Bloodstream Infection Testing Market Expected to Reach $7,722.2 by 2027, at a Growing CAGR of 8.4% - Research DiveDownload Sample Reports Overview
The global bloodstream infection testing market was valued at $4,065.5 million in 2019 and is predicted to generate a revenue of $7,722.2 million by 2027. Increasing cases of infectious diseases such as sepsis among the population have increased the demand of bloodstream infection testing.
Bloodstream infection testing is an in-vitro diagnostic technique used to identify foreign invaders such as micro-organism, yeast, fungus, and/or bacteria in the blood. The presence of these pathogens in the bloodstream is a sign of having an infection, a condition known as bacteremia. A positive blood culture indicates that you have bacteria in your blood.
COVID-19 impact on the Global Bloodstream Infection Testing Market:
The global market for bloodstream infection witnessed enhanced growth rate during the outbreak of COVID-19 pandemic compared to previous years due to increase in bloodstream infection testing to identify and contain the spread of infections.
The communal spread of the novel coronavirus in December 2019 significantly resulted in social, political, and economic disruption across the globe. The pandemic created a considerable degree of concern and fear among the population particularly in the elderly. In addition, COVID-19 is widely infectious with the possibility of affecting people with serious respiratory disorders. Thereby, the World Health Organization (WHO) has suggested a few precautions to protect oneself from contracting the COVID-19 disease. The precautions are to maintain good respiratory hygiene, avoid touching the nose, eyes & mouth with unwashed hands, avoid close contact with people, and stay aware of the latest information about the COVID-19 pandemic.
Bloodstream Infection Testing Market Drivers: Elderly people are more susceptible to various infections such as sepsis, flu, diarrhea, and pneumonia, among others due to lower immunity power. The geriatric population is increasing at a fast rate. As per data from the world health organization (WHO), in 2019, the number of people aged 60 years and older was 1 billion. This number is predicted to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Increasing geriatric population is predicted to be the major factor for the growth of global bloodstream infection testing market in the estimated period.
Instrument product sub-segment is predicted to have the highest growth rate in the estimated period. Instruments sub-segment is predicted to generate a revenue of $1,092.3 million by 2027 with a CAGR of 8.8% in the forecast period. Rising government spending on improving healthcare infrastructure along with the increasing presence of independent laboratories in countries such as India, China, Mexico, and South Africa are the key factors driving the demand for bloodstream infection testing instruments over the forecast period.
Automated technique sub-segment is predicted to have the maximum growth rate in the forecast period. Automated sub-segment is predicted to generate a revenue of $2,341.9 million by 2027 with a CAGR of 9.2% in the forecast period. Automated techniques provide fast, reliable, and accurate results in a short time, as well as helps in reducing operational errors which are predicted to boost the sub-segment market in the forecast period.
Molecular technology sub-segment is predicted to have the highest growth rate in the forecast period. The sub-segment is predicted to generate a revenue of $2449.8 million by 2027 with a CAGR of 9.3% in the forecast period. The introduction of technologically advanced products, increasing R&D spending, and augmenting demand for point-of-care facilities are the major factors driving the demand for molecular technology in the projected period.
Bacterial application sub-segment is predicted to have the maximum growth rate in the forecast period. Bacterial sub-segment is predicted to generate a revenue of $4,110.2 million by 2027 with a CAGR of 8.7% in the forecast period. Sepsis is considered as one of the most widely spread bacterial infection. Increasing cases of sepsis across the globe is predicted to be the major driving factor for the sub-segment market in the estimated period
Independent diagnostics centers end user sub-segment is predicted to have the maximum growth rate in the forecast period. Independent diagnostics centers sub-segment is predicted to generate a revenue of $2,419.1 million by 2027 with a CAGR of 8.9% in the forecast period. Convenient services such as same-day service delivery, patient charge accounts, maintaining health record of patient compounding, and e-prescribing in the developed nations is predicted to boost the sub-segment market in the estimated period.
Asia-Pacific region market is predicted to have the maximum growth rate in the forecast period. Asia-Pacific region is predicted to generate a revenue of $2,032.5 million by 2027 with a CAGR of 9.3% in the forecast period. Bloodstream infections are major causes of morbidity and mortality. The rates of deaths due to bloodstream infections can be compared to that of stroke, acute myocardial infarction, and trauma. However, the public health threat of bloodstream infection has been poorly characterized in Southeast Asia. Due to poor living standards, people are vulnerable to various infections such as flu, pneumonia, and diarrhea, among others. Governing bodies taking various precautionary measures and their increased spending on improving healthcare infrastructure are the major driving factors for the regional market in the estimated period.
The major key players in the global bloodstream infection testing market are –
- Thermo Fisher Scientific
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Becton Dickinson
- bioMérieux SA
- Luminex Corporation
- Accelerate Diagnostics Inc.
- Bruker Corp.
Porter’s Five Forces Analysis for Bloodstream Infection Testing Market:
- Bargaining Power of Suppliers: Limited number of suppliers are present in the market.
The bargaining power of suppliers is High.
- Bargaining Power of Consumers: In this market, the concentration of buyers is Medium.
The bargaining power of consumers is Moderate.
- The threat of New Entrants: Huge initial investments are essential to start a new unit of manufacturing device for testing blood.
The threat of new entrants is Low.
- The threat of Substitutes: This market has less number of products; moreover, availability of products is also very low due to which switching costs for clients is Moderate.
The threat of substitutes is Medium.
- Competitive Rivalry in the Market: The bloodstream infection testing market has numerous small, medium and large, scale players.
The competitive rivalry in the industry is Moderate.
- Competitive Rivalry in the Market: Presence of numerous number of player in market which make the consumer to get services from multiple services. The competitive rivalry in the industry is High.