Albany, NY, July 10, 2018 (GLOBE NEWSWIRE) -- According to experts from Transparency Market Research, the global enteric disease testing market had gained revenue worth US$3.7 bn in 2017, which is further expected to grow up to US$4.9 bn by the end of 2025. This growth is projected to occur at a steady CAGR of 3.6% during the forecast period from 2017 to 2025.
Advancements in Medical Research Propels Market to New Horizons
High prevalence of enteric diseases owing to physical contact with unclean surfaces is a key factor driving the global enteric disease testing market. This commonly occurs in hospitals and other community-based environments, where a high chance for the bacteria to thrive exists. Failure to maintain hygienic conditions too is responsible for making the bacteria grow rampantly, thereby boosting the global enteric disease testing market’s growth. With a rise in enteric diseases affecting scores of people every year, a great need for testing and treating them has emerged. In addition to these factors, widespread advancements in research and development of treatment processes is notably propelling growth in the global enteric disease testing market.
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Lack of Awareness in Impoverished Regions Stunts Growth
However, high costs of enteric disease treatments is notably hampering the enteric disease testing market, mainly by discouraging those having less disposable income from opting for the relevant treatment procedures. Many underdeveloped and remote regions depict a lack of healthcare experts, which could result in less frequent detection of the ailment, consequently restraining the market’s growth. Moreover, it is difficult to provide necessary equipment and troublesome to set an efficient medical infrastructure in these regions. Nevertheless, extensive research and innovations are being carried out by several players, and this is expected to reduce the restraints up to a certain extent.
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The global enteric disease testing market depicts the existence of a decently competitive and fragmented vendor landscape, mainly due to the presence of numerous players, says Transparency Market Research on the basis of a newly published report. However, few players dominate the vendor landscape, which mainly are a handful of well-established companies that operate on a global scale. Mergers and acquisitions, expansion of geographical reach, and enhancing research expertise are prime strategies adopted by most businesses in the global enteric disease testing market to achieve growth. Extensive focus on developing improved testing methods, launching innovative technologies, and regulating service costs, also are three other schemes implemented by most players operating in this market.
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Bio-Rad Laboratories, Inc., Trinity Biotech Plc., Cepheid Inc., Biomerica, Inc., Biomerieux SA, Meridian Bioscience Inc., Quest Diagnostics Incorporated, Alere Inc., and Coris Bioconcept SPRL, Dia Sorin, are major companies operating in the global enteric disease testing market. With new players entering the market on a regular basis, the competition is expected to intensify during the forthcoming years. With advancements in medical technologies, the global enteric disease testing is certainly anticipated to witness gradual expansions over a period of 7-8 years or more.
The information shared in this review is based on a TMR report, bearing the title, “Enteric Disease Testing Market (Disease Indication - Bacterial Enteric Disease, Viral Enteric Disease, and Parasitic Enteric Disease; Testing Methods - Immunoassay Testing, Conventional Testing, and Molecular Diagnostic Testing; End User - Hospitals, Diagnostic Laboratories, and Physician Offices) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017 – 2025.”
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Key Takeaways
- However, high costs of enteric disease treatments is notably hampering the enteric disease testing market, mainly by discouraging those having less disposable income from opting for the relevant treatment procedures.
- Mergers and acquisitions, expansion of geographical reach, and enhancing research expertise are prime strategies adopted by most businesses in the global enteric disease testing market to achieve growth.
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