Infectious illnesses stem from various pathogens like viruses, fungi, bacteria, or parasites. These maladies can spread from one individual to another through direct contact or indirectly through vectors like food, air, soil, water, and insect bites. The identification of disease-causing agents through the study of an individual’s exhibited symptoms is referred to as diagnosis. Diagnosis is a critical process that guides the appropriate treatment of infectious and non-infectious diseases.
According to estimates, the worldwide market for diagnosing infectious diseases was valued at US$ 1,131.4 million in 2020, and it is projected to reach US$ 1,841.2 million by the end of 2027.
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Drivers of the Global Infectious Disease Diagnostics Market
The rise in the incidence of infectious diseases is anticipated to fuel the expansion of the global infectious disease diagnostics market during the projected duration. For example, on February 23, 2020, there were 76,936 confirmed cases of coronavirus disease 2019 in mainland China and 1,875 cases in other locations outside of mainland China. The number of fatalities associated with the disease was 2,462.
Additionally, the provision of funds towards infectious disease diagnostics is predicted to contribute to market expansion. In January 2018, a University of Glasgow-led initiative obtained US$ 1.85 million in funding as part of the Global Challenges Research Fund (GCRF). This project aims to create novel diagnostic tests for parasitic diseases and facilitate quick testing in distant areas, thus enabling prompt identification and treatment of infectious diseases.
In 2018, the Asia Pacific region held the leading position in the worldwide infectious disease diagnostics market, contributing to 27.0% of the market share in terms of value. Africa followed closely behind.
Restraints in the global market for infectious disease diagnostics
The costly nature of molecular-based test kits is anticipated to impede market growth. Molecular-based test kits are instrumental in identifying infectious diseases. Nonetheless, their expensive price tag has resulted in low adoption rates, particularly in developing nations.
Furthermore, the absence of compensation for specific infectious diseases is predicted to restrict market expansion. In July 2018, the Centers for Medicare & Medicaid Services considerably curtailed reimbursement for complex cases, such as those involving individuals afflicted with infectious diseases, who require evaluation and management.
Possibilities in the Global Diagnostics for Infectious Diseases
The emergence of cost-effective and dependable diagnostic test kits is predicted to present favorable opportunities for market players. Currently, only a limited number of effective diagnostic test kits are accessible for infectious diseases. The scarcity of effective diagnostic tools and the expensive cost of existing test kits has spurred the demand for affordable alternatives with high specificity and sensitivity.
Additionally, research and development endeavors in diagnostic kits are predicted to foster market growth. In September 2019, experts from the University of Helsinki in Finland disclosed that a new point-of-care assay, known as LFRET, could be utilized to detect the antibody response against Puumala orthohantavirus with a high degree of sensitivity and specificity. The novel rapid assay employs urine as a sample matrix and is also capable of detecting anti-tissue transglutaminase antibodies.
The diagnostic centers segment of the worldwide infectious disease diagnostics market was appraised at US$ 462.1 Mn in 2018 and is projected to attain US$ 958.7 Mn by 2027, with a CAGR of 8.5% throughout the forecast period.
Crucial Takeaways and Market Trends
There is a significant focus on the advancement of point-of-care tests for the diagnosis of numerous infectious diseases. These tests provide rapid results without the need to send samples to diagnostic laboratories for testing. This aspect is likely to generate a greater demand for point-of-care tests. Key players in the industry such as Alere and Cepheid are directing their efforts towards the development of analytical systems that offer near-patient molecular assay results.
Presently, the existing diagnostic tests are sluggish and demonstrate low levels of specificity and sensitivity. This scenario has prompted a shift in the market from combined tests to rapid diagnostic tests that involve the entire microbial genome sequencing.
Competitive environment of the global market for infectious disease diagnostics
The leading companies that operate within the global infectious disease diagnostics market comprise Becton Dickinson & Company, Cepheid, Inc., Abbott Laboratories, BioMerieux SA, Hologic, Inc., Danaher Corporation, Thermo Fisher Scientific, Inc., Roche Diagnostics, DiaSorin S.p.A., Quidel Corporation, and Bio-Rad Laboratories, Inc.
Major Developments in the Global Market for Diagnostics of Infectious Disease
The leading players in the infectious disease diagnostics market are dedicated to expanding their market presence through the introduction of new services. In March 2020, Quest Diagnostics announced the launch of a coronavirus (COVID-19) test service designed to detect nucleic acid in respiratory specimens of patients meeting the Centers for Disease Control and Prevention’s clinical criteria for COVID-19 testing. This move is aimed at enhancing the company’s market share and cater to the growing demand for COVID-19 testing.
Leading companies in the infectious disease diagnostics market are adopting M&A strategies to broaden their product offerings. In March 2020, Thermo Fisher Scientific Inc. revealed plans to acquire QIAGEN N.V., a provider of molecular diagnostics and sample preparation technologies. This move is expected to further strengthen Thermo Fisher’s capabilities in the infectious disease diagnostics market.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐔𝐩 𝐓𝐨 𝟐𝟓% 𝐎𝐅𝐅 @ https://www.coherentmarketinsights.com/insight/buy-now/1971
|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Infectious Disease Diagnostics Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Infectious Disease Diagnostics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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