Overview of the global dengue testing market with reference to the global healthcare services market
There is growing consensus among healthcare providers that the current fee-for-services payment mechanism needs an overhaul. While fee-for-services is the pervasive method of billing patients, alternative processes, such as capitation and pay-for-performance are also being considered. We anticipate fee-for-services to be supplemented by capitation and pay-for-performance in the future. In addition to charging patients for screening and doctor visits, pay-for-performance can lead to higher quality of care, as other essential tasks will also be billed. It may lead to an increase in healthcare costs, with the promise that quality of care will go up.
The healthcare system is in a phase where access to capital is constantly diminishing. Big spends are rare and there is increasing uncertainty among borrowers about their ability to repay loans and funding. Healthcare institutions are either postponing large capital-intensive projects or allocating resources to specialty areas that offer a high ROI. Cash-constraints will result into an increase in mergers and acquisitions and lead to fundraising from healthcare providers. However, as only a select few will qualify for an acquisition or funding, the effects of cash-crunch will be palpable in this sector.
Healthcare providers and insurers are aware of the rapidly increasingly population and their growing healthcare needs. The impact is more palpable in the U.S. and Japan – important markets in terms of their standing in the global healthcare market. Providers and insurers are strategizing to tap into the available opportunities in this demographic. Baby boomers around the globe are actively taking charge of their health. Smartphone remains the primary source of information-seeking for this segment. With over 70,000 websites and hundreds of apps disseminating information, providers and insurers will focus on strengthening their digital presence to effectively target this demographic.
Healthcare providers and insurers are aware that emerging markets remain crucial to their long-term prospects. In a bid to consolidate their position in key emerging markets, such as China and India, leading healthcare providers and pharma companies are opening up new facilities and partnering with local players. Spending on healthcare services is expected to grow at a higher pace in Asia Pacific, owing to the rise of a strong middle class. We anticipated key players to increase their investment in emerging markets in the future.
Parent Indicators Healthcare
Persistence Market Research utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
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In this phase, Persistence Market Research validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
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Key Questions Answered
Increasing incidence of dengue boosting the global dengue testing market
The number of cases of dengue are growing rapidly during the past few years. Major regions of the world that are affected by dengue are Africa, the Americas, the Eastern Mediterranean, Southeast Asia and the Western Pacific. As per the numbers provided by WHO, the number of reported cases is continuously increasing. Americas reported more than 2.38 million cases of dengue, in which Brazil alone contributed 1.5 million cases, which is approximately three times higher than those reported in 2014. The Western Pacific region reported more than 375,000 suspected cases of dengue in 2016, of which the Philippines reported 176,411 cases and Malaysia reported 100,028 cases. A rising prevalence of dengue virus has raised the demand for diagnostic kits, which is expected to drive the dengue testing market in the near future.
Climate change is increasing the prevalence of dengue fever across the globe
There have been recent outbreaks of dengue, chikungunya and West Nile virus in countries that were previously free from such kind of diseases. This signals some of the potential threats with respect to change in climate and global warming. Changes in climate have increased the current and future risk in countries of the European region. Due to a change in the climate of European countries, there has been a great impact on the vector distribution and potential disease transmission. High rainfall increases the number of breeding sites, whereas humidity influences the lifespan of mosquitos. Also, curtailed water supply and disrupted sanitation services lead to conditions that facilitate mosquito breeding and proliferation, while warm temperatures lead to longer active season for mosquitos. Change in climate is likely to increase the burden of dengue fever, and this in turn will propel the growth of the market of dengue testing.
Introduction of cost-effective and reliable test kits and devices will strengthen the dengue testing market
Presently, the diagnostic test kits that are available for testing dengue are less effective. Due to the unavailability of effective diagnostic tools and high price of existing test kits, a need has been created for cost effective test kits with high specificity and sensitivity. As a result, companies operating in the market are currently focusing on the development of cost-effective and reliable test methods for dengue testing. In addition, increasing research and development activities to develop highly specific and sensitive diagnostic kits is also expected to create new growth opportunities for the manufacturers of dengue test kits. The major focus of the manufacturers is to develop point-of-care tests, which are rapid, sensitive and easy to use. Presently, a large number of methods for the detection of dengue virus are still dependent on cell culture and mice inoculation and such type of methods are slow and costly. Hence, there is a strong need of developing rapid, easy to use and sensitive methods for detection of dengue.
Global Dengue Testing Market, By Region
The global dengue testing market was dominated by Asia Pacific region in revenue terms in 2017 and this trend is expected to sustain itself throughout the forecast period. Asia Pacific is projected to be the most attractive dengue testing market. Asia Pacific dengue testing market accounted for 44.1 percent share in 2016 and this share is going to reach 43.6 percent by 2025 end.