April 15, 2024
Antimicrobial Susceptibility Testing Market

Antimicrobial Susceptibility Testing Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Infectious Diseases

The antimicrobial susceptibility testing market is estimated to be valued at US$ 3,751.4 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Antimicrobial susceptibility testing determines which antibiotics are able to effectively cure microbial infections such as bacteria, fungi, viruses etc. This testing helps in selecting the most appropriate antimicrobial treatment for patients suffering from infectious diseases. It is essential for treatment and control of infectious diseases.

Market key trends:

The increasing prevalence of infectious diseases is one of the key factors driving the growth of the antimicrobial susceptibility testing market. As per recent estimates, around 450 million people are suffering from bacterial infections worldwide every year. According to the World Health Organization, infectious diseases account for approximately 26% of global deaths each year. Growing antimicrobial resistance due to the overuse and misuse of antibiotics is raising concerns regarding ineffective treatment of infectious diseases and causing economic burden on healthcare systems. This has necessitated the need for rapid and accurate antimicrobial susceptibility testing to determine effective antibiotic treatment. Technological advancements in susceptibility testing such as automation and development of rapid microbiology tests are also fueling the market growth.

Porter’s Analysis

Threat of new entrants: The high capital investment requirement for R&D, testing and compliance acts as a barrier for new players. However, the increasing opportunities in new emerging markets opens potential opportunities.

Bargaining power of buyers: The presence of many players provides buyers with greater choice and bargaining power. However, compliance issues limit the choices for the buyers in regulated markets.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute components. However, compliance with regulations ensures limited product choices.

Threat of new substitutes: Alternatives like molecular testing pose moderate threats but phenotypic testing continues to be the gold standard.

Competitive rivalry: High as major players focus on new product launches, acquisitions and partnerships to gain market share.

SWOT Analysis

Strengths: Rising prevalence of infectious diseases, technological advancements.

Weaknesses: High capital investment, bulkiness of equipment, requiring highly skilled professionals to operate.

Opportunities: Emerging economies, point of care testing, combinational tests.

Threats: Stringent regulations, alternatives like molecular testing.

Key Takeaways

The Global Antimicrobial Susceptibility Testing Market Demand is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing prevalence of infectious diseases globally. North America commanded the largest share in 2023 due to presence of leading market players, advanced healthcare infrastructure, and rising ARDs prevalence.

Regional analysis: Asia Pacific is projected to witness the highest growth during the forecast period due growing geriatric population, improved healthcare expenditure, and increasing incidence of infectious diseases. Emerging economies like China and India offer high growth potential for market players.

Key players analysis: Key players operating in the antimicrobial susceptibility testing market are Thermo Fisher Scientific Inc., BIOMÉRIEUX, HiMedia Laboratories, Alifax S.r.l. Italy, Creative Diagnostics, Resistell AG, Danaher, Becton, Dickinson and Company, Merck KGaA, Bio-Rad Laboratories, Inc., Bruker, Nissui Pharmaceutical Co., Ltd., F. Hoffmann-La Roche Ltd.,Synbiosis, Mast Group Ltd., ELITechGroup, Flinn Scientific, CONDALAB, Accelerate Diagnostics, Inc. and Zhuhai DL Biotech Co., Ltd. Major players focus on new product launches, acquisitions and partnerships for market expansion.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it