According to a new market research report "Blood Culture Tests Market by Method (Automated, Manual), Product (Consumables, Instrument), Technology (PCR, Microarray, Proteomic), Application (Bacteremia, Fungemia) & End User (Hopsital Laboratories, Reference Laboratories) - Global Forecast to 2021", published by MarketsandMarkets, The global Blood Culture Tests Market is projected to reach USD 4,768.9 Million by 2021 from USD 3,252.6 Million in 2016, at a CAGR of 8.0%.
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Factors such as rapidly rising aging population, increase in product approvals and launches, high incidence of bloodstream infections, high prevelance of infectious diseases, and increase in demand for rapid diagnostic techniques are driving the growth of the Blood Culture Tests Market during the forecast period.
In this report, the Blood Culture Tests Market is segmented on the basis of method, product, technology, application, end user, and region. Based on end user, the Blood Culture Tests Market is segmented into hospital laboratories, reference laboratories, academic research laboratories, and other laboratories (pathology laboratories, bacteriological laboratories, physician office laboratories (POLs), and independent research laboratories). The reference laboratories segment is expected to grow at the highest CAGR during the forecast period.
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The high growth of this segment is attributed to the increasing outsourcing of blood culture tests by hospitals to reference laboratories, as they can perform a large volume of tests and are equipped with advanced diagnostic techniques that provide blood culture tests with a quick turnaround time.
Geographically, the Blood Culture Tests Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to account for the largest share of the Blood Culture Tests Market. However, the Asian market is expected to grow at the highest CAGR. Growth in the Asian market can be attributed to the high incidence of sepsis and government initiatives to increase awareness on the disease, increasing demand for effective diagnostic techniques, rising awareness about early disease diagnosis, increasing adoption of advanced technologies, rapid rise in geriatric population, and growing regulatory approvals & availability of blood culture test products in this region.
The Blood Culture Tests Market is highly competitive, with prominent players such as Becton, Dickinson and Company (U.S.), bioMérieux SA (France), and Thermo Fisher Scientific, Inc. (U.S.). Some of the other players in this market include Cepheid, Inc. (U.S.), Nanosphere, Inc. (U.S.), IRIDICA (U.S.), Beckman Coulter (U.S.), Bruker Corporation (U.S.), and T2 Biosystems (U.S.).
