Global HIV Diagnostics Market, by Product Type (Instruments and Reagents & Kits), by Test Type (Screening, Differentiation & Confirmation Test, and Monitoring Test), by End User (Hospital and Clinics, Diagnostic Laboratories, Home Care Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 3,050.8 million in 2018, and is expected to exhibit a CAGR of 9.2% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
Rising adoption of inorganic growth strategies such as acquisitions and collaborations by key players are expected to propel the market growth over the forecast period. For instance, in 2018, Owen Mumford Ltd, launched Simplitude Pro HIV rapid diagnostic test in Europe for diagnosis of HIV.
Rising number of HIV cases is expected to drive demand for HIV Diagnostics, which is further expected to augment the market growth over the forecast period. For instance, according to the Avert.org, the number of HIV cases increased from 36.7 million to around 36.9 million globally, from the year 2016 and 2017 respectively. Moreover, according to the UNAIDS 2019 report, around 37.9 million of global people suffered from HIV in 2018.
Increasing prevalence of HIV/AIDS globally and various government initiatives by countries to spread awareness about HIV in people are expected to drive growth of the HIV diagnostic market. Regions with lower literacy rate, where people are not aware about transmission mode of HIV, changing lifestyle, and unsafe sex are the factors that leads to increasing number of HIV cases.
Moreover, to reduce the disease incidence and increase life expectancy, government of various countries along with NGOs are focusing on improving HIV diagnostics and making them easily accessible to the general population. According to WHO report, 2015, there was 0.8% prevalence of HIV globally, whereas, Sub-Saharan Africa remains severely affected area with 70% of people. The unmet requirements in Asia Pacific and Africa region for HIV diagnosis, and government initiatives taken in the region are expected to drive the market growth for HIV diagnostics.
Browse 34 Market Data Tables and 25 Figures spread through 175 Pages and in-depth TOC on ‘HIV Diagnostics Market’- Global Forecast to 2027, by Product Type (Instruments and Reagents & Kits), by Test Type (Screening, Differentiation & Confirmation Test, and Monitoring Test), by End User (Hospital & Clinics, Diagnostic Laboratories, Home Care Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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North America is expected to hold a dominant position in the HIV diagnostics market over the forecast period, owing to rising incidence of HIV in the region, which is expected to drive demand for HIV diagnostics, and this is further expected to augment the market growth over the forecast period. For instance, according to the UNAIDS 2019 report, around 2.2 million of people were living with HIV in 2018, in the Western and Central Europe and North America.
Europe is expected to witness significant growth in the HIV diagnostics market over the forecast period, owing to increasing product launches by the market players in the region, to enhance their market presence. For instance, in June 2019, Avioq, Inc., received CE Marking (Conformité Européenne) Mark by the European authority and launched VioOne HIV Profile Supplemental Assay developed for confirmation and differentiation of antibody directed to various gene products of HIV-1 and HIV-2 in human serum or plasma.
Key Takeaways of the HIV Diagnostics Market:
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