Albany, NY, June 15, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published a new market study based on the global hospital acquired disease testing market. The research report states that the global market will exhibit impressive growth during the forecast period of 2013-2019 at a healthy CAGR of 19.3% and is expected to reach US$7.5 billion by the end of 2019. The market was valued at US$2.2 billion in 2012.The report, titled "Hospital Acquired Disease Testing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", provides an extensive analysis of the global hospital acquired disease testing market. It presents a comparative analysis between the past and present performance of this market and studies the growth prospects for this market in the near future.
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The study states that the rising prevalence of healthcare associated infections (HAIs) and the increasing number of pathogens that are becoming drug resistant is the key factor driving the growth of the hospital acquired disease testing industry across the globe. Further, several governments are implementing code of prevention to keep a check on the increasing prevalence of HAIs. Stringent regulations implemented by regulatory bodies together with the expiring basic PCR patents are expected to fuel the growth of this industry.The report also focuses on analyzing the challenges faced by the global hospital acquired disease testing market such as the shortage of budget and skilled labor as well as control programs and controlling authorities in developing economies. Inflexible regulations and guidance framework implied by various governments are also likely to restrict the global market from growing.
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According to this report, the market for urinary tract infection testing leads the infection type based global hospital acquired disease testing market expanding at an 18.1% CAGR during the forecast period. The market for urinary tract infection testing is expected to reach US$2,188.8 million by the end of 2019. The demand for pneumonia testing and surgical site infection (SSI) testing is likely to remain high from developing economies in the Asia Pacific regions.Geographically, the global hospital acquired disease testing market is spread across North America, Europe, Asia Pacific, and the Rest of the World, wherein North America leads the global industry. In 2012, the U.S. and Canada collectively generated around 41% of the total revenue produced by the hospital acquired disease testing market in North America, states the report.
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Further, the study reports that the hospital acquired disease testing industry in Asia Pacific is emerging as an attractive market for HAIs testing due its increased prevalence in economies such as India and china. The surging demand to reduce the medical and healthcare expenses by both, patients and healthcare institutions, is another factor propelling the hospital acquired disease testing market in this region.
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The report also reviews company profiles of the major participants of the global hospital acquired disease testing market such as Abbott Laboratories, Inc., Becton, Dickinson and Co., Alere, Inc., bioMerieux, Inc., Cepheid, Inc., Cantel Medical Corp., Diatherix Laboratories Inc., F. Hoffman-La Roche, Ltd., Gen-Probe, Inc., Life Technologies Corp., Nordion, Inc., Meridian Bioscience, Inc., and Qiagen GmbH. The global industry is highly fragmented having many large and mid-cap enterprises competing with each other.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research