Transparency Market Research Report Added "Hospital Acquired Disease Testing Market" to its database.
Albany, NY -- (SBWIRE) -- 08/10/2016 -- The global hospital acquired disease testing market demonstrates the presence of a limited number of companies. Intense rivalry exists among these players, thereby creating a highly competitive vendor landscape. The market also doesn't present much scope for the entry of new players, further adding to the clout of the current market leaders, reports Transparency Market Research (TMR) in a new report.
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According to TMR, the most prominent enterprises such as Alere, Inc., Abbott Laboratories, Roche, Becton Dickinson and Company, and Thermo Fisher Scientific, Inc. are leveraging their research and development capabilities to strengthen their position in the hospital acquired disease testing market. These companies are also aiming to capitalize on opportunities exhibited by the developing economies that exhibit a high incidence of hospital acquired diseases.
Alarming Rise in Hospital Acquired Infections to Boost Demand for Hospital Acquired Disease Testing
Demand for hospital acquired disease testing is mounting in response to the rising incidence of hospital acquired infections (HAI). Developed countries such as the U.S. have codes and regulations for the prevention of HAIs. These guidelines ascertain improved healthcare facilities at affordable cost and the increased investment on R&D on HAIs. A recent example of such regulations is the HHS Action Plan in the U.S.
"The rising number of drug-resistant pathogens will fuel the demand for hospital acquired disease testing in the forthcoming years," said a lead TMR analyst. Several hospitals worldwide are adopting an improved surveillance culture to facilitate the detection of pathogen colonized patients and prevent the transmission of diseases. Such steps taken towards ensuring better patient care will subsequently fuel demand for hospital acquired disease testing.
Stringent Regulations for Adoption of Molecular-biology-based Diagnostics Inhibits Market
Stringent regulations are key constraints limiting the adoption of molecular-biology-based diagnostics. "The majority of these regulations were created long ago and were not designed with the intention of regulating diagnostics based on molecular biology," added the TMR analyst.
Besides this, the absence of efficient control programs and control authorities will inhibit the market's expansion across less developed economies. For instance, countries such as Nigeria and other nations in Africa do not have an authority or effective program to control or prevent the spread of HAIs. This is restraining the growth of the hospital acquired disease testing market in Africa.
Advent of Latest Technologies to Help Adoption of Hospital Acquired Disease Testing
The wider implementation of regulations for penalizing hospitals exhibiting the highest rate of HAIs will fuel demand for hospital acquired disease testing in the forthcoming years. The market will also gain impetus from the development of the latest technologies in molecular diagnostics. Although several tests presently available in the market help detect nosocomial infection pathogens, more than 70% of the microorganisms have become immune to anti-bacterial drugs used most commonly in HAI treatment. Considering the increasing incidence of HAIs, demand for newer technologies is thus expected to increase, boosting opportunities for the market.
By test, urinary tract infection was the largest segment in the hospital acquired disease testing market owing to their high prevalence. The segment is likely to surge at 19.8% CAGR between 2015 and 2023. Regionally, North America dominated the global hospital acquired disease testing market with a share of 38.5% in 2014.
The global hospital acquired disease testing market was worth US$416.7 mn in 2014. Rising at a CAGR of 19.9% between 2015 and 2023, the market is expected to reach US$2.07 bn by the end of 2023.