost the market in the forecast period.
Opportunities: The ongoing research and development so as to introduce technological advancements in the field of bloodstream infection testing is anticipated to provide massive growth and investment opportunities to the market in the analysis timeframe. Moreover, the growing elderly population, which is susceptible to infectious diseases, is expected to augment the growth rate of the market.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the high cost associated with the newly introduced automated machines and test kits, which might prove to be a restraint for the bloodstream infection testing market.
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Impact of Covid-19 on the Market:
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. However, the bloodstream infection testing market has been an exception for obvious reasons. During the pandemic, the demand for in-vitro diagnostic, which is often considered as the best way to diagnose infectious diseases, increased substantially. Furthermore, ramping up of various diagnostic centers and production facilities to manufacture bloodstream infection testing machines and kits helped the market grow in the pandemic years.
Segments of the Market:
The report has divided the bloodstream infection testing market into certain segments based on product, technique, technology, application, end-user, and region.
Product: Consumables Sub-segment to be the Most Profitable
By product, the consumables sub-segment is expected to have the most dominant market share and is predicted to grow with a CAGR of 8.5% by 2027. Rising awareness among the general masses regarding the importance of blood infection examination for disease diagnosis is expected to be the primary growth driver of the market.
Technique: Automated Sub-segment to be the Fastest Growing
By technique, the automated sub-segment of the bloodstream infection testing market is expected to grow with the highest CAGR in the 2020-2027 timeframe. Automated medical instruments are known to be much more efficient than conventional ones and they produce more accurate and reliable results, which is why they are in great demand. This is anticipated to be the major factor behind the growth of this sub-segment.
Technology: Molecular Sub-segment to Flourish Immensely
By technology, the molecular sub-segment is expected to have fastest growth rate in the bloodstream infection testing market. Molecular diagnosis technology is known to provide a faster, efficient, accurate, and reliable indication and identification of causative pathogens present in the bloodstream. This feature of molecular technology is estimated to become the main reason behind the growth of this sub-segment.
Application: Bacterial Sub-segment to be the Most Dominant
By application, the bacterial sub-segment is expected to have the highest market share as well as the fastest growth rate in the forecast period. It is estimated to growth with a fascinating CAGR of 8.7% during the 2020-2027 timeframe. Increasing number sepsis cases across the globe is anticipated to be the primary growth driver of this sub-segment.
End-User: Hospital Sub-segment to Generate Maximum Revenue
By end-user, the hospital sub-segment is expected to have the highest market share and is estimated to grow with a CAGR of 8.0% during the analysis timeframe. An overall improvement in the healthcare facilities in developing economies of the world is projected to become the main growth driver of the sub-segment.
Region: Market in the North America Region to be the Most Lucrative
By regional analysis, the bloodstream infection testing market in North America region is predicted to generate the maximum revenue and grow at a CAGR of 7.9% by 2027. Increasing geriatric population along with massive improvement in the healthcare facilities is expected to boost the market in this region. Along with this, heavy investments by major market players in this region is predicted to boost the market further.
Prominent Market Players:
Some of the prominent players of the bloodstream infection testing market are
- Thermo Fisher Scientific
- Becton Dickinson
- Luminex Corporation
- F. Hoffmann-La Roche Ltd.
- bioMérieux SA
- Accelerate Diagnostics Inc.
- Abbott Laboratories
- Cepheid
- AdvanDX
- Bruker Corp
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, F. Hoffmann-La Roche Ltd., a Swiss multinational healthcare giant, in March 2021, announced a merger with GenMark Diagnostics, a leading molecular diagnostics solutions provider. The merger is aimed at accessing novel technology wherein just one blood sample of the patient will be enough to test a broad range of pathogens and their associated infections.
Finally, the report also summarizes many crucial aspects of the bloodstream infection testing market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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