Hospital-Acquired Infection Diagnostics Market to Grow at a Stable Rate During the Forecast Period
The growing geriatric population, development of technologically advanced products, and increasing demand for hospital-acquired infection (HAI) diagnostics in developing economies are driving the hospital-acquired infection (HAI) diagnostics market. It generated a $2,657.6 million revenue in 2016, and is expected to grow at a 7.6% CAGR during the forecast period (2017–2023). HAIs, also known as nosocomial infections, are caught on during hospitalization at nursing homes, hospitals, outpatient clinics, rehabilitation centers, and other clinical settings.
The HAI diagnostics market is segmented by end user, product, region, test type, infection type, and application. Based on infection type, the classifications are hospital-acquired pneumonia, urinary tract infections (UTI), gastrointestinal infections, surgical site infections, and bloodstream infections. The UTI classification garnered the highest revenue of $829.0 million in 2017, and is expected to generate a revenue of $1,337.1 million by 2023. The Centers for Disease Control and Prevention mentioned that of all the cases of hospital-acquired UTIs, about 75.0% are associated with a urinary catheter.
The application segment of the HAI diagnostics market is subdivided into drug resistance testing and disease testing. The diagnosis process has become easier and more accurate with the inclusion of advanced technology that has led to the development of many modern techniques. Technological advancements have resulted in the development of mass spectrometry, nucleic acid-based technology, isothermal microcalorimetry, flow cytometry, and near-infrared spectroscopy, which are heavily employed in the diagnosis of infectious diseases. This is expected to result in the faster growth of the disease testing category at a 7.9% CAGR during the forecast period.
Therefore, the market is set to advance in the forecast period due to technological advancements, growing geriatric population, and rising prevalence of HAIs in emerging economies as well.