PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532847
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532847
Food Diagnostics Market size was valued at USD 16,845.6 Million in 2023, expanding at a CAGR of 7.8% from 2024 to 2032.
Food diagnostics is a commonly used word to refer to food diagnosis. To avoid a variety of foodborne illnesses, food diagnostics must be performed. Microbial and other contaminants in fruits and vegetables can be discovered via food diagnostics. The increased number of food recalls, combined with the need to preserve consumer confidence in food safety and availability, is likely to drive up demand for safety testing.
Food Diagnostics Market- Market Dynamics
Increasing frequency of foodborne diseases
The consumption of packaged and processed foods has grown in line with global population and urbanization. Unfortunately, as pathogens such as bacteria, viruses, and parasites have contaminated food products, the frequency of foodborne illnesses has grown. As a result, there is a greater need than ever for effective food diagnostic technologies to identify and mitigate potential hazards before contaminated commodities are supplied to customers. For instance, in October 2023, Thermo Fisher Scientific and Boehringer Ingelheim launched a companion diagnostic (CDx) agreement to support developing precision therapeutics and enhance patient outcomes by extending access to credible genetic testing required to match patients with tailored cancer treatments. The businesses will collaborate to develop CDx tests to help identify patients with non-small cell lung cancer (NSCLC) who have specific genomic alterations.
Food Diagnostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.8% over the forecast period (2024-2032)
Based on Type segmentation, Systems was predicted to show maximum market share in the year 2023
Based on Test Type segmentation, Quality was the leading type in 2023
Based on region, Europe was the leading revenue generator in 2023
The Global Food Diagnostics Market is segmented based on Type, Test Type, Food Tested, and Region.
The market is divided into three categories based on Type: Systems, Test Kits, and Consumables. The systems segment is the dominating player and is expected to have the most impact on the food diagnostics industry. It produces accurate test results and is easy to use. With the growing demand for easy-to-use solutions, the market for food diagnostic systems is expected to grow even more. Hybridization-based diagnostics are the most often used tools for identifying and monitoring foodborne pathogens. These approaches are also used to identify food pathogen mutations that cause persistent infections. The food diagnostics industry is expected to be a major driver of market expansion due to the benefits of hybridization-based systems in detecting food contaminants.
The market is divided into two categories based on Test Type: Safety and Quality. The Quality category dominates the Food Diagnostics Market. Quality assurance and control are essential in the food sector to guarantee that products satisfy regulatory standards, are safe to consume, and retain high quality. This section covers a variety of diagnostic tests and methods for evaluating food quality factors such as freshness, contamination levels, nutritional content, and labeling requirements. Companies make major investments in quality testing to retain consumer trust, compliance with legislation, and market reputation for their food goods.
Food Diagnostics Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Europe has the largest market share and dominant position in the food diagnostics sector, owing to increasing demand for food testing. This region consists primarily of the United Kingdom, Germany, Spain, and other countries. The European food diagnostics industry is expected to grow as a result of tight food safety regulations, which the regulator requires to ensure that food products on the market are safe to consume. Food-related disorders are on the rise as a result of changes. Thus, the government and many institutions are becoming increasingly worried about food diagnostics in this region.
Asia-Pacific is likely to increase at a consistent rate because food safety is not strictly enforced in most nations. Foodborne sickness is a global issue, and the government and food regulatory agencies are failing to take adequate precautions to ensure that food is free of any viruses or dangers.
The Food Diagnostics Market is highly competitive, with top players such as 3M Company, Merk Kgaa, Danaher Corporation, Agilent Technologies Inc, and Neogen Corporation leading the way. These companies are well-known for providing a wide range of food diagnostic solutions that ensure food safety and quality standards are met. Competition in the market is severe, with players focused on creating new diagnostic technologies, speedy testing solutions, and expanding their product portfolios to meet the changing needs of the food industry. Strategic alliances, acquisitions, and product innovations are frequent strategies used by major firms to preserve their competitive advantage in the ever-changing Food Diagnostics Market scenario.
In April 2024, Merck KGaA Darmstadt, Germany signed a licensing deal with Inspirna, Inc. for ompenaclid (RGX-202), a first-in-class oral inhibitor of the creatine transport channel SLC6A8, and SLC6A8-targeting follow-on compounds. Ompenaclid is now being studied in a Phase II trial for the second-line therapy of RAS-mutated (RASmut) advanced or metastatic colorectal cancer (mCRC).
GLOBAL FOOD DIAGNOSTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
3M Company
Merk Kgaa
Danaher Corporation
Agilent Technologies Inc.
Neogen Corporation
Biorex Food Diagnostics
Thermo Fisher Scientific Inc.
Biomerieux Sa
Bio-Rad Laboratories, Inc.
Randox Food Diagnostics
Others