Newstrail.com

Microbiology Diagnostic Devices and Equipment Market is Expected to Reach $8,567.0 Million in 2031

Microbiology Diagnostic Devices and Equipment Market

The global microbiology diagnostic devices and equipment market reached a value of nearly $3,419.4 million in 2021, having grown at a compound annual growth rate (CAGR) of 16.3% since 2016. The market is expected to grow from $3,419.4 million in 2021 to $5,683.0 million in 2026 at a rate of 10.7%. The market is then expected to grow at a CAGR of 8.6% from 2026 and reach $8,567.0 million in 2031.

Growth in the historic period resulted from increased healthcare expenditure, emerging markets growth, rapid technological advances, rapid growth in aging population and the emergence of novel pathogenic infestations. Factors that negatively affected growth in the historic period were regulatory challenges, political uncertainties, reduction in free trade and low healthcare reimbursements.

Going forward, a rise in funding, aging population, an increase in healthcare access and a rapid rise in various bacterial and viral epidemics will drive the growth. Factors that could hinder the growth of the microbiology diagnostic devices and equipment market in the future include lack of skilled/trained microbiologists and insufficient and outdated health system.

The microbiology diagnostic devices and equipment market is segmented by type into laboratory instruments, microbiology analysers and reagents and consumables. The reagents and consumables market was the largest segment of the microbiology diagnostic devices and equipment market segmented by type, accounting for 80.6% of the total in 2021. Going forward, the reagents and consumables segment is expected to be the fastest growing segment in the microbiology diagnostic devices and equipment market segmented by type, at a CAGR of 11.7% during 2021-2026.

Request Research Sample with Latest Industry Insights (317+ Pages Report): https://altusmarketresearch.com/reports/sample/43285

The laboratory instruments market is also segmented by type into incubators, gram stainers, bacterial colony counters, petri dish fillers, automated culture systems and other laboratory instruments. The bacterial colony counters market was the largest segment of the laboratory instruments market segmented by type, accounting for 24.8% of the total in 2021. Going forward, the bacterial colony counters segment is expected to be the fastest growing segment in the laboratory instruments market segmented by type, at a CAGR of 6.2% during 2021-2026.

The microbiology analysers market is also segmented by type into microscopes, mass spectrometers and other microbiology analysers. The microscopes market was the largest segment of the microbiology analysers market segmented by type, accounting for 56.1% of the total in 2021. Going forward, the microscopes segment is expected to be the fastest growing segment in the microbiology analysers market segmented by type, at a CAGR of 8.2% during 2021-2026.

The reagents and consumables market is also segmented by type into oncology, hormonal disorder, glaucoma and other therapeutic applications. The general reagents market was the largest segment of the reagents and consumables market segmented by type, accounting for 60.5% of the total in 2021. Going forward, the pathogen-specific kits segment is expected to be the fastest growing segment in the reagents and consumables market segmented by type, at a CAGR of 14.6% during 2021-2026.

The microbiology diagnostic devices and equipment market is also segmented by end-user into diagnostic laboratories, hospitals and other end-users. The diagnostic laboratories market was the largest segment of the microbiology diagnostic devices and equipment market segmented by end-user, accounting for 56.8% of the total in 2021. Going forward, the other end-users segment is expected to be the fastest growing segment in the microbiology diagnostic devices and equipment market segmented by end-user, at a CAGR of 10.9% during 2021-2026.

North America was the largest region in the microbiology diagnostic devices and equipment market, accounting for 34.5% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the microbiology diagnostic devices and equipment market will be Africa and South America where growth will be at CAGRs of 14.5% and 14.3% respectively. These will be followed by Eastern Europe and Middle East where the markets are expected to grow at CAGRs of 13.3% and 12.9% respectively.

The microbiology diagnostics and equipment market is highly concentrated, with a small number of large players. The top ten competitors in the market made up to 75.76% of the total market in 2021. The key players in the market are focusing on expanding their business and operational presence in the microbiology diagnostics and equipment through strategic acquisition, new product developments and launches. Danaher Corporation was the largest competitor with 15.25% of the market, followed by Abbott Laboratories with 12.00%, Thermo Fisher Scientific Inc. with 11.63%, Becton Dickinson and Company with 7.64%, Biomerieux with 6.60%, Bio-Rad Laboratories, Inc. with 5.95%, Roche with 5.31%, Bruker Corporation with 5.17%, Charles River Laboratories International Inc. with 3.11% and Merck KGaA with 3.11%.

The top opportunities in the microbiology diagnostic devices and equipment market segmented by type will arise in the reagents and consumables segment, which will gain $2,030.0 million of global annual sales by 2026. The top opportunities in the laboratory instruments market segmented by type will arise in the Bacterial Colony Counters segment, which will gain $31.1 million of global annual sales by 2026. The top opportunities in the microbiology analysers market segmented by type will arise in the microscopes segment, which will gain $83.1 million of global annual sales by 2026. The top opportunities in the reagents and consumables market segmented by type will arise in the pathogen-specific kits segment, which will gain $1,061.2 million of global annual sales by 2026. The top opportunities in the microbiology diagnostic devices and equipment market segmented by end-user will arise in the diagnostic laboratories segment, which will gain $1,294.6 million of global annual sales by 2026. The microbiology diagnostic devices and equipment market size will gain the most in USA at $584.9 million.

Market-trend-based strategies for the microbiology diagnostic devices and equipment market include growing adoption of predictive diagnostics, automation in the field of microbiology diagnostics, next generation microbial testing and increasing mergers and acquisitions.

Player-adopted strategies in the microbiology diagnostic devices and equipment industry include focusing on new product developments and innovative product launches and expanding through strategic acquisitions.

To take advantage of the opportunities, Altus Market Research recommends the microbiology diagnostic devices and equipment companies to increase adoption of predictive diagnostics, focus on automation in microbiology diagnostics, increase focus on next generation microbial testing, expand in emerging markets, provide competitively priced offerings, participate in trade shows and events and increase partnerships with end-users.