by The global Antimicrobial Susceptibility Testing market is estimated to be valued at US$3,525.75 Mn in 2022 and is expected to exhibit a CAGR of 6.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antimicrobial Susceptibility Testing involves determining the effectiveness of various antimicrobial agents against specific microorganisms. This testing helps in selecting appropriate treatment options for infectious diseases and prevents the emergence of antimicrobial resistance. The growing prevalence of antibiotic-resistant infections and the need for targeted and more effective therapies are driving the demand for Antimicrobial Susceptibility Testing products. These products provide accurate and timely results, aiding healthcare professionals in making informed treatment decisions.
Market Key Trends:
One key trend in the Antimicrobial Susceptibility Testing market is the integration of artificial intelligence (AI) and machine learning technologies. AI-based algorithms can rapidly analyze large amounts of data to identify patterns and predict antimicrobial resistance. This enables healthcare professionals to optimize treatment strategies and improve patient outcomes. The use of AI in Antimicrobial Susceptibility Testing also reduces the time and labor required for manually interpreting test results, leading to increased efficiency and productivity in clinical laboratories.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the Antimicrobial Susceptibility Testing market is low. This is due to the high barriers to entry such as the requirement of specialized equipment and expertise in microbiology. Additionally, established companies in the market have strong brand recognition and customer loyalty, making it difficult for new players to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the Antimicrobial Susceptibility Testing Market is moderate. While buyers have some power to negotiate prices and terms, they rely on the expertise and products offered by the key players in the market. Buyers are also limited in their options for alternative suppliers, reducing their bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers in the Antimicrobial Susceptibility Testing market is moderate. Suppliers of specialized equipment and reagents have some power to negotiate prices and terms due to the unique nature of their products. However, key players in the market may have established long-term relationships with suppliers, giving them leverage in terms of pricing and availability.
Threat of new substitutes: The threat of new substitutes in the Antimicrobial Susceptibility Testing market is low. Currently, there are no widely accepted alternatives to antimicrobial susceptibility testing for determining the effectiveness of antibiotics. The accuracy and reliability of these tests make them an essential tool in clinical settings.
Competitive rivalry: The competitive rivalry in the Antimicrobial Susceptibility Testing market is high. There are several key players operating in the market, each offering a range of products and solutions. Competition is driven by factors such as product innovation, pricing, and customer service.
Key Takeaways:
The global Antimicrobial Susceptibility Testing market is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period of 2022-2030. This growth is primarily attributed to the increasing prevalence of infectious diseases and the growing need for effective antibiotic stewardship programs.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Antimicrobial Susceptibility Testing market. This can be attributed to factors such as the presence of well-established healthcare infrastructure, a high burden of infectious diseases, and advanced research and development activities in the region.
Key players operating in the Antimicrobial Susceptibility Testing market include Thermo Fisher Scientific Inc., BIOMÉRIEUX, HiMedia Laboratories, Alifax S.r.l. Italy, Creative Diagnostics, Resistell AG, Danaher, Becton, Dickinson and Company, Merck KGaA, Bio-Rad Laboratories, Inc., Bruker, Nissui Pharmaceutical Co., Ltd., F. Hoffmann-La Roche Ltd., Synbiosis, Mast Group Ltd., ELITechGroup, Flinn Scientific, CONDALAB, Accelerate Diagnostics, Inc. and Zhuhai DL Biotech Co., Ltd. These key players are focused on product innovation, strategic collaborations, and geographic expansion to gain a competitive advantage in the market.
In conclusion, the Antimicrobial Susceptibility Testing market is poised for significant growth in the forecast period. Factors such as the increasing prevalence of infectious diseases and the need for effective antibiotic stewardship programs are driving the demand for antimicrobial susceptibility testing. Key players in the market are actively engaged in product development and expansion strategies to stay competitive.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
