Albany, NY -- (SBWire) -- 12/27/2017 --Driven by a small number of players, the global market for hepatitis E diagnostic tests exhibits a highly competitive landscape, finds a new report by Transparency Market Research (TMR). With a share of nearly 31%, Beijing Wantai Biological Pharmacy led the global market in 2015 and was distantly followed by Mikrogen. Competitive pricing strategy among the leading players is expected to intensify the rivalry within the market in the forthcoming years.
According to the research report, the global hepatitis E diagnostic tests market stood at US$43.7 mn in 2015. Expanding at a CAGR of 3.80% during the period from 2016 to 2024, the opportunity in this market is likely to increase to US$60.4 mn by the end of the forecast period. Being the primary test for the detection of hepatitis E, the kits used for ELISA HEV IgM tests have been the most valued diagnostic kits in this market in the recent past and will continue to be so due to the same reason.
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Hepatitis E Hyperendemicity in Asian Economies to Ensure Dominance of Asia Pacific Region
The research report has also analyzed the worldwide market for hepatitis E diagnostic tests on the basis of geography. According to the study, Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa have surfaced as the main regional markets for hepatitis E diagnostic tests across the world.
Due to the hyperendemicity of hepatitis E in various Asian economies, such as Nepal, Pakistan, India, Vietnam, Bangladesh, Bhutan, Burma, Kazakhstan, and Thailand, Asia Pacific has surfaced as the leading regional market for hepatitis E diagnostic tests and is expected to remain so over the forecast period. The Asia Pacific market for hepatitis E diagnostic tests is likely to acquire more than 48% of the overall market by 2024.
Besides, the Middle East and Africa is also projected to witness a significant rise in the market for the hepatitis E diagnostic tests over the next few years due to the increasing prevalence of hepatitis E in various countries in this region, such as Kenya, Morocco, Uganda, and Nigeria, owing to lack of safe drinking water and poor sanitation facilities.
Growing Prevalence of Hepatitis E to Boost Demand
"The growth of the global market for hepatitis E is directly proportional to the prevalence of hepatitis E across the world," says the author of this study. As per the WHO, nearly 20 million people suffer from HEV infections every year, worldwide, among which around 3.3 million are symptomatic cases.
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With the increasing scarcity of potable water and the lack of sanitation, the cases of hepatitis E infection is likely to increase considerably over the forthcoming years and will result in a substantial rise in the need for hepatitis E diagnostic test in the near future, states the research report.
Rising Incidence of Asymptomatic Diseases to Hamper Market's Growth
Although the worldwide market for hepatitis E diagnostic tests currently looks teeming with opportunity, it may face a severe challenge over the years to come from the rising incidence of asymptomatic diseases, which are difficult to diagnose. The low level of awareness among consumers is also expected to emerge as a restraining factor for the growth of this market in the long run, notes the study.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Hepatitis E Diagnostic Tests Market - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024."
Global Hepatitis E Diagnostic Tests Market to Expand at a CAGR of 3.80% During from 2016 to 2024
Transparency Market Research Report Added "Hepatitis E Diagnostic Tests Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024"