CLINICAL MICROBIOLOGY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Increasing product recall by regulatory authorities such as U.S. Food and Drug Administration can hamper the market growth over the forecast period. For instance, in May 2023, Becton, Dickinson and Company (BD), a medical device company, announced that the U.S. Food and Drug Administration had recalled its CD5 Series of Genesis Reusable Rigid Sterilization Container Systems, and has recommended the product to be discarded by any customers. The company stated that the products did not meet shelf-life testing requirements.

Market Opportunity – Increasing Adoption of Inorganic Growth Strategies

Increasing adoption of inorganic growth strategies such as agreements among key market players is expected to offer lucrative growth opportunities for the market growth. For instance, in December 2023, Biosero, a BICO, the bio convergence company and developer of laboratory automation solutions, announced that it had signed an agreement with a global life science company  to design and build an automated R&D, hardware and software platform which consists of 5 sub-projects.