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A comprehensive overview of the blood culture tests market is recently added by UnivDatos Market Insights to its humongous database. The blood culture tests market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the blood culture tests market. The blood culture tests market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the blood culture tests market at the global and regional levels.
Market Overview
The demand for blood culture tests market is increasing on account of rising prevalence of infectious diseases, BSIs, and sepsis. According to the World Health Organization (WHO), about 250,000 cases of BSIs occur in the U.S. annually, and among them, around 80,000 patients in ICUs suffer from catheter-related BSIs. As a result, there is a high demand for advanced products by hospitals and clinical diagnostics laboratories for the detection of bacterial, fungal, and mycobacterial infections. It has been observed from the report of the World Health Organization that 85% of the deaths from sepsis occur in low- and middle-income countries. Each year, at least 1.7 million adults in America develop sepsis. Nearly 270,000 Americans die as a result of sepsis. 1 in 3 patients who dies in a hospital has sepsis.
In addition, surge in demand for blood culture tests, rise in awareness about healthcare to prevent the risk of infectious diseases, upsurge in government initiatives for development & manufacturing of blood culture tests product and increase in investment in R&D activities by various healthcare companies contribute toward the growth of the market. For instance, F. Hoffmann-La Roche Ltd., a biotech company, invested across $9.27 billion in R&D in 2019.
COVID-19 Impact
The COVID-19 pandemic that began in Wuhan, China, has caused significant disruptions to businesses and economic activities worldwide. COVID-19 had a negative impact on the blood culture tests market during the first and second quarter of 2020 due to the limited or non-availability of medical facilities/treatment centers. To reduce the strain on the healthcare system and decrease disease transmission, governments worldwide are providing guidelines to postpone or delay non-essential medical and surgical procedures. Restrictions and lockdowns were also imposed in the areas of travel, business operations, public gatherings, health clubs, and fitness/wellness centers.
The COVID-19 pandemic has affected manufacturing and construction activities worldwide. Logistic limitations and reconsiderations of the raw material requirements are becoming a problem for manufacturers. Numerous manufacturers found themselves in situations where demand greatly exceeded supply, and therefore, many laboratories struggled to continue to offer testing in some areas. This negatively affected the blood culture tests market.
But later in third and fourth quarter of the year, the growing demand for blood culture tests to analyze specimens, owing to the current outbreak of the COVID-19 pandemic, is acting as another major growth-inducing factor. Laboratories, diagnostic centers and other healthcare institutes are now increasingly using these tests for detecting the presence of antibodies in the blood and identifying and isolating the infected individuals. Other factors, including the rising health consciousness among the masses, improvements in the healthcare infrastructure and extensive research and development (R&D) activities in the field of medical sciences, are projected to drive the market further.
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Global Blood Culture Tests Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product, the market is primarily bifurcated into
Amongst all the products, the consumables segment dominated the global blood culture tests market and will row at X% CAGR to reach USD X million by the year 2027 on the back of wide product applications in diagnostics and research, with repetitive purchase, such as blood culture media, assay, kits, and reagents, adding to the revenue. In addition, recurring consumable sales are likely to drive price patterns over the study period.
By Application, the market is primarily segmented into
Based on application, the market can be divided into bacteremia, fungemia, and mycobacterial detection. Among these application segments, bacteremia accounted for the largest market share of in 2020. The large share of this segment is primarily attributed to the increasing number of bloodstream infections and the growing number of sepsis cases worldwide. According to Global Health Observatory (GHO) data more than 400 million people suffer from bacterial meningitis epidemics in the 26 countries of the extended "African meningitis belt" only. The incidence rate of these bacteria borne diseases is expected to drive the blood culture tests market during the forecast period.
Blood Culture Tests Market Geographical Segmentation Includes:
Based on the estimation, the North America region dominated the Blood Culture Tests market with almost USD X million revenue in 2020. At the same time, Asia Pacific region is anticipated to witness highest growth over the next 5 years this can be attributed to factors such high prevalence of infectious diseases and developing healthcare infrastructure. Many diagnostic companies are targeting Asian countries, such as China and India, for business expansion. The presence of large base of target population and increasing disposable income in Asia Pacific are some of the key factors contributing to the regional market growth.
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The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the blood culture tests market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Blood Culture Tests market?
• Which factors are influencing the Blood Culture Tests market over the forecast period?
• What are the global challenges, threats, and risks in the Blood Culture Tests market?
• Which factors are propelling and restraining the Blood Culture Tests market?
• What are the demanding global regions of the Blood Culture Tests market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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Final Report will add the analysis of the impact of COVID-19 on this industry.”
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The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
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