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Virology And Bacteriology Market: What is the Projected CAGR for 2024-2033?

Recent years have seen a robust expansion in the size of the virology and bacteriology market. The anticipated growth from $2.24 billion in 2023 to $2.44 billion in 2024 aligns with a compound annual growth rate (CAGR) of 9.0%. The historical period’s growth can be related to factors such as enhanced global travel, a rise in the necessity for swift diagnostic tests, increased globalization, progress in research related to zoonotic diseases, and the expansion in educational programs.

The market for virology and bacteriology is predicted to see a significant increase in size in the upcoming years. It is projected to expand to $3.47 billion by 2028 with a 9.2% compound annual growth rate (CAGR). The ascent during the forecasted period can be linked to the growing number of infectious diseases, a strengthening global health infrastructure, an increase in research activities, a rise in disposable income, and an uptick in number of both aerobic and anaerobic tests. Major trends that are expected in the forecast period include advances in technology, personalized medicine, artificial intelligence integration, developments in vaccine technology, and the growth of telemedicine.

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What Are the Primary Drivers Supporting the Growth of the virology and bacteriology Market?

The upward trend in infectious disease cases is anticipated to fuel the expansion of the virology and bacteriology market. Infectious diseases, which are disorders caused by harmful microbes such as bacteria, viruses, fungi, and parasites that infiltrate and proliferate within the human body include conditions like influenza, tuberculosis (TB), HIV/AIDS, malaria, and more. The rise in these infections is attributed to the escalating issues brought about by pathogens, possibly resulting from global integration, urban development, antimicrobial resistance, and shifts in the environment. Virology and bacteriology assessments aid in detecting infectious diseases by pinpointing the specific microbes causing the disease, subsequently allowing for the creation of focused treatments and plans. For example, as per the Centers for Disease Control and Prevention, a government agency based in the US, tuberculosis (TB) cases in the US surged by 5.9%, moving from 7,870 cases in 2021 to 8,331 cases in 2022. Hence, the growth in infectious diseases incidence will boost the virology and bacteriology market.

What Are the Core Segments of the Virology And Bacteriology Market?

1) By Product: Equipment, Reagents

2) By Technology: Molecular Diagnostics, Immunoassays, Diagnostic Imaging, Information Technology

3) By End User: Hospitals, Diagnostic Centers, Research Laboratories, Blood Banks

What Trends Are Paving the Way for Change in the Virology And Bacteriology Market?

Significant entities in the virology and bacteriology market are primarily concentrating on creating novel products such as bacteria detection kits to further improve diagnostic abilities and tackle infectious disease challenges. Bacteria detection kits serve as diagnostic instruments to find and study the existence of bacteria in different specimens like blood, urine, food, or environmental samples. For instance, HiMedia Laboratories LLC, a bioscience firm based in India, collaborated with NG Biotech, an in vitro diagnostic tools manufacturer in France, in December 2023. They introduced the NG-Test CARBA 5 kits for recognizing carbapenemase-generating bacteria. This product was cleared for use by the Central Drugs Standard Control Organization (CDSCO). The kits are braced with superior technology to precisely identify a wide array of antibiotic-resistant bacteria, including bacteria that produce enzymes such as carbapenemases. These kits deliver quick and dependable results, enabling swift decision-making in medical environments. They are constructed to be simple to use and compatible with several sample types, including blood, urine, and environmental samples.

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Which Regions Are Leading the Charge in Virology And Bacteriology Market Development?

North America was the largest region in the virology and bacteriology market in 2023. The regions covered in the virology and bacteriology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Virology And Bacteriology Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the virology and bacteriology market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Virology And Bacteriology Market Include

1. Virology And Bacteriology Market Executive Summary

2. Virology And Bacteriology Market Segments

3. Virology And Bacteriology Market Size And Template Market Growth Rate

4. Key Virology And Bacteriology Market Trends

5. Major Virology And Bacteriology Market Drivers

……

25. Key Mergers And Acquisitions In The Virology And Bacteriology Market

26. Top Virology And Bacteriology Companies

27. Virology And Bacteriology Market Opportunities And Strategies

28. Virology And Bacteriology Market, Conclusions And Recommendations

29. Appendix

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