Rapid Microbiology Testing Market Size to grow by USD 2225.3 million between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Rapid Microbiology Testing Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 2225.3 million, at a CAGR of 9.55% during the forecast period. In the food industry, the presence of microorganisms in individual food products is a significant concern due to potential contamination during manufacturing and consumption processes. Microbes can originate from natural sources and adversely affect food quality, leading to spoilage and foodborne illnesses. For instance, raw meat may be contaminated during slaughtering, while fruits and vegetables can be affected during growing or processing stages. According to the Centers for Disease Control and Prevention (CDC), foodborne illnesses pose a serious public health risk, with approximately 48 million cases reported annually, resulting in 128,000 hospitalizations and 3,000 fatalities. Rapid microbiology testing plays a crucial role in ensuring food safety and quality by detecting contaminants early in the production process, thereby preventing potential health hazards and minimizing economic losses for businesses.
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In the global rapid microbiology testing market, North America holds the largest revenue share in 2022, primarily driven by the US and Canada. The region's market growth can be attributed to the heightened focus on drug discovery and development, advanced biotechnology and pharmaceutical research, and the presence of numerous vendors providing comprehensive microbial testing solutions. Notable companies, such as Novartis and Pfizer, based in the US, are significantly contributing to this growth due to their extensive research and development activities in the pharmaceutical sector, which necessitate microbial testing for drug development and disease diagnosis.
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