Albany, NY -- (SBWIRE) -- 08/25/2017 -- Global Hospital Acquired Disease Testing Market Insights
The rising incidence of hospital acquired infections (HAIs) has emerged as a major concern for governments, particularly across developing and underdeveloped countries. In first world countries such as the U.S., various regulations are in place for penalizing hospitals exhibiting a high incidence of HAIs. Such regulations augur well for the hospital acquired disease testing market in developed countries. In contrast, the absence of proper regulations and stringent policies limiting the adoption of molecular-biology-based diagnostics are restricting the expansion of the market across emerging nations.
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Nevertheless, Transparency Market Research (TMR) forecasts the market to gain considerable momentum in the forthcoming years with the advent of the latest technologies. As per TMR, the global hospital acquired disease testing market stood at US$416.7 mn in 2014. Exhibiting a CAGR of 19.9% CAGR between 2015 and 2023, the market is expected to reach US$2.07 bn by the end of 2023.
Demand from Asia Pacific to Surge as the Region Witness High Incidence of HAIs
Regionally, Europe, Asia Pacific, North America, and Rest of the World constitute the key markets for hospital acquired disease testing. Among these regions, North America held a dominant share of 38.5% in the market in 2014. Europe, in the same year, emerged as the second-largest market with a share of 21.6%. With over a million people suffering from hospital acquired infection, leading to several deaths every year, the U.S. emerged as the largest market for hospital acquired disease testing in North America.
Other than the rising demand from the diagnostic market, the latest advancements in molecular diagnostics have been propelling the market in the region. Favorable regulations implemented to prevent the prevalence of HAIs also support the market's growth in North America.
TMR forecasts Asia Pacific to exhibit the fastest growth for hospital acquired disease testing. The incidence of nosocomial infections is considerably high in the region. Moreover, Asia Pacific also has stringent regulations in place aimed at curbing HAIs. This, combined with the rising investment in the healthcare infrastructure, is a primary contributor to the hospital acquired disease testing market in the region. The Asia Pacific market is expected to surge at the highest CAGR of 21.2% between 2015 and 2023.
Increasing Incidence of Urinary Tract Infections Fuels Demand for Hospital Acquired Disease Testing
Urinary tract infection is one of the most common hospital acquired infections affecting millions around the world. It has therefore emerged as the largest segment in the global hospital acquired disease testing market, based on test type. As per TMR, the segment was valued at US$155.3 mn in 2014. Rising at a CAGR of 19.8%, the urinary tract infection testing segment is forecast to reach 768.8 mn in 2023.
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Apart from this, the demand for hospital acquired disease testing will also rise in response to the increasing incidence of surgical site infection, pneumonia, and MRSA, which is considered the fastest growing HAI in the world. Hospital acquired disease testing is also used for the bloodstream test.
Some of the leading players operating in the global hospital acquired disease testing market are L Hoffman La Roche, Gen-Probe Inc., Diatherix Laboratories Inc., Life Technologies Corporation, Qiagen GmbH, Cantel Medical Corporation, Nordion, Inc., Cepheid, Inc., Meridian Biosciences, and others.