HIV Diagnostics Market size worth $4.9 Billion by 2023: Global Market Insights, Inc.
HIV Diagnostics Market size is estimated to reach USD 4.9 billion by 2023; as per a new research report by Global Market Insights, Inc. growing prevalence, and increasing government and corporate initiatives for HIV infection awareness should propel global HIV diagnostics market size.
Rising HIV/AIDS cost burden on healthcare systems has led to establishment of various associations and campaigns working towards the awareness regarding early diagnosis of disease. Global HIV diagnostics market size was USD 2.4 billion in 2015, with 9.5% CAGR increase during the forecast period.
Browse Full Report with Charts and Figures: https://www.gminsights.com/industry-analysis/hiv-diagnostics-market
Various public awareness and education campaigns have been developed by Federal agencies. For instance, a campaign sponsored by Centers for Disease Control and Prevention (CDC) emphasizes the importance of HIV testing for people aged between 18 to 64. Another campaign driven by U.S. Department of Health and Human Services’ Office on Women’s Health provides teen girls with information regarding HIV and its prevention.
Get a sample copy of this report @ https://www.gminsights.com/request-sample/detail/491
Introduction of technologically advanced products such as point of care rapid diagnostic tests, and portable cell counters that require minimum technical skills for its functioning increasing the speed of diagnosis. Other technological advancements include fluorescence microscopy devices, and flow cytometric instruments used for these tests improving the accuracy for the same.
Strong requirement for affordable, readily available, high quality and efficient tests will also drive HIV diagnostics industry revenue. Usage rate for custom based, rapid and feasible PoC tests that can be done by non-healthcare providers has been steadily growing, which has led to an increase in demand for antibody tests such as HIV-1 screening, HIV-1 confirmatory, HIV-2 & Group O making it the largest product segment in the overall market.
CD4 HIV diagnostics market share is expected to register the highest gains of 10.1% CAGR by 2023, contributing significantly to overall revenue. These tests should become popular due to its increased accuracy and sensitivity for early diagnosis of HIV.
Significant supply lag of diagnostic facilities across India, Malaysia, Indonesia, Brazil, China, and South Korea offers a strong platform for industry participants to expand regional business. APAC, with growth hinged on China and India HIV diagnostics market, could see reach USD 1.05 billion in revenue by 2023. LATAM was predominantly driven by Brazil HIV diagnostics market size, exceeding USD 250 million by 2023.
Key insights from the report include:
- Global HIV diagnostics market size is anticipated to reach USD 4.9 billion by 2023 from 2.4 billion in 2015, growing at an estimated CAGR of 9.5% from 2016 to 2023.
- U.S. HIV diagnostics market share was the largest in North America, grabbing revenue of more than 75% in 2015. Regulatory support to prevent rising number of HIV/AIDS cases, and introduction of portable, convenient to use diagnostic tests is set to drive regional growth.
- Antibody tests segment dominated the global HIV diagnostics market share in 2015, at more than USD 750 million in revenue, while the antibody test market was predominantly driven by HIV-1 screening tests market.
- Germany was the revenue puller for Europe HIV diagnostics market, slated to showcase bringing in over 20% revenue in 2015, while UK is likely to witness relatively higher growth rate.
- Capital intensive nature of the industry, existing established players, and requirement of highly qualified personnel pose as challenges for new players to enter the market.
- In APAC, China HIV diagnostics market is the fastest growing region, showcasing 10.9% CAGR during the forecast period, followed by Japan.
- Roche, Abbott, Siemens, Qiagen, Sysmex and Hologic are some key companies for this industry.