Infectious Disease Diagnostics Market Trend, Competitive Analysis, Future Growth Prospects and Forecast 2027
The Global Infectious Disease Diagnostics market is forecast to reach USD 28.03 Billion by 2027, according to a new report by Reports and Data. Immediate diagnosis of infectious disease is the present need of the time due to evolving pathogens and increasing the occurrence rate of hospital-acquired infections. Government of various nations has been emphasizing on rapid diagnosis of infectious disease as a strategic priority like in the U.S. The global COVID-19 pandemic is another mentionable crucial factor that is boosting the demand for laboratory-based molecular testing capacity and reagents.
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Another mentionable impact of the pandemic on the market has been the emphasis on R&D activities. Various market players have been working on developing commercial and in-house assays that identify the COVID-19 virus. It would also contribute to the growing demand for molecular microfluidics diagnostics. Herein, technological advancements, development of microfluidic-based solutions by various market players, and scope to automate complex sample preparations on microchips and reliability associated with it in detecting pathogens would result in its surging demand during this epidemic. It would also boost the demand for respiratory testing. Some industry players have also been emphasizing on developing respiratory tests for coronavirus. These respiratory tests for COVID-19 would also be applicable for other respiratory pathogens like influenza A and B. Thus; it would result in ascertaining stable growth of the market.
Further key findings from the report suggest
- In context to Product Type, the Consumables segment is projected to witness a considerable growth rate of 6.3% during the forecast period. The elevating demand for assays and reagents because of rising demand for IDD tests contributes to the growth rate witnessed by this segment. The increasing occurrence rate of infectious diseases like COVID-19 and growing geriatric population is resulting in increasing demand for IDD tests. The epidemic is resulting in the development of various commercial and in-house assays to detect the virus, which is also contributing to the growth rate witnessed by this segment.
- In regards to Technology, the Molecular diagnostic technique segment is projected to witness a faster growth rate during the forecast period. The growth rate witnessed by the Molecular diagnostic technique is attributed to increasing demand for Polymerase Chain Reaction and Isothermal Nucleic Acid Amplification Test. Furthermore, development of assays using this technology like molecular assays, the use of which is supported by WHO, is also contributing to the growth rate witnessed by this segment.
- In regards to Disease Type, the Hepatitis segment occupied the largest market share of more than 20.0% in 2019. The market share held by the Hepatitis diagnostics is attributed to elevating the adoption of developed technologies for hepatitis B diagnosis and high occurrence rate of the condition, particularly among individuals below forty years, which contributes to the market share held by this segment.
- Abbott has been expanding its accessibility to COVID-19 tests by elevating its production and shipping to customers. As of April 2020, the company has been manufacturing 50,000 tests per day.
- In April 2020, E25Bio has developed a rapid antigen test for COVID-19. This test is capable of conducting the COVID-19 test in 15 minutes. Currently, the test is awaiting FDA clearance.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Becton, Dickinson and Company, Abbott Laboratories, Bio-Rad Laboratories, Biomérieux SA, Diasorin, Danaher Corporation, Meridian Bioscience, Luminex, Roche Diagnostics, and Siemens AG.
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Infectious Disease Diagnostics Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Instruments & analyzers
- Software & services
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Traditional diagnostic technique
- Molecular diagnostic technique
Disease Type Outlook (Revenue, USD Billion; 2017-2027)
- Hospital-Acquired Infections (HAIS)
- Human Immunodeficiency Virus (HIV)
- Tuberculosis (TB)
- Chlamydia Trachomatis Genital Infection and Gonorrhea (CT/NG)
- Human Papillomavirus
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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