Tuesday, 5 April 2016
HIV Diagnostics Market Is Expected To Reach USD 4.48 Billion By 2022
Global HIV Diagnostics Market is expected to reach USD 4.48 billion by 2022, growing at an estimated CAGR of 9.5% from 2015 to 2022, according to a new study by Grand View Research, Inc. Key factors accounting for the growth of this market include the growing need in for the development of more sensitive HIV diagnostic point of care tests which can be easily implemented at the location of patient care in resource limited settings. Technological development of tests which is expected to introduce a number of novel rapid, point-of-care tests throughout the forecast period is a primary factor expected to fuel the growth of the HIV diagnostics market. Furthermore, government programs and campaigns initiated against HIV, global healthcare efforts to reduce disease incidence, and the presence of high unmet demand in the Middle Eastern and Eastern regions of the market are some key factors expected to serve as lucrative future growth opportunities.
Further key findings from the study suggest:
Antibody HIV diagnostic tests accounted for the largest share of the market in 2014. This large share can be accounted for by the high market usage and penetration rates of these tests which include, ELISA, home access dried blood spot, western blot testing IFA and RIPA. These tests are highly sensitive and accurate and thus are most commonly used for screening and confirmation of HIV-1 & HIV-2.
Viral Load testing and CD4 testing also accounted for a considerable share of the market in 2014. There is a prevalent in the market for the development of these tests which will make them more sensitive, rapid in nature and portable to the point of care to enhance their market usability and accessibility in resource limited HIV affected regions.
It is expected that during the forecast period a number of novel point of care HIV diagnostic products will be commercialized which are currently under clinical development and in product pipelines of key market players. This increase in the range of products s expected to fuel the growth of this market over the forecast period.
North America was observed to account for the largest share of the market in 2014, which can be attributed to the presence of a strong healthcare R&D scenario in which the presence of government funding and ongoing corporate efforts to enhance product portfolio are anticipated to accelerate the timelines for new product development. Furthermore, the presence of favorable reimbursements policies for HIV and other infectious diseases is also a factor accounting for this region’s large share.
Asia Pacific is expected to grow at a relatively faster rate over the forecast period owing to, the presence of high levels of unmet market demand for HIV screening and testing. Moreover, collaborations among market participants from the western regions is another significant expected to boost the growth of Asia Pacific HIV diagnostics market during the forecast period.
Key players of the market include Janssen Diagnostics, Daktari Diagnostics, Cepheid, Hologic and Chembio Diagnostic Systmes Inc.
Request A Sample copy of This Report @ http://www.hexareports.com/sample/98139