Blood Culture Tests Market is estimated to account for US$ 7.0 Billion By 2027, says nova one advisor

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According to Nova one advisor, the global Blood Culture Tests market value was estimated at US$ 5.0 Billion in 2020 and is projected to reach US$ 7.0 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

Overview of Blood Culture Tests Market Study

Blood Culture Tests market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

 Growth in the blood culture tests market is attributed to factors such as increasing number of sepsis cases and high cost of treatment, rising geriatric population, high incidence of bloodstream infections, growth in the demand for rapid diagnostic techniques, and the high prevalence of infectious diseases

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Blood Culture Tests market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Blood Culture Tests market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Blood Culture Tests Market Dynamics

Driver:  High incidence of blood stream infec tions

Nosocomial (hospital-acquired) bloodstream infections are one of the leading causes of mortality across the globe. In the US alone, approximately 250,000 cases of hospital-acquired BSIs occur each year. Globally, 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% (Source: Journal of Tropical Medicine, 2019). The occurrence of these infections increases the overall duration of hospitalization as well as the cost of treatment. With the high incidence of BSIs, the demand for advanced blood culture techniques that help in the early detection of infections is expected to increase.

Restraint : High cost of automated instruments

Automated blood culture instruments are equipped with advanced features and functionalities and thus are priced at a premium. The cost of automated instruments such as PCR is around USD 10,000 to USD 15,000, and that of MALDI-TOF MS systems is around USD 150,000 to USD 850,000. Academic research laboratories generally cannot afford such high-cost systems as they have limited budgets. In addition, the maintenance costs and several other indirect expenses result in an increase in the total cost of ownership of these instruments. This is a major factor limiting the adoption of automated blood culture instruments, especially among small-scale end users.

Challenge: Market cannibalization

In recent years, several technologically advanced products that provide enhanced solutions for the detection of microorganisms present in the bloodstream have been launched in the market. These advanced products are expected to cannibalize the market for conventional products, such as microscopes and polystainers, thereby affecting the growth of conventional blood culture testing products. In order to maintain a competitive position in the market, players will have to diversify their product portfolio by adopting new technologies. This will be a challenging task for market players who have an established portfolio of conventional products..

Opportunity:Emerging Economies

Emerging economies such as 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 high 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 instance, the healthcare expenditure in China increased to 5.35% of the GDP in 2018 from USD 4.88% of GDP in 2015 (Source: World Bank, OECD). Such significant spending will result in the adoption of advanced systems, such as automated blood culture systems, among hospital and reference laboratories in these regions. This, in turn, is expected to provide potential growth opportunities for players operating in the blood culture tests market in the coming years.

“By product, the consumables segment is expected to grow at the highest CAGR during the forecast period.”

On the basis of product, the blood culture tests market is segmented into consumables, instruments, and software and services. Consumables is the largest and fastest-growing segment,  in 2020. This segment is also projected to register the highest CAGR from 2021 to 2027. The recurring requirement of consumables as compared to instruments is the key factor driving the growth of this segment..

“By application, bacteremia accounted for the largest share of the diagnostic applications market in 2019”

On the basis of d applications, the blood culture tests market is segmented into bacteremia, fungemia, and mycobacterial detection. Among these application segments, bacteremia accounted for the largest market share of in 2019. This segment is also expected to grow at the highest CAGR during the forecast period. The large share of this segment is primarily attributed to the increasing number of bloodstream infections and the growing number of sepsis cases worldwide.

By method, conventional/manual blood culture method accounted for the largest share of the blood cultue tests market in 2020

Based on method, the blood culture tests market is segmented into conventional/manual blood culture and automated blood culture methods. In 2019, the conventional/manual blood culture methods segment accounted for the largest share of the blood culture tests market. However, the automated blood culture methods segment is expected to register the highest CAGR during the forecast period. The quick turnaround time and reduced risk of contamination due to low manual intervention are the key factors contributing to market growth.

North America accounted for the largest share of the blood culture tests market in 2019, while the Asia Pacific market is expected to register the highest growth during the forecast period

The blood culture tests market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of  of the global blood culture tests market in 2019. However, the Asia Pacific market is expected to register the highest CAGR during the forecast period.

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COVID-19 Impact on Blood Culture Tests Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Blood Culture Tests market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Blood Culture Tests market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Blood Culture Tests market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Blood Culture Tests market include:

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).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Blood culture tests Market, by Method

  • Conventional/Manual Methods
  • Automated Methods

Blood culture tests Market, by Product

  • Consumables
    • Blood Culture Media
      •  Aerobic Blood Culture Media
      •  Pediatric Aerobic Blood Culture Media
      • Anaerobic Blood Culture Media
      • Mycobacterial Blood Culture Media
      • Fungi/Yeast Blood Culture Media
    • Assay Kits & Reagents
    • Blood Culture Accessories
  • Instruments
    •  Automated Blood Culture Systems
    • Supporting Laboratory Equipment
      • Incubators
      • Colony Counters
      • Microscopes
      • Gram Stainers
  •  Software and Services

Blood culture tests Market, by Technology

  • Culture-Based Technology
  • Molecular Technologies
  • Microarrays
  •  PCR (Polymerase Chain Reaction)
  • PNA-FiSH (Peptide Nucleic Acid – Fluroscent in Situ Hybridization)
  • Proteomics Technology

Blood culture tests Market, by Application

  • Bacteremia
  • Fungemia
  • Mycobacterial Detection

Blood culture tests Market, by End User

  • Hospital Laboratories
  • Reference Laboratories
  • Academic Research Laboratories
  • Other Laboratories

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/blood-culture-tests-market

Why Buy this Report?

The purpose of Nova one advisor’s Blood Culture Tests market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4397

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James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

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