Infectious Disease Diagnostic Market size is expected to grow significantly from 2018 to 2024
Date: 2018-09-10   Author: Rahul Sankrityayan  Category: #industry

Infectious Disease Diagnostic Market size is expected to grow significantly from 2018 to 2024

Global Infectious disease diagnostic market will experience high growth in the upcoming years owing to increasing prevalence of viral, bacterial and fungal infections globally. Rising number of chronic infections such as Hepatitis A, Gonorrhea and syphilis have boosted the demand for infectious disease diagnostic devices and services. As reported by WHO, globally around 17 million people are die of infectious diseases annually and such viral infections are more frequent in the geriatric population that is huge in developing countries with poor hygienic conditions escalating the business growth.

In addition to this, growing government initiatives such as awareness programs and funding research studies have influenced the market growth. Government proactively invests in research studies that include diagnosis of rare diseases. For instance, in U.S. and specifically in Southern Arizona, government have raised funds to support the diagnostic testing propelling the industry growth.

Furthermore, technological advancements in devices developed by the key manufacturing leaders such as Abbott, Becton Dickinson and Danaher have proven beneficial for the business growth. Developmental strategic initiative steps undertaken by these industry players have aided improvisations in the medical diagnostic devices enhancing the surgical decision and boosting the overall industry progression. However, high cost of the diagnostic tests can hamper the industry expansion.

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Assays, kits and reagents business segment will have a considerable revenue share during the forecast timeframe. The growth can be attributed to increasing number of rare diseases as well as chronic diseases. For instance, 30 million people in U.S. alone, suffer through 7,000 different types of rare diseases. Aforementioned factor along with increasing geriatric population will have a favorable scenario for uptake of various kits, assays and reagents.

Increasing demand for clinical microbiology services business have escalated the business growth at large. High demand is accountable to growing burden of infectious diseases such as tuberculosis, salmonella and lyme. For instance, in U.S. alone, in 2017, there were around 51,455 cases of salmonella infections that have surged the demand.

Tuberculosis business segment dominated the industry with eminent market share due to high demand for tuberculosis diagnostic tests. In U.S., every year more than 10,000 case of tuberculosis results in great demand for TB diagnostics tests. Furthermore, development of medical policies by companies such as Medicare and Medicaid will propel the industry size.

Hospitals and clinical laboratories business will have enormous revenue share due to increasing application of immunodiagnostic devices in the detection of various diseases. Moreover, increasing bacterial infections will drive demand. For instance, in U.S, every year around 2 million people get infected with bacterial infections resulting in demand generation.

U.S. infectious disease diagnostics market will account for the largest market share in North American region, owing to increasing geriatric population that is more prone to the infections. The geriatric population in America is around 46 million and is projected to increase over 98 million by 2060. Also, American government has undertaken certain initiatives aiding cost reductions of the diagnostic services increasing the preference for such cost-effective diagnostic services amongst the geriatric population with comparatively lower income levels.

Some of the major industry players operating in the infectious disease and disease diagnostic market are Abbott Laboratories, Becton Dickinson, Biomérieux SA, Bio-Rad Laboratories, Danaher Corporation , Diasorin , Luminex, Meridian Bioscience , Quidel , Roche Diagnostics , Siemens AG and Thermo Fisher Scientific. These key industry players ae involved in developing innovative solutions for manufacturing new diagnostic devices that improves the process of disease diagnostic that helps in sustaining the health of the patients. For instance, in 2013, Abbott laboratories received FDA approval for UNICEL DXI Immunoassay that helps in sustaining the health of the individuals have created growth opportunities for the company by developing its product portfolio.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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