Updated on 24 August 2016
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According to market research firm Mordor Intelligence, the global market for microbiology testing is estimated to be $3.35 billion in 2016, and is expected to reach $5.77 billion by 2021, growing at a compound annual growth rate (CAGR) of 11.5% during the forecast period.
North America accounts for the highest market share due to presence of large number of market-focused key players providing a wide range of product portfolio.
However, Asia-Pacific is expected to grow at the highest CAGR due to expanding research in the development of new and innovative microbiology testing procedures.
An increasing number of hospitals and testing laboratories as well as a rising incidence of diseases across India, China& Japan are factors promoting the microbiology testing market.
Other market driving factors include - technological advancements in pathogen identification; rising incidence of infectious diseases & outbreak of epidemics; growing healthcare expenditure and a rising private-public research funding.