 |
| Global Antimicrobial Susceptibility Testing Market Size |
Antimicrobial susceptibility testing, also known as drug sensitivity testing,
is a technique used to determine the sensitivity of bacteria or other microbes
to certain antibiotics or antimicrobial medications. These tests help medical
professionals choose the most effective antimicrobial therapy in the treatment
of infections. The global burden of antibiotic resistance has been rising at an
alarming rate mainly due to overuse and misuse of antibiotics. With the
emergence of superbugs that are resistant to multiple antibiotics,
antimicrobial susceptibility testing has become increasingly important in
selecting the most suitable drug for treatment.
The global
Antimicrobial Susceptibility Testing Market is estimated to be valued at US$
3751.4 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Opportunity:
The rising burden of antibiotic resistance presents a huge market opportunity
for antimicrobial susceptibility testing. According to the World Health
Organization (WHO), antibiotic resistance is one of the biggest threats to
global health, food security, and development today. It is estimated that by
2050, antibiotic resistance could cause as many as 10 million deaths per year
worldwide. The increasing prevalence of drug-resistant infections has
necessitated the need for improved antibiotic stewardship and infection control
practices. Antimicrobial susceptibility testing plays a key role in antibiotic
stewardship programs to optimize antibiotic usage and limit the
overprescription of broad-spectrum antibiotics. It helps identify the most
suitable antibiotic based on the resistance profile of the pathogen. This is
expected to drive significant demand for antimicrobial susceptibility testing
in the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate due to high
capital requirement and established brands. However, advancements in testing
technologies provide opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the
presence of several manufacturers. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining
power due to the availability of substitutes.
Threat of new substitutes: Threat from substitutes is moderate as alternative
testing methods are available but need regulatory approvals.
Competitive rivalry: The market is competitive due to the presence of global
and regional players. Players compete on technological advancements, pricing,
and service quality.
SWOT Analysis
Strengths: Established brands, global presence, product innovation and focus on
R&D.
Weaknesses: High capital investment, stringent regulatory guidelines and
dependence on reimbursement policies.
Opportunities: Growth in developing markets, rising incidence of infections,
and new testing technologies.
Threats: Intense competition, pricing pressure, and changing reimbursement
policies.
Key Takeaways
Global
Antimicrobial Susceptibility Testing Market Size is expected to witness
high growth due to the rising prevalence of infectious diseases globally. The
global Antimicrobial Susceptibility Testing Market is estimated to be valued at
US$ 3751.4 Mn in 2023 and is
expected to exhibit a CAGR of 7.9%
over the forecast period 2023 to 2030.
The North
American region currently dominates the market owing to the well-established
healthcare industry and increasing healthcare expenditure. Asia Pacific is
expected to grow at the fastest rate during the forecast period due to growing
healthcare infrastructure, increasing awareness regarding infections, and
improving reimbursement policies.
Key players: Key players operating in the antimicrobial susceptibility testing
market are Thermo Fisher Scientific Inc., Cytiva, Sartorius AG, bioMérieux SA,
Beckman Coulter Inc. and BD. They are focusing on new product launches and
expanding their global footprints through strategic acquisitions and
partnerships.
Explore More Related Article On This
Topic: https://www.ukwebwire.com/antimicrobial-susceptibility-testing-market-analysis/
Explore More Related Article On This
Topic: https://allmeaninginhindi.com/understanding-biopharmaceuticals-the-future-of-healthcare-industry/