Infectious Disease Diagnostics Market Worth $31.5 Billion | MarketsandMarkets
CHICAGO, Jan. 9, 2024 /PRNewswire/ -- Infectious Disease Diagnostics Market in terms of revenue was estimated to be worth $21.4 billion in 2023 and is poised to reach $31.5 billion by 2028, growing at a CAGR of 8.0% from 2023 to 2028 according to a new report by MarketsandMarkets(TM). Market growth is largely driven by the rising prevalence of infectious diseases and the increasing funding for R&D in disease diagnostics. The rising incidence of infectious diseases worldwide creates a substantial demand for effective diagnostic tools. As the global healthcare landscape grapples with the challenges posed by infectious agents, there is a heightened emphasis on developing advanced diagnostic technologies to enable timely and accurate detection.
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172 - Tables
53 - Figures
309 - Pages
Infectious Disease Diagnostics Market Scope:
Report Coverage
Details
Market Revenue in 2023
$21.4 billion
Estimated Value by 2028
$31.5 billion
Growth Rate Poised to grow at a CAGR of 8.0%
Market Size Available
for
2021-2028
Forecast Period
2023-2028
Forecast Units
Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product & Service, Type of Testing, Sample Type, Technology, Disease
Type, and End User
Geographies Covered North America, Europe, Asia Pacific, Latin America, and Middle East &
Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market
Opportunities
Increased growth opportunities in emerging economies
Key Market Drivers
Rising prevalence of infectious diseases
In 2022, the reagents, kits, and consumables segment held the largest share of the infectious disease diagnostics market by product & service segment.
The infectious disease diagnostics market is segmented into reagents, kits, and consumables; instruments; and software & services based on product & service. The reagents, kits, and consumables segment dominated the infectious disease diagnostics market in 2022. The requirement of reagents, kits, and consumables in large numbers compared to instruments is the main factor contributing to the large share of this segment. Unlike instruments, reagents, kits, and consumables require repeat purchases, which results in stable demand among end users.
The blood, serum, and plasma segment held the largest share of the infectious disease diagnostics market by sample type segment in 2022.
Based on sample type, the infectious disease diagnostics market has been segmented into blood, serum, and plasma, urine, and other sample types. In 2022, the blood, serum, and plasma segment accounted for the largest share of the infectious disease diagnostics market, by sample type. These sample types provide a rich and diverse pool of infectious disease diagnostic information. They contain circulating DNA, RNA, proteins, and other biomarkers that carry valuable insights into various diseases and conditions. This wealth of information enables healthcare professionals to make accurate diagnoses, monitor disease progression, and personalize treatment decisions.
North America is the largest regional market for infectious disease diagnostics market.
The market for infectious disease diagnostics has been divided into five key geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the predominant portion of the infectious disease diagnostics market. The infectious disease diagnostics market in North America is well-established, with the US being a major market in this region. This dominance can be attributed to various factors, including advanced healthcare infrastructure, a high prevalence of infectious diseases, and significant investments in diagnostic technologies.
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Infectious Disease Diagnostics Market Dynamics:
Drivers:
1. Rising prevalence of infectious diseases
Restraints:
1. Unfavorable reimbursement scenario
Opportunities:
1. Increased growth opportunities in emerging economies
Challenge:
1. Operational barriers and shortage of skilled laboratory technicians
Key Market Players of Infectious Disease Diagnostics Industry:
The major players operating in this market are Abbott (US), Thermo Fisher Scientific Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux (France), Siemens Healthineers AG (Germany), Danaher (US), Hologic, Inc. (US), Becton, Dickinson and Company (US), Revvity (US), QIAGEN (Netherlands), Seegene Inc. (South Korea), Grifols, S.A. (Spain), DiaSorin S.p.A (Italy), Bio-Rad Laboratories, Inc. (US), Sysmex Corporation (Japan), QuidelOrtho Corporation (US), Meridian Bioscience (US), Genetic Signatures Ltd. (Australia), OraSure Technologies (US), Trinity Biotech (Ireland), Chembio Diagnostics, Inc. (US), Co-Diagnostics, Inc. (US), ELITech Group (France), Epitope Diagnostics, Inc. (US), Trivitron Healthcare (India), Meril Life Sciences Pvt. Ltd. (India), InBios International, Inc. (US), Vela Diagnostics (Singapore), and Uniogen Oy (Finland).
The break-up of the profile of primary participants in the infectious disease diagnostics market:
-- By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
-- By Designation: C-level - 27%, D-level - 18%, and Others - 55%
-- By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin
America - 6%, and Middle East & Africa- 4%
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Infectious Disease Diagnostics Market Recent Developments:
-- In January 2023, Thermo Fisher Scientific Inc. (US) launched its CE-IVD
marked Applied Biosystems TaqPath Seq HIV-1 Genotyping Kit.
-- In July 2022, Roche launched Elecsys HCV Duo, an immunoassay that allows
the simultaneous and independent determination of the hepatitis C virus
(HCV) antigen and antibody status from a single human plasma or serum
sample.
-- In September 2022, Siemens Healthineers released its CE-marked FTD
SARS-CoV-2/FluA/FluB/HRSV Assay, a PCR test, and the CLINITEST Rapid
COVID-19 + Influenza Test.
-- In December 2021, Roche completed a purchase agreement with TIB Molbiol
(Germany) to expand the PCR-test portfolio in the fight against new
infectious diseases.
-- In February 2020, Cepheid collaborated with Sherlock Biosciences (US).
This collaboration between the two companies aimed to explore the
development of new cutting-edge molecular diagnostic tests for
infectious diseases leveraging CRISPR technology.
Infectious Disease Diagnostics Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall infectious disease diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
-- Analysis of key drivers (Rising prevalence of infectious diseases,
Rising focus on R&D and funding in infectious disease diagnostic
products, Growing awareness for early disease diagnosis in emerging
economies, Adoption of new and advanced technologies for infectious
disease diagnosis, Shift in focus from centralized laboratories to
decentralized PoC testing centers), opportunities (Increased growth
opportunities in emerging economies), restraints (Unfavorable
reimbursement scenario), and challenges (Changing regulatory landscape,
Operational barriers and shortage of skilled laboratory technicians)
influencing the growth of the infectious disease diagnostics market.
-- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new product
launches in the infectious disease diagnostics market.
-- Market Development: Comprehensive information about lucrative markets -
the report analyses the infectious disease diagnostics market across
varied regions.
-- Market Diversification: Exhaustive information about new products &
services, untapped geographies, recent developments, and investments in
the infectious disease diagnostics market
-- Competitive Assessment: In-depth assessment of market shares, growth
strategies, and service offerings of leading players like Abbott (US),
F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux (France), Siemens
Healthineers AG (Germany), Danaher (US), and Thermo Fisher Scientific
Inc. (US), among others in the infectious disease diagnostics market
strategies.
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