Albany, NY -- (SBWIRE) -- 09/05/2017 -- Key players in the Global Tuberculosis (TB) Testing Market, according to a report by Transparency Market Research, are Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Hain Lifescience GmbH, Hologic Inc. QIAGEN, Abbott Laboratories, Alere Inc., Epistem plc, Cepheid, bioMérieux SA, Akonni Biosystems Inc., and Sanofi.
Among them, the top players namely, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, and Hain Lifescience GmbH are focusing hard to develop novel tuberculosis testing methodologies.
A report by Transparency Market Research predicts the global tuberculosis testing market to expand at a CAGR of 4.3% between 2014 and 2020. Progressing at this pace, the global is expected to reach a valuation of US$2.6 bn by the end of 2020 from US$1.9 bn in 2013.
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Culture-based TB Testing to Stay Significant in Future
Culture-based TB tests accounted for the leading share of the market in 2013. The segment contributed US$691.2 mn to the overall market in the same year. Culture-based TB tests are expected to display steadfast growth over the forecast period owing to their reliability and accuracy. On the other hand, other tests segment is anticipated to display the swiftest growth on the back of several advantages such as high accuracy, single visit requirement, and rapid result generation among others.
By geography, North America, Europe, Asia Pacific, and Rest of the World are the segments into which the global TB testing market is divided. In 2013, Asia Pacific accounted for the leading 35% share in the overall market. The presence of a large pool of TB patients due to high discharge of particulate matter and high air pollution in countries such as India and Malaysia are key factors behind the region's leading share in the market.
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Involvement of Leading Non-profit Organizations for Development of Novel Techniques Benefits Market
Some of the key growth drivers of the global tuberculosis testing market include increasing incidence of tuberculosis and the increasing adoption of novel and advanced molecular rapid culture diagnostic tests worldwide. The increasing involvement of some leading non-profit organizations for the development of novel TB diagnostic tests is having a profound impact on the growth of this market. The market is also receiving a boost due to the entry of new product developers with a robust pipeline of testing methodologies.
As per a report from the World Health Organization, tuberculosis has been identified as one of the leading causes of death globally. In 2013, tuberculosis was the cause of 1.5 mn deaths worldwide, adds the report. This alarming number has led to the increased demand for TB testing techniques. In addition, a number of government as well as non-government bodies are involved in programs for awareness for TB and preventive care programs, leading to the increased demand for TB testing. For instance, the World Health Organization and the Foundation for Innovative New Diagnostics have been influential in spreading awareness regarding TB, need for early diagnosis, and treatment options, and are also spearheading preventive programs such as Stop TB.
Furthermore, the immense potential for tuberculosis testing programs in developing economies will extend growth opportunities to the market.
Proving a hindrance to the growth of TB testing market is the soaring cost of a number of tuberculosis tests.
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