Growth in this market is primarily driven by the increasing global prevalence of infectious diseases, shift in focus from centralized laboratories to decentralized point-of-care testing, and growth in funding for research on infectious disease diagnostics.
What the Market Looks Like?
The global infectious disease diagnostics market infectious disease diagnostics market was valued at USD 13.93 Billion in 2016 and projected to reach USD 19.35 Billion in 2022, at a CAGR of 5.6%. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2022.
Increased accessibility and the increasing number of IDD tests conducted are the key drivers for this segment. Globally, the volume of IDD tests is increasing mainly due to the rising geriatric population; increasing prevalence of infectious diseases; increased variety of reagents available and analytical techniques employed; and the continuous launch of newer, faster, and more reliable products.
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By technology, DNA sequencing & next-generation sequencing (NGS) segment to record the highest CAGR during the forecast period
Factors such as advancements in sequencing technologies, increasing awareness and acceptance of personalized medicine (in which this technology has significant applications), and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing are expected to boost the growth of this technology in the future.
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the infectious disease diagnostics market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
Hepatitis diagnostics market formed the largest share. Around 70% to 90% of the people in these regions (below 40 years of age) are reportedly suffering from the disease and around 8% to 20% are carriers of this virus. Another factor contributing to the growth of this market is the increasing adoption of advanced technologies for the diagnosis of hepatitis B.
North America to account for the largest market size during the forecast period.
North America accounted for the largest share of the global infectious disease diagnostics market. The large share of this region is mainly attributed to the presence of a highly developed healthcare system, increasing prevalence of infectious diseases, the presence of a large number of leading national clinical laboratories, and easy accessibility to technologically advanced instruments in the region.
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