HIV Diagnostics Market Analysis, Industry Potential, & Technological Advancements 2024
Date: 2018-08-30   Author: Rahul Sankrityayan  Category: #market

HIV Diagnostics Market Analysis, Industry Potential, & Technological Advancements 2024

HIV Diagnostics Market was valued at USD 2.4 billion in 2015 and is estimated to advance at CAGR of 9.5% in the forecast period.

Rising prevalence of HIV AIDS is a prime factor diving market growth. In 2016, approximately 36.7 million people were found to be living with the condition; out of these 1.8 million were new HIV infections. Since the start of the epidemic, an estimated 35 million people have died of AIDS related-conditions. This rapid increase in prevalence is expected to be observed in the coming years as well, thus propelling market growth.

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Favorable government policies will aid the HIV Diagnostics market growth. Policies such as surveillance, screening, and testing for HIV and AIDS, Prevention of Mother to Child Transmission of HIV (PMTCT) and Universal Infection Control Precautions have improved the services provided to the population. The governments worldwide are striving to create laws and strategies to improve HIV awareness and availability of treatment options. These factors will thus incite market growth.

Low penetration in undeveloped countries will act as a restraining factor for the market. In low and middle income countries, there is a greater shortage of high-quality, affordable and easily accessible care. This shortage arises mainly due to financial and geographic barriers. As long as these issues would not be met, there will be a huge gap in the supply and demand of HIV diagnostics solutions, further impairing the market growth.

Antibody test segment was the highest grossing segment in 2015 and is estimated to reach USD 1.5 billion by 2023. This may be accounted to the availability of tests that are accurate, sensitive and that offer early diagnosis andshort run times. Other factors such as widespread availability, technological advancements improving quality of tests as well as introduction of point of care diagnostics also contribute to the market presence and its subsequent growth.

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North America dominated the market in the year 2015 and was valued at USD 946 million. An estimated one million people are living with HIV in the U.S. and about one in seven people are unaware of their condition. The epidemic is fueled by declining use of condoms and increasing levels of injecting drug use. About 30% of newly transmitted HIV infections are from those individuals living with undiagnosed HIV. Thus, the country is focusing on increased access to HIV testing and counseling. In 2015, the Medicare coverage was expanded to include annual HIV testing for the beneficiaries, regardless of their risk; therefore driving significant growth in the market.

Major players in HIV diagnostics market include Abbott Healthcare, BD Biosciences, Beckman Coulter, bioMerieux, Alere, Janssen Diagnostics, PointCare Technologies., and Siemens Healthcare. The various strategies undertaken by these companies to maintain their market positions include new product launches, partnerships and collaborations with other players in the market as well as increasing R&D spending to facilitate organic growth. For instance, in July 2016, Alere received WHO prequalification for Alere HIV Combo that detects HIV-1/2 antibodies and HIV-1 p24 antigen in the human body. This will enable its availability for public sector procurement in resource-limited countries.

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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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