The global tuberculosis (TB) diagnostics market size is projected to witness remarkable growth in the forthcoming years. The rising geriatric population and the rising ubiquity of tuberculosis are anticipated to boost market growth. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Tuberculosis (TB) Diagnostics Market, 2021-2028”.
The tuberculosis (TB) diagnostics market is projected to gain steep momentum due to several reasons. For instance, the rising technological advancements in diagnostic tools due to the extensive research and development activities and the swift adoption of advanced diagnostic techniques are anticipated to fuel market growth.
The public health crisis has brought several economies on the verge of recession. It has negatively impacted tuberculosis (TB) diagnostics market. The shutdown of several diagnostic clinics and hospitals has affected the market growth. Additionally, the shifting focus of the healthcare sector on treating coronavirus-infected patients has stagnated market growth. Additionally, the fear amongst the general population about getting infected during a visit to hospitals aggravated the situation. However, vaccines are now available to the masses, and the market is gradually recovering. The market is expected to witness rapid growth post-pandemic.
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On the basis of test type, the market is segmented into smear microscopy, serological tests, nucleic acid testing, mantoux tests, culture-based tests, and chest X-rays. On the basis of end-user, the market is fragmented into diagnostic centers, specialty clinics, and hospitals. Geographically, the market is classified into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
- The report is devised using an innovative research methodology that follows top-down and bottom-up approaches to market research.
- The report provides vital information on different market segments; test type, end-user, etc.
- The report assimilates Porters’ Five Forces Analysis for an unerring market prediction.
- The report provides valuable insights into the regulatory scenarios of the market.
- The report evaluates the impact of the COVID-19 pandemic and suggests future growth strategies.
Drivers & Restraints-
Rising Worldwide TB Prevalence to Augment Market Growth
The increasing numbers of tuberculosis cases worldwide are expected to bolster global tuberculosis (TB) diagnostics market growth. Approximately 10 million people are diagnosed with tuberculosis per year worldwide, as per the World Health Organization (WHO). The rising geriatric population and the sedentary lifestyle of consumers are anticipated to fuel market growth. Moreover, the rising numbers of blood tests are expected to augment market growth.
The rising investments in research and developments activities by key players to develop advanced diagnostics are expected to foster market growth. Additionally, the launch of new diagnostic products is expected to bolster market growth. Lastly, the favorable government initiatives to spread awareness about diagnostics in surfacing markets and the swift adoption of advanced diagnostics in developing and developed economies are projected to surge market growth.
However, the high costs of diagnostic tests may impede market growth.
Asia Pacific to Dominate Global Market Backed by Rising Awareness of TB Diagnostics
Asia Pacific is expected to dominate in terms of the tuberculosis (TB) diagnostics market share. The growing instances of tuberculosis are expected to be the major growth drivers for the market. Additionally, the expanding consumer awareness regarding TB diagnostics and the swift diagnostic tools adoption is projected to stimulate market growth in the forthcoming years.
North America is projected to gain substantial growth in the global market. The rising investments in research and development activities to develop advanced TB diagnostics are anticipated to drive market growth.Europe is anticipated to gain considerable growth due to the growing tuberculosis prevalence in the region.
The Middle East & Africa and Latin America are projected to gain striking growth. The rising emphasis of key players to launch new products in tuberculosis diagnostics is expected to foster market growth.
Key Players Focus on Organic Growth Strategies to Intensify Competition
Key players in the global tuberculosis (TB) diagnostics market are primarily emphasizing on organic growth strategies such as new product launches, technological advancements, and product innovations. For instance, Hain Lifescience GmbH unveiled FluoroType MTBDR 2.0 Liquid Array molecular assay for tuberculosis diagnostics for antibiotic resistance testing in a liquid array format in March 2019.
- May 2019: Hoffman-La Roche Ltd. unveiled MTB-RIF/INH test to spot antibiotics resistance in TB DNA.
Key Players in the Global Tuberculosis (TB) Diagnostics Market are:
- Hain Lifescience GmbH
- Thermo Fisher Scientific Inc.
- Oxford Immunotec USA Inc.
- F-Hoffman-La Roche Ltd.
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