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.
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Further, the increasing demand for disease screening in emerging economies is driving the HAI diagnostics market forward. The unsafe use of blood products, injections, and other medical devices and deficient waste management result in the spreading of infections in healthcare settings. The World Health Organization revealed that in emerging and transitional countries, the proportion of unsterilized injections and syringes being reused is between 1.5% and 69.4%. Additionally, the increasing geriatric population is contributing to the rising HAI incidence because of the compromised immunity of aged people that makes them prone to infections.
The categories of the test type segment of the HAI diagnostics market are urinalysis, molecular diagnostics, and immunoassay. During the forecast period, the molecular diagnostics category is expected to grow the fastest, at a 12.9% CAGR. This is attributed to the increasing awareness and acceptance of personalized medicine, rising infectious disease prevalence, and growing research on biomarker identification techniques. Emerging economies are also adopting molecular diagnostics, thereby presenting the market an amazing opportunity for growth.
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.
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This post was originally published on Financial Sector