Transparency Market Research Report Added "Tuberculosis Testing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020"
Albany, NY -- (SBWIRE) -- 12/09/2016 -- With only a few established players, the competitive landscape of the global tuberculosis testing market is somewhat consolidated, find a report by Transparency Market Research (TMR). Predominantly, the market is led by Becton Dickinson and Co., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., and Hain Lifescience GmbH. These companies collectively held a share of more than 46% in 2013.
The increased government support, in terms of awareness drives and funding, is resulting in the augmented product differentiation and surge in the entry of new players. This, as a result, is leading to a strong competition within the market. With the scenario to remain more or less same, the rivalry between players is likely to intensify in the coming years.
According to TMR, the opportunity in the global market for tuberculosis testing is likely to increase substantially at a CAGR of 4.30% during the period from 2014 to 2020 and reach a value of US$2.6 bn by the end of the forecast period. Culture-based tests are more in demand that other tuberculosis tests. The trend is projected to remain so in the near future with revenue from this segmented increasing to US$0.9 bn by 2024.
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With Upswing in Patient Pool, Asia Pacific to Continue as Leading Contributor to Global Market
A regional assessment of the global tuberculosis testing market has also been offered in this report, which identifies Asia Pacific, Europe, North America, and the Rest of the World as the prime geographical segments of this market. On account of the high prevalence of tuberculosis, Asia Pacific has emerged as the leading regional market for tuberculosis testing.
With the alarming levels of air pollution and unregulated emissions emission of hazardous gasses from industries, the pool of patients suffering from tuberculosis will continue to increase over the forecast period, ensuring the leadership of Asia Pacific. By 2024, the Asia Pacific market for tuberculosis testing is estimated to cross US$1.0 bn in terms of revenue.
North America and Europe are also expected to register a substantial rise in the demand in the forthcoming years for tuberculosis testing on account of high awareness levels and well-defined as well as widespread diagnostic options, notes the market study.
Increasing Number of Awareness Programs to Boost Adoption of Tuberculosis Testing Techniques
"The high incidence rate of tuberculosis across the world has influenced the adoption of various tuberculosis testing techniques and has resulted in a substantial growth of the global market for tuberculosis testing over the last few years," says a TMR analyst.
The increasing number of various tuberculosis awareness and control programs from several governments and non-government organizations, worldwide, is also projected to fuel the demand for tuberculosis tests in the near future. However, the high cost associated with these tests may affect their demand severely over the next few years. The absence of appropriate reimbursement norms and policies in emerging economies is also expected to reflect negatively on the overall progression of this market in the long run, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Tuberculosis Testing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020."
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