Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Infectious Disease Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 14, 2021 (GLOBE NEWSWIRE) -- The Global Infectious Disease Market is expected to grow at a CAGR of around 5.7% from 2020 to 2027 and reach the market value of over US$ 24.5 Bn by 2027.
The global infectious disease testing market will be dominated by North America. The United States is a developed economy with a well-structured healthcare system in North America. This has provided the country with improved access to diagnostic tests on the market. Diagnostic tests aid in the early detection of disease, which can aid in the spread of infectious diseases. As a result, there has been a decrease in the rate of infectious diseases over the years. However, the rate remains high, which is expected to aid the market's growth.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. In Asia-Pacific, demand for infectious diseases in-vitro diagnostics is driven by rapid population growth, increased awareness, and investments in healthcare infrastructure. The presence of major players in this region mitigates the market's global growth. The presence of developing economies with a high prevalence of infectious diseases and limited access to healthcare, such as China and India, is gradually increasing. The region's rising healthcare spending is expected to fuel the market for infectious disease in-vitro diagnostics.
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Market Dynamics
The growing geriatric population, technological advancements, and external funding for R&D can all be attributed to the growth. The increasing prevalence of infectious diseases is also fueling the market growth. Rising demand for POC testing is being driven by government support and rising consumer awareness of the benefits of faster diagnostics. Furthermore, the introduction of high-quality and low-cost medical solutions for lab automation could be a significant market driver. The drivers include an increase in the incidence of infectious diseases, as well as an increase in the demand for rapid diagnosis techniques. This also includes increased government funding and rising healthcare costs, which creates a variety of opportunities. The complex regulatory framework is one of the constraints.
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Segmental Outlook
The global infectious disease market is segmented based on product, technology, application, and end-user. Based on product, the market is segregated as instruments, reagents, and services. By technology, the market is segmented as immunoassay, molecular diagnostics, microbiology, and others. By application, the market is segmented as MRSA, streptococcus, clostridium difficile, VRE, CRE, respiratory virus, candida, TB and drug-resistant TB, gastro-intestinal panel testing, chlamydia, gonorrhea, HPV, HIV, Hepatitis, Hepatitis B, COVID-19, and others. Based on end-users, the market is segmented as point of care, central laboratories, and others.
Competitive Landscape
Some of the leading competitors are Becton Dickinson and Company, bioMérieux SA, Abbott Laboratories, Quidel Corporation, OraSure Technologies, Danaher Corporation, and among others.
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Some of the key observations regarding the infectious disease industry include:
- In March 2021, Becton Dickinson and Company announced a collaboration with Image mover a software platform that automates and simplifies medical data collection and management, to offer a companion mobile app that enables more streamlined reporting of SARS-CoV-2 antigen testing results performed on the BD Veritor™ Plus System at everyday testing locations, such as schools and businesses. The Image mover app is available immediately for BD "Veritor™ Plus System" While the BD Veritor™ Plus System has built-in functionality to allow for data sharing to electronic health records through the BD Synapsys™ Informatics platform, that functionality requires an information technology infrastructure common to diagnostic testing locations in health care facilities such as hospitals, doctor's offices, and urgent care centers.
- In November 2020, bioMérieux SA announced a new product launch namely, CLARION™, the infectious disease diagnostics software-as-a-service (SaaS) solution, is designed for labs and hospitals to provide critical infectious disease data and insights to support antimicrobial stewardship programs (ASP). It also provides much needed visibility to the value of diagnostics, such as Procalcitonin (PCT) testing, generated for healthcare systems.
- In April 2021, Quidel Corporation announced a partnership with Bay Area Lyme (BAL) Foundation to help heighten public awareness to this alarming health condition that afflicts as many as 400,000 Americans each year. Quidel is the nation’s leading developer of rapid Lyme disease testing.
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