PUBLISHER: Grand View Research | PRODUCT CODE: 1446498
PUBLISHER: Grand View Research | PRODUCT CODE: 1446498
The global microbial identification market size is anticipated to reach USD 7.95 billion by 2030 and is anticipated to expand at a CAGR of 11.8% during the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of infectious diseases and the need for rapid and accurate identification of microbial pathogens have created a strong demand for advanced identification technologies. This is particularly marked in healthcare settings, where on time diagnosis and treatment of infections are critical for patient outcomes. According to Australian Institute of Health and Welfare, July 2022 statistics, in 2020-21, there were around 3,24,000 hospitalizations for infectious diseases, 94% of which were non-notifiable. In addition, the raising awareness of food safety and the need to control foodborne pathogens have led to the adoption of microbial identification techniques in the food industry, further driving the market growth.
Moreover, advancements in technology such as automation and real time analysis play a pivotal role in the expansion of this market. Innovations such as next-generation sequencing, mass spectrometry, and automated microbial identification systems have enhanced the speed and accuracy of microbial identification, making them more accessible and reliable. For instance, in April 2023, Bruker introduced new MBT Mycobacteria IVD Kit offers best-in-class diagnostic solutions and user-friendly for infection diagnostics laboratories and routine clinical microbiology. These technological advancements have attracted the attention of both clinical laboratories and research institutions, driving market growth.
The regulatory environment has also had an impact on the growth of the microbial identification industry. To maintain product safety and compliance, numerous industries, including pharmaceuticals, healthcare, and food, have implemented stringent rules and quality control standards, necessitating the employment of accurate identification procedures. To meet regulatory standards, has boosted the introduction of microbiological identification solutions.
However, the cost of microbiological identification tools and technology can be a considerable obstacle. High initial capital investment and continuous operational costs can dissuade healthcare facilities and laboratories from adopting this advanced equipment, particularly in resource-constrained situations. Thus, the cost aspect may limit the market's reach, particularly in poor countries.