The expanding base of patients suffering cervical cancer and HPV infections has so far been the primary factor building a foundation for the global cytology and HPV testing market. The spiraling number of new cases of cervical cancer and the subsequent increase in the number of deaths due to it is inculcating a sense of awareness regarding the importance of early detection and diagnosis of cancer. The growing awareness about the availability of screening tests is a shot in the arm for the global market.
As per a study by Transparency Market Research (TMR), the global cytology and HPV testing market stood at US$8.39 bn in 2016 and is estimated to reach US$10.54 bn, rising at a noteworthy CAGR of 9.2% therein. A TMR analyst states that developing countries offer a plethora of growth opportunities, owing to factors such as improving healthcare infrastructure and expanding local manufacturing base. But on the other side of the coin, the presence of outdated facilities and lack of proper access to the healthcare infrastructure in several developing nations is dampening the widespread adoption of cytology and HPV testing.
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How are developed regions contributing to the growth of the global cytology and HPV testing market?
North America will continue to be the front-runner in the global cytology and HPV testing market until 2024, accounting for 55.5% of its value. The dominance of the region is largely supplemented by the increasing incidence of HPV infections and cervical cancer. The major contributors to the growth of the region are developed countries such as the U.S. and Canada. The easy availability of technologically advanced diagnostic test kits along with high awareness among the populace regarding these kits, thanks to government initiatives are fuelling the markets in these countries. The growth of North America can also be attributed to the new guidelines by the Food and Drug Administration (FDA). Due to all these factors, the region is poised to exhibit a CAGR of 3.3% during the same period, making inroads in the shares of other regions. The region will be trailed by Europe.
What are the strategies looked upon by key players as viable ways to stay ahead in the global cytology and HPV testing market?
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The dominance of a handful of global participants over the cytology and HPV testing market is rendering the nature of the arena oligopolistic. The nature of the market keeps the degree of competition low to moderate and also makes it difficult for new players to penetrate in the market. While F. Hoffmann-La Roche AG, Hologic Inc., and Qiagen N.V. represented 86.0% of the global HPV testing market, Becton Dickinson and Hologic Inc. commanded 89.0% of the global cytology testing market in 2015. A raft of key players is collaborating with diagnostic laboratories and making contracts with governments for patient care programs to enhance their visibility in the market.
Besides this, international expansions and product launches are also some of the key growth strategies of these players to stay ahead in the market. For instance, after receiving approval for its Cobas HPV test from the FDA in 2014, Roche launched the assay in European markets in March 2017 after meeting the safety, health, and environmental protection standards and receiving the CE conformity marking.
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