LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global microbiology laboratory supplies market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global microbiology laboratory supplies market will grow at a CAGR of over 5% during the forecast period. The growing geriatric population is a major factor driving the market’s growth.
Globally, there has been a gradual increase in the geriatric population. The occurrence of diseases such as lung disease, cancer, and stroke are high among people above the age of 65 years. As the immune system deteriorates with age, there is a direct relationship between aging and susceptibility to infections. Along with impaired functioning of the immune system, the reduced functioning of organs also increases the chances of acquiring infections. Microbiology laboratory supplies play a crucial role in improving the health of the geriatric population as they are used for diagnosis and treatment.
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In this report, Technavio highlights the outsourcing of drug discovery and clinical trial processes as one of the key emerging trends in the global microbiology laboratory supplies market:
Outsourcing of drug discovery and clinical trial processes
The increased emphasis on R&D and drug discovery has led many small companies to outsource their drug discovery processes to subcontract laboratories while limiting themselves to manufacturing and marketing activities. Several subcontract laboratories have been rising rapidly, and this trend will continue during the forecast period. In the past decade, the pharma industry has changed operations of clinical research from a vertical and fixed reporting model with a large number of in-house professionals dedicated to clinical studies, to a matrix model involving both internal and external resources, and then gradually moved the bulk of the work to contract research organizations.
“In the past, several companies restrained from investing in research facilities due to cost constraints, which led to a drop in R&D. The advent of subcontract laboratories has enabled these companies to carry out research and testing and drive innovation. The presence of these laboratories allows companies to outsource their drug discovery processes for a mere fraction of the actual infrastructure cost. In the past four years, this outsourcing of research and testing has gained popularity and will continue during the forecast period. Countries such as the US, the UK, Japan, and Germany have adopted such trend and are outsourcing the drug discovery process to subcontract research organizations in emerging countries like India and Brazil,” says a senior analyst at Technavio for research on lab equipment.
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Global microbiology laboratory supplies market segmentation
This market research report segments the global microbiology laboratory supplies market into the following applications (pharmaceutical and clinical) and key regions (the Americas, APAC, and EMEA).
The pharmaceutical segment held the largest market share in 2017, accounting for nearly 44% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is clinical, which will account for nearly 32% of the total market share by 2022.
The Americas was the leading region for the global microbiology laboratory supplies market in 2017, accounting for a market share of nearly 48%. By 2022, APAC is expected to witness the highest growth rate.
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