Global Bloodstream Infection Testing Market to Garner a Revenue of $7,722.2 Million, Growing at a CAGR of 8.4% during 2019-2027 - Exclusive Report [190 pages] by Research Dive
- The global bloodstream infection testing market is predicted to undergo huge growth in the coming years. The North American market for bloodstream infection testing is projected to dominate the global industry.
NEW YORK, March 9, 2021 /PRNewswire/ -- According to a recent report by Research Dive, the Global Bloodstream Infection Testing Market accounted for $4,065.5 million in 2019 and is anticipated to garner a revenue of $7,722.2 million by 2027 with a CAGR of 8.4% during 2019-2027.
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The sudden advent of the COVID-19 pandemic in 2020, impacted several industries in an adverse manner and various markets across the globe suffered huge losses. However, the bloodstream infection testing market witnessed significant growth during the pandemic. In order to curb the rapid spread of the coronavirus, the government imposed strict lockdowns in several countries, leading to the shutdown of industries and institutions to maintain social distancing. Even amidst the worldwide lockdown, healthcare institutions were working with more force than ever. In order to check if a person is infected with the coronavirus, blood tests were carried out to detect the presence of antibodies in the person's blood. Increasing blood tests being carried out boosted the growth of the global bloodstream infection testing market.
Regional Insights: Bloodstream Infection Testing Market
North American Bloodstream Infection Testing Market is predicted to create high growth opportunities during the analysis period. North America market accounted for $1,663.20 million in 2019 and is predicted to rise with a CAGR of 7.9% during the forecast period. Huge rise in the geriatric population and presence of large number of companies across the region is anticipated to be the major factor for the growth of the Bloodstream Infection Testing market. In addition to this, several companies are investing in research and development of bloodstream infection testing devices. This is predicted to create huge growth opportunities in the market during the forecast period.
COVID -19 Impact on Global Bloodstream Infection Testing Market:
The sudden advent of the COVID-19 pandemic in 2020, impacted several industries in an adverse manner and various markets across the globe suffered huge losses. However, the bloodstream infection testing market witnessed significant growth during the pandemic. In order to curb the rapid spread of the coronavirus, the government imposed strict lockdowns in several countries, leading to the shutdown of industries and institutions to maintain social distancing. Even amidst the worldwide lockdown, healthcare institutions were working with more force than ever. In order to check if a person is infected with the coronavirus, blood tests were carried out to detect the presence of antibodies in the person's blood. Increasing blood tests being carried out boosted the growth of the global bloodstream infection testing market.
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Key Segments of the Market
The report has divided the market into product, technique, technology, application, end user, and region.
- In the product sub-segment, the consumables sub-segment is predicted to have highest market share in the forecast period. Consumables sub-segment accounted for $3,257.7 million in 2019 and is predicted to grow with a CAGR of 8.5% in the analysis timeframe. A large set of consumables are used at the time of testing the blood infection. Moreover, consumables are considered as the most essential and one of the most cost-effective ways of testing bloodstream infection. This is predicted to drive the growth of the product sub-segment in the estimated period.
- In the technique sub-segment, conventional sub-segment is predicted to hold the maximum market share by the end of 2027. Conventional sub-segment accounted for $2,906.2 million in 2019 and is predicted to grow with a CAGR of 8.1% in the analysis period. Conventional testing techniques ensure rapid product delivery, along with optimum quality which offers effective and efficient risk management. This is predicted to boost the growth of technique sub-segment in the estimated period.
- In the application sub-segment, bacterial sub-segment is predicted to have the maximum share as well as highest growth rate in the estimated period. Bacterial sub-segment accounted for $2,114.80 million in 2019 and is predicted to grow further with a CAGR of 8.7% during the forecast period. Increasing cases of sepsis bacterial among the population across the globe is predicted to be the major driving factor for the application sub-segment in the estimated period.
- In the end user sub-segment, hospital sub-segment is predicted to grow with the maximum market share. Hospital sub-segment accounted for $2,108.8 million in 2019 and is predicted to rise with a CAGR of 8.0% during the forecast period. Advanced diagnostic technologies for enhanced disease detection and the use of smart mobile devices to assist healthcare professionals in hospitals are predicted to drive the growth of the end user sub-segment in the estimated period.
Dynamics of the Market
Rise in the occurrence of sepsis have resulted in high mortality rate across the globe. As per National Institute of General Medical Science in 2019, at least 1.7 million adults in America develop sepsis, and nearly 270,000 die due to it. There has been a rise in the number of sepsis cases per year in the United States. With increasing cases of sepsis, the demand for bloodstream infection testing is anticipated to grow, consequently driving the growth of the market during the estimated period. Moreover, several infectious diseases may result in sepsis, leading to bloodstream infections. Increasing cases of infectious diseases are predicted to boost the global bloodstream infection testing market in the estimated period.
The cost involved in testing the blood streamed infections is high. This is the major cause that is predicted to hinder the market growth during the forecast period. Moreover, in several countries, the government or the private institutions do not reimburse the amount required for testing the blood in case of infections. The reimbursement policies for blood infection testing are very rigid. This is predicted to hamper the growth of the global bloodstream infection testing market.
Top 10 Market Players in Blood Stream Infection Testing Market and their Strategies
The most significant players of the global bloodstream infection testing market include
- Thermo Fisher Scientific
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Becton Dickinson
- bioMérieux SA
- Cepheid
- Luminex Corporation
- Accelerate Diagnostics Inc.
- AdvanDX
- Bruker Corp.
These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market.
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