Global Sepsis Diagnostics Market Driven by Rising Demand for Assays and Reagents
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By LabMedica International staff writers Posted on 03 Aug 2022 |
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The global sepsis diagnostics market is projected to grow at a CAGR of close to 8% from an estimated USD 0.75 billion in 2022 to USD 1.63 billion by the end of 2032, driven mainly by a rise in regulatory approvals of essential diagnostic solutions, and demand for high levels of diagnostic precision and accuracy. Additionally, the high occurrence rates of sepsis and higher costs of stay in hospitals are expected to expand boost market growth. Also, molecular diagnostics is gaining traction due to advancements in testing technologies across the globe. Moreover, the demand for quick turnaround time and accurate results is boosting the growth of sepsis molecular diagnostics.
These are the latest findings of Fact.MR (Bangalore, India), a market research and competitive intelligence provider.
Rapid approvals of crucial sepsis diagnostics and treatment options by regulatory bodies globally, most specifically the US Food and Drug Administration, have resulted in a surge in the launch of sepsis diagnostic products. This has fueled the growth of sepsis diagnostics market. Moreover, the COVID-19 pandemic has contributed to the market growth by causing respiratory complications and sepsis of the lungs. An increase in hospitalizations due to COVID-19 has widened the growth opportunities of market players. Additionally, the high prevalence of sepsis in several high-income nations has led to the emergence of new sepsis diagnostic products in the market. Also, governments across the world are actively launching campaigns and taking initiatives to drive the adoption of modern sepsis diagnostic technologies.
Besides this, the rising prevalence of various hospital-acquired infections that are characterized by sepsis such as urinary tract infections, surgical site infection is anticipated to drive the growth of the sepsis diagnostics market. Moreover, patients suffering from septic diseases comprise a major share of hospitalizations. These factors are ultimately expected to boost the adoption of sepsis diagnostic products during the forecast period. Based on product category, the assays and reagents segment is expected to generate sales of more than USD 0.3 billion by 2032.
Geographically, the US sepsis diagnostics market is expected to register a CAGR of 7.8% between 2022 and 2032, while the Chinese sepsis diagnostics market is projected to grow at a CAGR of 7.7% to reach USD 7.5 billion by 2032. On the other hand, the sepsis diagnostics market in Germany is projected to register a CAGR of 7% during the forecast period.
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