The TMR report projects the global hospital acquired disease testing market to register an impressive CAGR of 19.9% from 2015 to 2023. By the end of 2023, the market will be worth US$2.07 bn, predicts the report.
Among various diseases, rising cases of urinary tract infection is expected to fuel demand in the hospital acquired disease testing market, as this is the most common hospital acquired infections which are affecting millions of people across the globe. Region wise, North America is expected to account for the leading share in the global hospital acquired disease testing market in the coming years. This is attributed to a flourishing healthcare infrastructure and rising demand from the diagnostic market in the region.
Rising Antibodies Resistance Propels Growth in Hospital Acquired Disease Testing Market
Hospital acquired diseases are mainly caused by the lack of proper hygiene in the hospital settings. Some of the other factors responsible for hospital acquired diseases are complacency by the internal staff of the hospital, below-par maintenance, and also growing the number of multi-drug resistant organisms (MDROs). Rising incidences of nosocomial infections such as lower respiratory tract infections, urinary tract infection, surgical wounds, orthopedic is the major factor driving the global hospital acquired disease testing market. There are several techniques used in preventing, diagnosing, and testing such hospital acquired diseases are PCR, microarray, and solid phase hybridization.
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Furthermore, for preventing such hospital acquired infection (HAI) governments have issued regulations and rules to be mounted in various clinics and hospitals. Thus, governments’ initiative, increasing investments, regulatory guidelines, and reimbursement scenario towards nosocomial infections are also fueling the global hospital acquired disease testing market. Along with these, increasing number of pathogens with drug-resistant abilities, and growing demand for pathogen detection procedures in various hospitals are also boosting the global hospital acquired disease testing market.
Poor Hospital Regulations in Developing Economies Hinders Market Growth
Some of the challenges hindering the growth of the global hospital acquired disease testing market are un-updated regulations about molecular-biology-based diagnostics, absence of control authorities, and inefficient control programs in developing economies. Nonetheless, rising awareness about health consciousness, and increasing cases of urinary tract infection is believed to help industry players overcome these challenges in the near future.
Transparency Market Research (TMR) notes that the global hospital acquired disease testing market is categorized by the presence of several large and small players operating in it. Thus, the market bears a highly fragmented vendor landscape. The intensity of the competition between the potential players is likely to increase as they aim at adopting several strategies to offer innovative hospital acquired disease testing products.
Out of the various strategies adopted by players in the global hospital acquired disease testing market to stay ahead of the competitors, capitalizing on the emerging opportunities for cementing their foothold in developing economies has paid off the most. The global hospital acquired disease testing market is expected to grow steadily due to the existence of potentially large players who are heavily investing in research and development programs in order to develop new products. Some of the leading players in the global non-vascular stents market are Becton Dickinson and Company, Thermo Fischer Scientific, Abbott Laboratories, Roche, and Alere.