May 11, 2020
According to the research report titled ‘HIV Diagnostics Market Size By Product , Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide HIV diagnostics market is expected to surpass USD 5 billion by the year 2024.
HIV diagnostics market is expected to expand owing to increased pervasiveness of HIV in consort with favorable regulatory scenario as well as reimbursement policies associated with HIV diagnostic devices. Easy accessibility to HIV tests and increasing utilization of HIV POCT (point of care tests) are also stimulating the industry outlook.
Growing demand for advanced and cost efficient technologies in prevailing clinical algorithms and laboratory networks are fostering the adoption rates of HIV diagnostic test kits across the globe. However, low penetration of HIV diagnostics in emerging economies owing to limited access to essential treatments may restrain the overall market growth.
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As per product type, antibody tests segment held 33% revenue share in 2017 and is expected to register significant growth during the forecast period. High occurrence of HIV and easy availability of various antibody tests including home tests for early diagnosis of HIV are fueling the segmental growth. Increasing awareness pertaining to regular blood tests is also contributing towards popularity of antibody tests across the globe.
Citing the regional scope, the U.S. HIV diagnostics industry was worth USD 876.8 million in the year 2017 and is poised to amass similar returns in the forthcoming years. Rising consciousness regarding early diagnosis of HIV, high concentration of key industry players and favorable regulatory scenario are swaying the business dynamics in the U.S.
Meanwhile, HIV diagnostics market in South Africa is expected to grow with a CAGR of 8.8% during 2018-2024. Awareness programs and other favorable government initiatives which promote HIV diagnosis are augmenting the regional outlook.
The prominent companies operating in global HIV diagnostics market are BD Biosciences, BioMérieux, Abbott, ChemBio Diagnostics, Beckman Coulter Biomedical, Hologic, Roche Diagnostics, Cepheid, Apogee Flow Systems, Qiagen, Alere, PointCare Technologies, Sysmex Partec, Merck and Siemens Healthineers among others.