Albany, NY -- (SBWire) -- 03/21/2018 --The global HIV/AIDS diagnostics market has a handful of dominant players competing against one another. Competition is moderate in the market on account of a few products being approved for commercial use. In fact, all the products in the U.S. are used only for the purpose of research. Another factor serving to keep competition moderate is the high entry barriers to aspiring players. This is because development of diagnostic kits require a lot of research. Going forward, however, the competition may intensify because of the competitive pricing strategy adopted by key companies.
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F. Hoffman-La Roche Ltd., Alere, Abbott Laboratories, OraSure Technologies, Inc., Becton, Dickinson and Company, and Siemens Healthineers are to name a few key companies operating in the global HIV/AIDS diagnostics market. While some of them have expanded their shares through mergers and acquisitions, others have made impressive strides through research and development and introduction of new products.
As per a report by Transparency Market Research, the global HIV/AIDS diagnostics market will likely expand at a 9.3% CAGR between 2017 and 2025 to become worth US$5.74 bn by 2025 from US$2.606 bn in 2016.
The three types of tests used in the global HIV/AIDS diagnostics market are rapid tests (POC), ELISA, and nucleic acid test, among others. Of them, the segment of rapid test (POC) accounts for maximum market share. It was worth US1.526 bn in 2016, finds the report by TMR. The test is popular on account its easy usage and swift results. In the near future too, the segment of rapid test (POC) is predicted to hold on to its dominant share due to its relative affordability and ability to produce accurate results faster.
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Geographically, the key segments of the global HIV/AIDS diagnostics market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. At present, North America dominates the market with a leading share. In the upcoming years too, the region is expected to hold on to its dominant share by expanding at a CAGR of 8.7% from 2017 to 2025. This is mainly because of the increasing awareness about the different diagnosis, initiatives by government to thwart HIV, and superior research and development facilities.
Alarming rise in occurrence of HIV worldwide and the growing awareness about diagnosis is said to be the root cause of growth in the global HIV/AIDS diagnostics market. "A release by the Joint United Nations Programme on HIV/AIDS (UNAIDS) in 2015, showed that an estimated 36.7 mn people were living with HIV, and the prevalence rate of HIV was 0.8% worldwide. Most of the HIV-afflicted people live in low and middle income countries. To tackle the menace, government organizations and agencies are focusing on public awareness campaigns about diagnosis, treatment, and care," elaborates the lead analyst of the TMR report.
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In many cases HIV is asymptomatic, which means even though the immune system is gradually getting affected, there is no outward signs. Many people can go without the symptoms, and hence without realizing they have HIV, for as long as 10 years. This is posing a roadblock to the global HIV/AIDS diagnosis market.
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HIV/AIDS Diagnostics Market Will Likely Expand at a 9.3% CAGR Between 2017 and 2025