A recent report published by Infinium Global Research on the infectious disease testing market provides an in-depth analysis of segments and sub-segments in the global as well as regional infectious disease testing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional infectious disease testing market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global infectious disease testing market. According to the report, the global infectious disease testing market is projected to grow with a CAGR of around 7.5% over the forecast period of 2022-2028.
The revenue generated by the market was approximately USD 27 billion in 2022 and is expected to reach nearly USD 41 billion in 2028 and is expected to grow with a CAGR of around 7.5% over the forecast period 2022-2028. Infectious diseases are disorders caused by organisms such as bacteria, viruses, fungi, or parasites. Many organisms live in and on our bodies. They're normally harmless or even helpful, but under certain conditions, some organisms may cause disease. Some infectious diseases can be passed from person to person. Some are spread by bites from insects or animals. And others are acquired by feeding on contaminated food or water or being exposed to organisms in the environment. Signs and symptoms vary depending on the organism causing the infection but often include fever and fatigue. Mild infections may respond to rest and home remedies, while some life-threatening infections may require hospitalization. Many infectious diseases, such as measles and chickenpox, can be prevented by vaccines.
The high prevalence of infectious diseases such as HIV and respiratory tract infections is propelling the growth of the market. According to the World Health Organization, there were 1.5 million new cases of HIV in 2020 around the world, and it was estimated that 296 million were living with hepatitis B, 58 million were living with hepatitis C, and about 1.5 million people were newly infected with chronic hepatitis B in 2019. In order to bring the account of these diseases under control, numerous awareness initiatives were launched by various organizations such as WHO, government bodies, NGOs, and others, especially in developing countries, which substantially helped increase the awareness regarding the diagnostics and treatments of infectious diseases. Thus, this growing awareness among people, due to efforts from various agencies and organizations, has created favorable conditions for the market. The only factor expected to restrain the growth of the market is the high cost associated with the tests and diagnostic equipment. Shifting healthcare trends towards more precise, safer, and effective diagnosis and advances in molecular biology are expected to offer new growth opportunities.
Asia-Pacific is expected to be the largest region in the market. Factors such as the high prevalence of infectious diseases, the growing geriatric population, and technological advancements in infectious disease testing are driving the growth of the market in the Asia-Pacific region. The region provides new growth opportunities for players in the market. Additionally, the booming medical tourism industry and growing investments by major market players in the region are the key factors anticipated to fuel the growth of the market in the Asia Pacific. The growth of the region is attributed to the development of healthcare infrastructure and increasing patient awareness of the availability of infectious disease testing and diagnostics. Furthermore, the lowest manufacturing costs in developing countries such as China and India have resulted in a rise in the number of production facilities in the countries. This, in turn, attracts key manufacturers to the region from across the world.
The report on the global infectious disease testing market covers segments such as technology, product, application, and end user. On the basis of technology, the sub-markets include molecular testing, microbiology, and immunodiagnostics. On the basis of product, the sub-markets include equipment, reagents, and software. On the basis of application, the sub-markets include hepatitis, HIV, methicillin-resistant staphylococcus aureus (MRSA) infection, human papillomavirus (HPV), respiratory tract infections, and others. On the basis of end user, the sub-markets include hospitals laboratories, reference labs, physician office labs, academics lab, and others.
The report provides profiles of the companies in the market such as Abbott Laboratories, Becton, Dickinson and Company, Bio-rad Laboratories, Thermo Fisher Scientific Inc., Siemens Healthineers AG, Roche Diagnostics, Gen-probe, Inc., Johnson and Johnson, BIOMÉRIEUX SA, and Alere Inc.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the infectious disease testing market. Moreover, the study highlights
current market trends and provides forecasts from 2022-2028. We also have
highlighted future trends in the market that will affect the demand during the
forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.