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Over $1,000.0 Million Revenue Predicted in Microbial Identification Market by 2022

Posté le: Mar-25-2021 | vue (18) fois | Word Count article: 440 |

The global microbial identification market reached a valuation of $951.8 million in 2015 and is predicted to generate a revenue of $1,400.0 million by 2022. Furthermore, the market is predicted to demonstrate a CAGR of 6.0% between 2016 and 2022.
Furthermore, the market is predicted to demonstrate a CAGR of 6.0% between 2016 and 2022. The increasing healthcare expenditure, the rising prevalence of infectious diseases, the growing concerns being raised over food safety, and rapid technological advancements in microbial identification are the main factors fueling the progress of the market.

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Rising technological advancements and innovations in the domain of microbial identification is propelling the growth of the microbial identification market across the globe. The usage of technologically advanced and innovative techniques is making the microbial identification method more accurate and faster than the conventionally used assays. These techniques are highly cost-effective and provide a high throughput time. For example, the MALDI-TOF method is a very popular method, as it needs minimal consumables and provides quicker results.

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Moreover, this method has a very low cost, which further adds wings to its popularity. Besides this factor, the growing prevalence of various infectious diseases is also driving the progress of the microbial identification market all over the globe. Infectious diseases such as hepatitis, measles, and tuberculosis are primarily caused because of pathogenic microorganisms like viruses and bacteria. Microbial identification devices play a major role in disease diagnosis and are increasingly being used in hospitals and various other medical facilities.

Depending on product, the market is divided into services, instruments and software, and consumables. Amongst these, the consumables category is predicted to register the highest growth in the market in the coming years. On the other hand, the fastest market growth in the future years will be exhibited by the instruments and software category. Globally, the microbial identification market would demonstrate the fastest growth in Asia-Pacific in the future, as per P&S Intelligence, a market research firm based in India.

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The key factors fueling the market advancement in the Asia-Pacific (APAC) region are the growing requirement for microbial identification products in the regional countries such as India, China, and Japan. Furthermore, the growing usage of these products by the pharmaceutical and biotechnology companies, blood banks, and research institutes is also predicted to boost the market progress in the region in the forthcoming years. Japan will generate the highest revenue in this region over the next few years.

Hence, it can be said with full confidence that the market would demonstrate rapid advancement all over the globe in the upcoming years, mainly because of the growing usage of microbial identification products by various pharmaceutical and biotechnology companies and research institutes and the growing incidence of infectious diseases in various countries.

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