Meningitis Diagnostic Testing Market Is Expected to Surpass US$ 150.0 Mn by 2025
Albany, NY -- (SBWire) -- 03/29/2018 --Meningitis Diagnostic Testing Market: Snapshot
The global meningitis diagnostic testing market in rising with increasing prevalence of cryptococcal and viral meningitis. The global meningitis diagnostic testing market was valued over US$ 105.0 Mn in 2016 and is projected to witness cumulative annual growth rate (CAGR) of over 3.0% from 2017 to 2025 to surpass the value of US$ 150.0 Mn by 2025. The global market is witnessing relatively higher growth owing adoption, easy availability of lateral flow assay across all the regions over globe.
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Inflammation to the meninges is known as meningitis. Most common cause of meningitis is bacteria or virus. Other causes include certain illness, medications or suffering from some other disease such as tuberculosis, or HIV (Human Immunodeficiency Virus). According to the World Health Organization (WHO), HIV is another major infectious disease. As of October 2017, around 36.7 million people across the world were living with HIV. High prevalence of infectious diseases is likely to drive the demand for diagnostic tests and thereby, the in vitro diagnostics sector in the next few years. Meningitis diagnostic test are the test that are carried out on human samples, (e.g., CSF) in order to: diagnose meningitis, regulate drug therapies and to prevent meningitis.
The testing for meningitis can be done using various latest technologies involving rapid testing devices as well as analyzers which are laboratory instruments. Increasing demand for demand for advanced diagnostic technology for accurate diagnosis and increasing prevalence of meningitis are driving the growth of the meningitis diagnostic testing market globally, however complex regulatory framework restrain the growth of the meningitis diagnostic testing market. According to the World Health Organization, regular outbreaks of meningitis in countries in Africa have impacted the in vitro diagnostic industry and are likely to fuel the meningitis diagnostic testing market in these countries. Rising demand for point-of-care services is anticipated to drive the meningitis diagnostic testing market during the forecast period. Point-of-care services provide more accurate results in less time as compared to traditional methods.
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The global meningitis diagnostic testing market is divided into three segments: by product, by end user and by geography. Based on the product, the market has been further segmented into six major sub segments latex agglutination tests, lateral flow assay, PCR assay, ELISA tests, culture test, and others. Between these segments, PCR assay segment accounted for highest market share (in terms of revenue), in 2016. PCR assays provide accurate test results in a shorter span of time compared to other tests, with the sensitivity rate of 97%. This is projected to drive the PCR assay segment during the forecast period. Lateral flow assay segment is expected to grow at higher pace during forecast period this is due to low cost, rapid and reliable results in near-patient settings, and lack of requirement for any lab infrastructure or cold chain transport.
Based on the end user, the global meningitis diagnostic testing market has been segmented into hospital, diagnostic centers and others. The hospital segment accounted for a major share of the global meningitis diagnostic testing market end user segment in 2016, followed by diagnostic centers with substantial market share. Increase in number of multinational hospitals with advanced laboratory infrastructure have boosted the growth of the hospital segment during forecast period.
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Geographically, the meningitis diagnostic testing market has been categorized into five regions: North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accounted for the largest share of the global meningitis diagnostic testing market in 2016, followed by Asia Pacific with substantial market share. Availability of rapid diagnostic testing devices and increased patient awareness have boosted the growth of the market in North America. Asia Pacific is the most attractive market and expected to increase at the highest CAGR in the forecast period due to presence of vast population base especially in China and India undergoing meningitis diagnostic testing, rising patient awareness and developing laboratory infrastructure.
The global meningitis diagnostic testing market is consolidated with few companies accounted for majority market share. Major players operating in the global meningitis diagnostic testing market are Thermo Fisher Scientific, Inc., Fast Track Diagnostics Ltd. (FTD) – Siemens Healthineers, Bio-Rad Laboratories, Inc., IMMY, BioFire Diagnostics, Nanosphere (Luminex Corporation), Seegene Inc., Qnostics, ELITechGroup, and Abbott Laboratories exhibit the largest geographical outreach with presence in multiple meningitis diagnostic testing products. Demand for technologically advanced tests along with continuous innovation would intensify competition among the top players. Manufacturers are adopting strategy of acquisitions and collaborations to sustain in the market these factors would lead to high competitive rivalry.
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