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Infectious Disease Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Infectious Disease Diagnostics Market was estimated to be USD 38,480. 89 million in 2021 and is poised to grow at a CAGR of 3. 79% by 2027 to reach USD 50,345. 74 million. The COVID-19 pandemic has significantly impacted the infectious disease diagnostics market.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Infectious Disease Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249272/?utm_source=GNW
Increasing incidences of infection in COVID-19 patients is anticipated to have a positive impact on the market studied. For instance, according to World Health Organization, as of 24th February 2022, there were approximately 428,511,601 confirmed cases of COVID-19 infection across the world. Diagnostics for SARS-CoV-2 screening are being developed continuously to cater to the needs of markets with unique regulatory constraints. For example, in November 2021, Detect, a health technology firm, launched a new PCR-quality at-home Covid-19 quick molecular test to address testing needs at home, school, and work, in the United States. Likewise, CoviSwift, by Mylab Discovery Solutions, a point-of-care (POC) RT-PCR testing solution that may be utilized in small labs, in-hospital labs, airports, and communities, was approved and launched in February 2022. Similarly, Abbott introduced the RealTime SARS-CoV-2 assay, a PCR-based test for the diagnosis of COVID-19, in March 2020, and BioMedomics released a PoC COVID-19 test that can identify antibodies in blood within 15 minutes in March 2020. As a result, the demand for infectious disease diagnostic products is all set to increase with an increasing number of people suffering from coronavirus. In addition, several diagnostic laboratories and testing facilities are also being launched that are expanding the scope of growth for the market. For instance, in June 2020, the Union Minister of Health and Family Welfare launched India’s first mobile I-Lab (Infectious disease diagnostic lab) for COVID-19 testing. Such developments are anticipated to boost the demand for infectious disease diagnostic products in near future.
Further, the major factors fueling the market growth are the increasing prevalence of infectious diseases, the shift in focus from centralized laboratories to point-of-care testing, and increasing R&D activities on infectious disease diagnostics. Scientific research and development activities in developing novel technologies and techniques such as mass spectrometry and next-generation sequencing (NGS) are changing the way how rapid diagnostics are being performed to detect diseases that are contributing to the market growth. For instance, in April 2021, bioMérieux, a world leader in the field of in-vitro diagnostics, received the CE-marking for VITEK MS PRIME, the next generation of the VITEK MS MALDI-TOF1 mass spectrometry system for routine pathoden identification in minutes.
In addition, the growing inclination of end-users toward point-of-care testing is also anticipated to drive market growth. The point-of-care diagnostics provide rapid actionable information for patient care at the real-time and site of the disease encounter. Thus, various major players are focused on research and development activities to develop point-of-care diagnostics solutions for developing countries. The key companies are continuously evolving their product offering by launching new products or forming collaborations with others along with mergers and acquisitions which will also boost the growth of the studied market, globally. For instance, in July 2021, QuantuMDx launched the rapid polymerase chain reaction point-of-care diagnostic system called Q-POC for COVID-19.
However, inadequate reimbursements and rising healthcare costs limiting the use of novel diagnostic techniques are the factors restraining the growth of the market.
Key Market Trends
Human Immunodeficiency Virus (HIV) Segment is Expected to Garner a Large Share of the Market
Based on application, the human immunodeficiency virus segment is anticipated to witness significant growth. According to the Minority of HIV/AIDS Fund (MHAF), United States Department of Health and Human Services Statistics updated in June 2021, there are approximately 37.6 million people, of which 35.9 million were adults and 1.7 million were children (less than 15 years old) across the globe with HIV in 2020. The same source also reports that an estimated 1.5 million individuals worldwide acquired HIV in 2020. This increasing burden of HIV creates demands for diagnosis and detection tests and thus leading to the growth of the market. Such a high prevalence of viral diseases is contributing to the increasing demand for diagnostic tests. Moreover, in August 2021, the Human Rights Campaign (HRC) Foundation, in partnership with "Us Helping Us"launched the United States’ first national in-home HIV testing program centered. Also, in June 2020, the DC Department of Health (District of Columbia Health) announced a new opportunity for DC residents to get free, at-home HIV test kits in recognition of National HIV Testing Day. Thus, owing to the high prevalence of this dreadful disease, the demand for early diagnostic tests is expected to increase as early diagnosis, thereby contributing to the market growth. Hence, this market is expected to increase in the future.
North America is Anticipated to Observe a Significant Growth in Infectious Disease Diagnostics Market
Within North America, the United States has held a major share of the market. The major factors contributing to the market growth are the increasing prevalence of infectious diseases and high expenditure on healthcare, and an increase in awareness among the population regarding the availability of treatment devices.
For instance, according to statistics published by MedAlertHelp, in 2022, stated that 5% to 20% of Americans are diagnosed with influenza every year. Further, according to the data published by the Centers for Disease Control and Prevention, in October 2021, overall, 35 million flu-related illnesses, 380,000 flu-related hospitalizations, 20,000 flu-related deaths, and 16 million flu-related medical visits were reported in the 2019-2020 season. This growing burden of diseases is anticipated to have a positive impact on market growth over the coming years.
In addition, in June 2021, RNA Disease Diagnostics, Inc., a company developing a best-in-class molecular diagnostics platform for infectious disease detection, revealed that the United States Food and Drug Administration (FDA) has registered the laboratory of Dipanjan Pan, MSc, Ph.D. at the University of Maryland School of Medicine (UMSOM), as an approved laboratory development site for RNADD’s Antisense COVID-19 molecular diagnostic test. Thus, in view of the factors mentioned above, the market is expected to witness significant growth in the region over the forecast period.
Competitive Landscape
The infectious disease diagnostics market is highly fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Danaher Corporation, Veracyte Inc, Abbott Laboratories, BioMérieux SA, F. Hoffmann-La Roche Ltd and Becton, Dickinson and Company.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06249272/?utm_source=GNW
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