Fungal Testing Kits Market is set to experience a significant growth of 10.4% CAGR from 2022 to 2030
Growing prevalence of superficial and systemic fungal infections have posed a significant challenge to healthcare providers across the world. Increasing prevalence of fungal infections of the skin, vagina and blood have prompted vendors to concentrate on developing swift and advanced molecular diagnostics in recent years.
Techniques such as real-time testing have led to massive proliferation of the fungal testing kits market, with technologies such as loop mediated isothermal amplification coming to the forefront. Molecular diagnostic based tests have immensely assisted in administering timely treatment to severely infected patients, thereby reducing fatalities.
In light of these developments, ESOMAR-certified consulting firm Future Market Insights opines that the global fungal testing kits market will reach US$ 3.4 Bn by 2030, registering an incremental opportunity worth US$ 2.1 Bn throughout the forecast period.
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Fungal Testing Kits Market- Key Takeaways
- Widening expenditure on healthcare infrastructure to uplift demand across Asia-Pacific
- Molecular detection tests to tower over others, reaching US$ 1.6 Bn by 2030
- Skin samples are anticipated to capture the lion’s share, accounting for over 40% of the market
- Medical diagnosis to remain core application area, generating an attractiveness index of 2.8
“Sustained focus on incorporating technological advancements to improve diagnostic outcomes remains the core objective of fungal testing kits manufacturers, enabling them to widen their revenue pools,” infers the FMI analyst.
COVID-19 Impact Insights
The novel coronavirus pandemic has led the entire world into doldrums. With a massive uncertainty looming large over people’s heads, a major economic downturn is on the cards. In spite of this, the healthcare industry remains stoic, committed to eradicate the pandemic as soon as possible.
Future Market Insights projects the fungal testing kits market to register minor shortfalls in the short-term, pegging the slowdown to a rate of 1.1%. Short-term supply crunches were experienced in the initial months, attributed to logistical curbs. However, online marketing helped restore the growth trajectory.
Recent studies have concluded that demand for fungal testing kits are anticipated to surge due to rising cases of COVID-19 associated pulmonary aspergillosis (CAPA). Thus, a minor setback is expected for the market in the short-run, after which projections are expected to return to normal.
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Prominent players include Merck KGaA, Thermo Fisher Scientific, bioMerieux SA, ELITech Group, PerkinElmer Inc., GenMark Diagnostics Inc., Norgen Biotek, C.P.M Diagnostic Research SAS, Biomed Diagnostics Inc., PCRmax, F. Hoffman La-Roche Ltd., Hologic Inc and Bioquochem. The market appears to be fairly fragmented in nature.
In May 2019, Thermo Fisher Scientific announced the acquisition of Brammer Bio, a leader in viral vector manufacturing for gene and cell therapies for US$ 1.7 billion. The acquisition has helped the former enhance its laboratory products and services portfolio.
In 2018, PerkinElmer Inc. announced development of the Quasar C-18 used to compare Clotrimazole HPLC analysis. In February 2020, GenMark Diagnostics Inc. published a pipeline study detailing the effectiveness of a PCR-based digital microfluidics and electrochemical detection system for rapid identification of 15 fungal pathogens.
More Insights on the Fungal Testing Kits Market
Future market Insights offer a unique perspective and actionable insights on fungal testing kits market in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on test type (Molecular test, chromogenic test and others), by sample type (Skin, urine , vaginal secretions, blood, cerebral and others), by application (Research, Susceptibility Testing, Medical Diagnosis and others) by End user (Diagnostic Laboratory, Hospitals, Pharmaceutical Companies, Research and Academic Institutes) in seven key regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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