According to a new research study by Global Insight Services (GIS), the blood culture tests market is expected to grow rapidly over the next 10 years to reach a value of more than the US $8.5 billion by 2031.
Blood Culture tests play an essential role in the diagnosis of various infectious diseases. The increasing prevalence of infectious diseases combined with advancements in diagnostic technologies is anticipated to boost market growth. Adding to that, the aging population, demand for rapid analysis and treatment are estimated to fuel the blood culture tests market in future.
According to the World Health Organization, every year around 17 million people around the world die owing to infectious diseases. Moreover, an increase in R&D investments and awareness in early diagnosis among the population across the globe is projected to foster the market growth in the near future. However, the lack of skilled professionals and high cost of novel technologies anticipated to hamper the market growth.
Request Sample Pages of this Research Report
Global Blood Culture Tests Market: Key Drivers
The key factors such as high incidence of bloodstream infections is likely to boost the growth of the blood culture tests market. Nosocomial (hospital-acquired) bloodstream infections are one of the major causes of mortality across the world. In the US alone, approximately 250,000 cases of hospital-acquired BSIs occur each year. Worldwide, bloodstream infections affect about 30 million people leading to 6 million deaths, with 3 million newborns and 1.2 million children suffering from sepsis annually.
In Eastern African countries, the proportion of patients with bloodstream infections is reported to range from 11% to 28%. In Ghana, bloodstream infection rates are estimated to be in the range of 9.3% to 11.2%. The occurrence of these infections raises the overall duration of hospitalization coupled with the cost of treatment. With the rising incidence of BSIs, the demand for advanced blood culture techniques that assist in the early detection of infections is expected to rise.
Likewise, emerging economies like China, India, and other countries in Southeast Asia and countries in the Middle East and Latin America are becoming focal points for the growth of the blood culture tests market. The major growth in these markets can primarily be attributed to the growth in the prevalence of infectious diseases, rapid growth in the geriatric population, the growing number of product approvals, and rising healthcare expenditure.
For example, the healthcare expenditure in China increased to 5.35% of the GDP in 2018 from USD 4.88% of GDP in 2015. Such significant spending will result in the adoption of advanced systems, such as automated blood culture systems, among hospitals and reference laboratories in these regions. This, in turn, is likely to provide potential growth opportunities for players operating in the blood culture tests market in the upcoming years.
The conventional/manual methods segment is likely to dominate the market during the forecast period
The key factors such as growing number of sepsis cases coupled with high cost of treatment is likely to boost the growth of the market. Similarly, the rising geriatric population is also refueling the growth of the global blood culture tests market.
The consumables segment is estimated to dominate the market during the forecast period 2022-2031
The key factors such as frequent demand of consumables as compared to instruments is the key factor driving the growth of this segment.
The culture-based technology segment is likely to dominate the market during the forecast period
The key factors such as increase in prevalence of infectious diseases, bloodstream infections, and sepsis, and surge in demand of diagnostic tests are the key factors that drive the growth of the market.
The bacteremia segment is likely to dominate the market during the forecast period
The increasing number of bloodstream infections and the rising number of sepsis cases across the globe is propelling the growth of the market
The hospital laboratories segment is likely to dominate the market during the forecast period
The key factors such as increasing aging population, rise in product approvals and launches combined with growing number of sepsis cases, high incidences of bloodstream infections, increase in demand for rapid diagnostic techniques and high prevalence of infectious diseases are boosting the growth of the market.
The global blood culture tests market report includes such as Becton, Dickinson and Company (US), Thermo Fisher Scientific, Inc. (US), bioMérieux SA (France), Luminex Corporation (US), Danaher Corporation (US), Bruker Corporation (US), IRIDICA (US), Roche Diagnostics (Switzerland), T2 Biosystems, Inc. (US), Anaerobe Systems, Inc. (US), OpGen, Inc. (US), Meditech Technologies India Private Limited (India), Carl Zeiss AG (Germany), Nikon Corporation (Japan), BINDER GmbH (Germany), Biobase Biotech (Jinan) Co., Ltd. (China), Scenker Biological Technology Co., Ltd. (China), Bulldog Bio, Inc. (US), Axiom Laboratories (India), and HiMedia Laboratories Pvt. Ltd. (India).