The revenues are expected to reach US$ 1503.8 Mn by the end of 2024.
Albany, NY -- (SBWIRE) -- 02/21/2017 -- 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.
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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.
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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.
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