The global hospital acquired disease testing market was valued at US$0.4 bn in 2014 and is expected to grow at a CAGR of 19.9% from 2015 to 2023, to reach an estimated value of US$2.0 bn by 2023.
Albany, NY -- (SBWIRE) -- 08/19/2016 -- The health watchdogs are raising concerns about the growing prevalence of hospital-acquired diseases across the globe. As per a report by the World Health Organization (WHO), of every 100 hospitalized patients at a particular time, 10 in developing and 7 in developed countries will suffer from at least one hospital-acquired disease or nosocomial disease. The rising incidence of hospital-acquired diseases is emerging as a challenge to the growth of economies, especially developing and underdeveloped economies.Owing to these factors, Transparency Market Research (TMR) forecasts the global hospital-acquired disease testing market to gain significant momentum in the coming years. According to a report by TMR, the valuation of global hospital acquired disease testing market was US$416.7 mn in 2014 and is anticipated to reach US$2.07 bn by 2023, progressing at a 19.9% CAGR from 2015 to 2023.
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The problem of rising prevalence of hospital-acquired diseases is further amplified by the fact that above 70% of the known disease-causing microorganisms have become highly resistant to anti-bacterial drugs. This has escalated the need for latest technologies that are more efficient and reliable. The development of newer technologies is likely to provide notable growth opportunities to the global hospital-acquired diseases testing market. Moreover, the adoption of improved surveillance culture by several hospitals across the globe is facilitating the detection of pathogen-colonized patients and the prevention of transmission of diseases.
Other than hospitals, governments are also taking measures to prevent hospital-acquired diseases. For instance, the U.S. have codes and regulations such as the HHS Action Plan that work towards establishing improved healthcare facilities at affordable costs. The regulatory authorities have also started penalizing hospitals exhibiting the highest rate of hospital-acquired diseases, thereby compelling hospitals to implement improved healthcare systems. The steps taken are helping in propelling the demand for hospital-acquired disease testing.
The regulations imposed on the molecular-biology-based diagnostics were framed long ago and are thus limiting in their modern adoptions, despite the highly efficient results obtained through these diagnoses. This, in turn, is restraining the growth of the global hospital-acquired diseases testing market. Furthermore, the absence of control authorities and efficient control programs is inhibiting the growth of the market in less developed nations. To put this in perspective, countries in Africa such as Nigeria do not have any regulatory bodies or efficacious programs to control or prevent the spread of hospital-acquired diseases. Therefore, either excessive stringency or complete absence of proper control authorities can potentially impede the growth of the global hospital-acquired diseases testing market.
The endemic burden of hospital-acquired diseases is greater in emerging nations than in developed ones. According to the WHO, the frequency of ICU-acquired infections are two to three times higher in developing nations than in developed nations. These facts indicate the high favorability of growth of the global hospital-acquired diseases testing market in developing regions such as APAC and Latin America. In Asia Pacific, the considerably high incidence of nosocomial infections coupled with the rising investment in the healthcare infrastructure is a key contributor to the growth of the hospital acquired disease testing market in the region. Moreover, the implementation of stronger regulations aimed at curbing hospital-acquired diseases are likely to fuel the growth of the market.
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Transparency Market Research is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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