The global infectious disease diagnostics market is accounted for more than US$ 15 Bn in 2019
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Infectious Disease Diagnostics Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
Global Infectious Disease Diagnostics Market, By Type (Service, Assays, Kits Reagents), By Disease Type (Hepatitis, HIV, TB, Influenza, Others), By Technology (Immunodiagnostics, PCR, NGS, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
In 2019, the global infectious disease diagnostics market is accounted for more than US$ 15 Bn and expected to grow at a CAGR of 7.1% during the forecast period and expected to reach to the value of US$ XXX Bn in 2025.
As per the report, the rising prevalence of infectious diseases among the population across the world is primarily driving the growth of the global Infectious Disease Diagnostics Market. Tiny small bacteria is not harmful but it may induce certain infections and diseases under specific conditions. The mode of transference of such infectious disease may be physical contact from any infected person or any insect bites. Thus, these infectious diseases are considered as highly contagious and also known as transmissible disease. The common symptoms of such infectious disease is diarrhea, fever, fatigue, and coughing. There have been 9.2 million casualties across the world in the year 2013 due to infectious diseases, as per the Global Burden of Disease Study–2013. Owing to which, the global Infectious Disease Diagnostics Market is expected to grow rapidly in the near future.
Also, rising inclination towards decentralized point-of-care testing to centralized laboratories, the rising knowledge for early diagnosis using particular diagnostic tests, and rise in investments for further research and development on infectious disease diagnostics is also projected to boost the growth of the global infectious disease diagnostics market. Additionally, the rising geriatric population and contaminated rural areas across the world are other major factors contributing to more incidence rates of infectious diseases, thereby augmenting the growth of the global infectious disease diagnostics market.
Moreover, the current global crisis of COVID-19 pandemic also has an enormous impact on the increased demand for various POC diagnostic kits with respect to early detection and stop the transference of the deadly virus. The rising burden of infectious diseases and hospital acquired infections across the globe has increased the demand for infectious disease diagnostics products.
Furthermore, upgradations in sequencing technologies, rising understanding and adoption of personalized medicine, and widespread applications of molecular diagnostic technologies in pharmacogenetics and point-of-care testing are some of the other factors which are expected to drive the growth of the global infectious disease diagnostics market in the upcoming years.
In addition, the elevating requirements for brisk diagnostics techniques over the traditional techniques used due to the long turnaround time is another major factor that is expected to propel the growth of the global infectious disease diagnostics market.
MMC Study identifies some of the key participating players in the Infectious Disease Diagnostics Market globally are Abbott, Becton, Dickinson and Company (BD), bioMérieux SA, Bio-Rad Laboratories, Inc., Alere, Inc., Ortho-Clinical Diagnostics, and F. Hoffmann-La Roche Ltd.
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