ALBANY, New York, April 9, 2019 /PRNewswire/ -- According to experts from TMR, the global HIV/AIDS diagnostics market was valued at US$2.606 bn in 2016. The HIV/AIDS diagnostics market to become worth US$5.74 bn by 2025 end. Experts project this growth to occur at an impressive CAGR of 9.3% during the forecast period from 2016 to 2025.
Among three types of tests performed in the global HIV/AIDS diagnostics market, the rapid test (POC) segment showcases maximum market share. This is because of the rising popularity of the test owing to its swift results and easy usage. Region-wise, North America is a remarkable shareholder in the global HIV/AIDS diagnostics market. This is attributed to the growing awareness regarding different diagnosis and advanced research and development facilities in the region.
Rising Governments' Initiatives in Reducing AIDS Boosts HIV/AIDS Diagnostics Market
Various diagnosis tests are required for detecting the existence of the HIV virus. The AIDS/HIV diagnosis can be performed by saliva test, blood test, and viral load test. The most effective and efficient test results are acquired by ELISA test and Western Bloat Method. The growth of the global HIV/AIDS diagnostics market is fueled by the rising prevalence of AIDS worldwide and several governmental initiatives to promote the awareness about HIV/AIDS.
Furthermore, the people from the region of lower literacy rate are not aware of changing lifestyle, transmission mode of blood, and safety during sex. Such factors lead to the raised number of HIV cases. Hence, governments of various countries along with NGOs are taking approach to improve HIV diagnostics and making the diagnostics procedures easily available and accessible to the general people. Such factors are also propelling expansion in the global HIV/AIDS diagnostics market.
HIV Rapid Diagnostics Test Important to Obtain Early Results
Various countries worldwide are adopting a strategic combination of HIV testing service models on the basis of the nature of context, epidemic, available resources, and cost-effectiveness. Such combination facilitates the HIV diagnosis as soon as possible for curing the disease on time. Thus, governments of several countries have launched HIV rapid diagnostics test kits for immediate return of results and initiating treatments rapidly. Such inventions are also booting the global HIV/AIDS diagnostics market.
Transparency Market Research (TMR) records that the global HIV/AIDS diagnostics market is witnessing a moderate level of competition. This is due to the active participation of a handful of uppermost players, who are competing against one another. However, the competition is mild also on account of a small number of products which were being approved for commercial use. The level of competition existing between potential players is likely to escalate as they are adopting various competitive pricing strategies.
Another influencing factor behind keeping the competition moderate includes high entry barriers to new aspiring players. This is because of the intense research required for developing diagnostic kits, which could be quite hectic for beginners. Moreover, until now, most of the products launched in the U.S were only used for research purposes. The dominant players in the HIV/AIDS diagnostics market are acquiring several key tactics to stay abreast with the latest trends in the market for successfully carrying out their research.
Various uppermost and startup firms in the global HIV/AIDS diagnostics market are concentrating on capacity expansion through mergers and acquisitions. They are also focusing on channelizing efforts for offering cost-effective diagnostics for HIV/AIDS. On the other hand, a few vendors in the market have made impressive strides through investing in research and development and innovation or introduction of new products. Some active companies operating in the global HIV/AIDS diagnostics market are OraSure Technologies, Dickinson and Company, Becton, F. Hoffman-La Roche Ltd., and Abbott Laboratories.
The review is based on a market research report by TMR, titled, "HIV/AIDS Diagnostics Market (Product - Kits and Reagents and Instruments; Test Type - Rapid Tests (POC), ELISA, and Nucleic Acid Tests; End User - Hospitals, Private Diagnostic Laboratories, and Academic and Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".
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