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Global hospital acquired disease testing market set to hit 2 billion by 2023

Global hospital acquired disease testing market set to hit 2 billion by 2023

The global hospital acquired disease testing market was valued at US$0.4 bn in 2014 and is expected to grow at a CAGR of 19.9% from 2015 to 2023, to reach an estimated value of US$2.0 bn by 2023

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The Global Hospital Acquired Disease Testing Market is consolidated due to presence of very few number of players. However, these companies are engaged in high rivalry among themselves, exhibiting in the prevalence of a high degree of competition in the market.

Transparency Market Research (TMR) in a report estimates that the scope for new players is very limited in the competitive landscape of this market. Some of the key players in this market include Thermo Fisher Scientific, Inc., Becton Dickinson and Company, Roche, Abbott Laboratories, and Alere, Inc.

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These companies are striving to capitalize on the emerging opportunities for expansion in the developing countries. These players are strengthening their position in the market while focusing on extensive research and development programs to build innovative hospital acquired disease testing products.

Transparency Market Research has projected that the market value will reach US$2.07 bn by the end of 2023 from its valuation of US$416.7 mn in 2014. The market is anticipated to expand with a healthy CAGR of 19.9% for the forecast period 2015-2023.

In the year 2014, North America emerged as the leading regional market for hospital acquired disease testing, holding nearly 38.5% to the global market. Within the region, the U.S held dominance owing to the increasing number of people suffering from hospital acquired infections.

In the same year, Europe contributed the second largest share in the global market.

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Increasing Awareness Regarding HAIs to Propel the Global Market

The increasing incidence of hospital acquired infections (HAI) is one of the key factors propelling the global hospital acquired disease testing market. For the prevention of these infections many countries such as the U.S.

have issued rules and regulations to be mounted in the hospitals and clinics. For instance, the U.S. has regulated HHS Action Plan to reduce infections auqired in hospitals.

These government plans and movements and increasing investments are expected to poise to growth of the global market of hospital acquired disease testing. Furthermore, the rising number of pathogens with drug-resistant abilities is foreseen to help the market expand.

Numerous hospitals around the world are facilitating the pathogen detection procedures with improved surveillance culture. To prevent the transmission of diseases, various health organizations are demanding for effective hospital acquired disease testing solutions.

Factors such as growing concerns about control and prevention of nosocomial infections, increasing number of diseases that increase risk of hospital associated infections, initiatives taken up by governments to manage nosocomial infections, and increasing geriatric population are some of the key factors aiding the market’s expansion. Furthermore, the developing health facilities of developing countries of Asia Pacific are most likely fuel the global hospital acquired disease testing market.

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Poor Regulations of Less Developed Countries Could Hinder the Market Growth

The majority of regulations regarding molecular-biology-based diagnostics remain un-updated, which can act as a restraining factor. Furthermore, the absence of control authorities and efficient control programs in less developed countries could hinder the market growth.

For instance, African countries such as Nigeria do not have any effective programs or authority to prevent or control hospital acquired diseases.

Nevertheless, the rising health concerns among patients around the world are anticipated to help the market sustain its trajectory and grow over the forecast period. Furthermore, escalating number of urinary tract infection is anticipated fuel the demand for hospital acquires disease testing.

Moreover, the increasing incidence of MRSA, pneumonia, and surgical site infection are expected to boost the market.

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