Diagnostics play a vital role in determining the direction of any medical treatment. While infectious diseases diagnostics help in diagnosing diseases caused due to pathogenic infection. The world of diagnostics is evolving rapidly and the global market for infectious diseases diagnostics is growing at a steady pace since the past few years. The global infectious diseases diagnostics market is predicted to expand at a CAGR of 7.0% over an eight-year forecast period, 2016-2024. The market will reach a value worth US$ 876.6 Mn by 2016 end, up from US$ 827.7 Mn attained in 2015. The revenues are expected to reach US$ 1503.8 Mn by the end of 2024.
Key Market Dynamics
Disease diagnostics are used for confirmation of a disease in form of a quick, precise test result. Being time consuming, disease diagnostics are on the rise since the past few years. The infectious disease epidemics are exploding worldwide, raising an extensive demand for diagnostic tests. Moreover, the incidences of malaria, flu, AIDS, and other diseases are also rising, creating a robust demand for infectious disease diagnostics. With a majority of physicians adopting the evidence-based treatment method, infectious disease diagnostic kits are more likely to gain traction over the forecast period. Several government-funded programs all over the globe are increasingly providing free screening and tests in order to increase awareness, accurately diagnose diseases, and minimize the chances of infection. Such initiatives are anticipated to boost the market growth in the next few years.
However, diagnostic kits are expensive and manufacturers still have poor distribution channel for operating across emerging economies. These two factors are projected to be the key challenges to rapid revenue growth of the global infectious diseases diagnostics market.
By disease indication, the STDs (sexually transmitted diseases) segment will remain the largest segment throughout the forecast period. By the end of 2016, this segment is estimated to account for over 32% share of the market revenues, witnessing the Y-o-Y growth of 7.0% over the 2015 value. However, the chlamydia diagnostics test kits will gain an upsurge during the forecast period, witnessing the highest growth rate of 8.9% in 2016 revenues. Based on technique, the cell cultures segment is foreseen to maintain the top position by accounting for the maximum revenue share to the global market. Over the forecast period, this segment will exhibit the highest CAGR of 35.5%. This growth is attributed to increasing applications and affordability of kits. On the basis of end-user, diagnostic centers are expected to reach a market value of US$ 392.8 Mn by 2016 end, and record the highest CAGR over the forecast period. As the patient pool is increasing worldwide, the number of diagnostic centers is also increasing since the recent past. In 2016, the Y-o-Y growth rate for the diagnostic centers segment over 2015, is estimated at 7.4%. A number of government organizations in developing countries will reportedly raise a significant demand for diagnostic test kits.
Based on the regional analysis, the global infectious disease diagnostics market is segmented into five key regions, North America (the U.S. and Canada), Latin America (Brazil, Mexico, and rest of Latin America), Europe (France, Germany, Italy, Spain, the U.K., Russia, and rest of Europe), Asia Pacific (China, India, Japan, Australia, New Zealand, ASEAN, and rest of APAC), and Middle East & Africa (GCC countries, South Africa, and rest of MEA). APAC and MEA are foreseen to remain the major markets throughout the forecast period. The APAC market is estimated to account for over 26% share of the total market revenues in 2016, and expand at a CAGR of 7.6% over the forecast period. While governments of various countries in Asia Pacific are increasingly registering higher demand for infectious diseases diagnostic kits resulting in the largest market in this region, the MEA market will also witness a significantly growing market owing to growing governmental initiatives.
Key Market Players
Some of the key players operating in the infectious diseases diagnostics market are SBecton, Dickinson and Company, Cepheid, Inc. Abbott Laboratories, bioMérieux SA, Hologic, Inc., Danaher Corporation, Thermo Fisher Scientific Inc., Roche Diagnostics, Alere Inc., DiaSorin S.p.A., Quidel Corporation, and Bio-Rad Laboratories, Inc. Along with improved sensitivity and specificity of newly developed diagnostic kits, the leading manufacturers are increasingly concentrating on strategic collaborations and joint ventures with regional governments.
Persistence Market Research, through a newly published report on the global market for infectious diseases diagnostics market, projects the market to witness moderate growth during an eight-year forecast period 2016–2024. The field of diagnostics is ever evolving, and will continue to thrive steadily, owing to the growing incidences of infectious disease epidemics and rising need for diagnostic kits. The report offers extensive insights into all the data that helps in understanding the historic, current, and future market condition during the aforementioned period.
PMR’s research report on the global infectious diseases diagnostics market offers a forecast of the market between 2016 and 2024. This study demonstrates the market dynamics that are expected to influence the current environment and future status of the global infectious disease diagnostics market over the forecast period. It includes key trends, drivers, restraints, and opportunities influencing the growth of the global infectious diseases diagnostics market over the forecast period. Impact analysis of key growth drivers and restraints are included to better equip clients with crystal clear decision-making insights.
Starting with the market overview, the report further features key factors driving the market growth, top challenges that may deter the market growth, influential market trends, and upcoming growth opportunities for manufacturers. The next section of the report comprises different segments of the market that are categorized based on the disease indication, technique, and end-user. The report further throws light on the regional analysis, which is an extensive assessment of all the five key regional markets for infectious diseases diagnostics. The last part of the report provides in-depth data about the key market players, their business strategies, mergers and acquisitions, collaborations and joint ventures, and revenue shares.
To deduce the global infectious diseases diagnostics market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, vehicle type, and distribution channel; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global infectious diseases diagnostics market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global infectious diseases diagnostics market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global infectious diseases diagnostics market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global infectious diseases diagnostics market. Further, to understand key segments in terms of their growth and overall global infectious diseases diagnostics market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global infectious diseases diagnostics market.