New York, Manhattan, June 21, 2023 (GLOBE NEWSWIRE) -- Market Overview:
According to the latest research report published by DataM Intelligence, the Global Infectious Disease Testing Products Market was valued at US$ 27.8 billion in 2022 and is projected to reach US$ 46.4 billion by 2030. The market is expected to exhibit a CAGR of 6.7% during the forecast period 2023-2030. The global infectious disease testing products market is segmented based on product, type of testing, end user and region.
North America is expected to contribute significantly to the market growth because of its sophisticated healthcare infrastructure and the presence of key players. Major players in the market include Co-Diagnostics Inc., Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, Becton, Dickinson and Company (BD), Bio-Rad Laboratories, Thermo Fisher Scientific Inc, Ortho Clinical Diagnostics, Chembio Diagnostic Systems, Abacus Diagnostics.
The growing need for quick and point-of-care testing is an important industry trend. Sensible Diagnostics, a Los Angeles-based business, claims to have built a tiny, low-cost sample-to-answer apparatus that can do PCR in 10 minutes in May 2023. The company plans to introduce its system and low-cost test cartridges in early 2024, first concentrating on infectious disease testing at the point of care.
Infectious disease testing products are diagnostic tools and materials used to identify and detect the presence of contagious agents in patient samples, such as bacteria, viruses, fungi and parasites. These devices are critical in diagnosing and managing infectious diseases because they allow healthcare providers to precisely identify the causative agents and select the best treatment choices.
The infectious disease testing products market is being driven by factors such as rising contagious disease prevalence, increased awareness and focus on early illness diagnosis, technical developments and innovations and the growth of Point-of-Care testing.
For example, Biotia, a health tech startup located in New York City, announced the debut of the GeoSeeq Watchtower System in March 2023. Using genetics, the initiative assists 12 organizations monitoring infectious disease hotspots to assess rising contagious disease risks and diagnose sickness early.
Market Drivers:
The global burden of infectious diseases is a major market driver. Infectious diseases, such as viral, bacterial and fungal infections, are becoming more common. Population expansion, urbanization, globalization and antibiotic resistance all contribute to an increase in infectious illnesses' prevalence, requiring reliable and effective testing tools.
For example, in May 2023, WHO and its partners announced the establishment of a worldwide network to protect people from infectious disease risks using the power of pathogen genomes. The International Pathogen Surveillance Network (IPSN) will serve as a platform for connecting nations and regions, enhancing systems for collecting and analyzing samples, leveraging this data to drive public health decision-making and globally disseminating that information.
Market Restraints:
Infectious disease testing products, especially modern molecular diagnostics and automated systems may be expensive. The high prices of these goods, including equipment, reagents and consumables, might make them unaffordable, especially in resource-constrained environments. Affordability may be a barrier to the broad adoption and accessibility of these testing tools.
High testing product costs may be passed on to patients, especially when people share healthcare expenses. This may strain patients financially, making it harder for them to get required infectious disease tests.
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Covid-19 Impact Analysis:
The worldwide need for testing tools to detect and monitor the COVID-19 epidemic was unparalleled. The increased demand for COVID-19 testing kits resulted from the necessity for comprehensive testing to identify affected persons, track contacts and execute necessary control measures.
The COVID-19 pandemic enticed new firms, including established players from other sectors, to join the infectious disease testing industry. Furthermore, bigger organizations purchased smaller diagnostic firms or created agreements to improve their COVID-19 testing portfolios.
Russia-Ukraine Conflict Analysis:
The confrontation between Russia and Ukraine might affect global supply chains, including manufacturing and delivering infectious disease diagnostic kits. Ukraine is a major manufacturer of medical equipment, especially diagnostics. Any interruption in the region's production capabilities, transportation infrastructure, or export operations might result in testing product shortages or delays across the globe.
Conflict circumstances may cause regulatory procedures and approvals to be delayed as government agencies and regulatory organizations concentrate on more pressing issues. This may influence the launch of new testing goods and the timely evaluation and approval of current devices, resulting in market uncertainty and slower innovation.
Recent Industry Developments:
- In May 2023, Appili Therapeutics Inc., a biopharmaceutical company focused on infectious disease and biodefense drug development, announced that the United States Patent and Trademark Office (USPTO) published patent claims for ATI-1501 under U.S. Application No. 18/072,154, titled "Oral Formulations of Metronidazole and Methods of Treating an Infection Using Same."
- In April 2023, Biosynex SA, a French industry leader specializing in creating and delivering quick tests, announced the completion of its purchase of Chembio Diagnostics, Inc., a leading infectious disease point-of-care diagnostics firm. Chembio is currently a subsidiary of the Biosynex Group. The combination of market prospects and the complementary nature of the technology and product range will be major growth drivers for the merged firm.
Segmentation Analysis:
As per the research analysis, the global infectious disease testing products market is segmented by product into test kits, consumables, assays and others; by type of testing into laboratory testing and point-of-care testing; and by end-user into hospitals, diagnostic centers, research laboratories and others.
Point-of-Care Testing Segment is Expected to Dominate the Market Share
The market for Point-of-Care testing will account for 52.6% of the total in 2022. POC testing tools have the benefit of delivering data quickly, frequently within minutes to hours. Because of the quick return time, healthcare practitioners may make timely treatment choices and take necessary steps, resulting in better patient outcomes.
Portable POC testing equipment and platforms have been developed due to technological breakthroughs. These small and mobile gadgets allow healthcare providers to conduct tests at the patient's bedside or in the field. The aspect of portability improves the versatility and accessibility of POC testing equipment.
Geographical Analysis:
The global infectious disease testing products market is segmented into North America, Europe, South America, Asia Pacific and Middle East & Africa.
North America Infectious Disease Testing Products Market:
North America holds the biggest market share over the projection period because of its sophisticated healthcare infrastructure and the presence of key players. In 2022, the area had a 38.7% market share for infectious disease testing products. North America has a well-developed healthcare infrastructure, including a large network of hospitals, clinics and diagnostic labs, which facilitates the adoption and deployment of infectious disease testing solutions.
Several key market participants in the infectious disease testing products sector are based in North America. These corporations have built strong distribution networks, great brand awareness and a diverse product range, contributing to their market domination.
Competitive Landscape:
The major companies contributing to the global infectious disease testing products market growth include Co-Diagnostics Inc., Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, Becton, Dickinson and Company (BD), Bio-Rad Laboratories, Thermo Fisher Scientific Inc, Ortho Clinical Diagnostics, Chembio Diagnostic Systems and Abacus Diagnostics.
Related Reports:
- Global Bacterial Infectious Diseases Therapeutics Market
- Global Respiratory Infectious Disease Diagnostics Market
- Global Point-of-Care Diagnostics Market
- Global STD Self-Diagnostics Market
- Global Urinalysis Testing Products Market
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The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
- Visualize the composition of the global infectious disease testing products market segmentation product, type of testing, end user and region, highlighting the key commercial assets and players.
- By Product: Test kits, consumables, assays and others
- By Type of Testing: Laboratory testing and point-of-care testing
- By End Users: Hospitals, diagnostic centers, research laboratories and others
- By Region: North America, Europe, South America, Asia-Pacific and Middle East and Africa.
- Identify commercial opportunities in the global infectious disease testing products market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
- Excel data sheet with thousands of the global infectious disease testing products market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players.
- The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.
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