WELLESLEY, Mass., Nov. 21, 2018 (GLOBE NEWSWIRE) -- Underestimating the risk of contracting the virus, lack of knowledge, and social stigma have led to a rise in HIV infections. In turn, educational campaigns to counter stigma and discrimination have increased. A new BCC Research study projects that by 2023, the global market for HIV diagnostics and therapeutics will be worth $27.1 billion.
Key strategies for effective HIV management include early diagnosis, rapid initiation of antiretroviral therapy, and viral load monitoring. Existing HIV therapies fail to address long-term adverse effects and effectiveness against drug-resistant HIV strains. From an estimated $22.0 billion in 2018, a five-year compound annual growth rate of 4.3% is projected, according to a newly updated report by BCC Research Diagnostics and Therapeutics for HIV: Global Markets.
The HIV diagnostics market is segmented into three major test types: antigen and antibody-based tests, CD4 tests and viral load tests. The antigen and antibody-based test segment is projected to hold a 55.3% share of the market in 2023.
Research Highlights
- The HIV pipeline is dominated by high-cost, oral, branded specialty medications. Only a few newly approved drugs are forecast to capture a leading share of the market.
- North America holds 46.2% of the global market for HIV therapeutics. Properly set regulations and reimbursement by healthcare insurance are drivers of growth in this region.
- Among test types, viral load testing is the fastest-growing segment, expected to expand by 9.7% during the forecast period.
“An increase in screening and awareness programs has raised the overall number of people getting tested for HIV,” the report notes. “To tackle the HIV/AIDS epidemic, several countries have initiated free diagnostic testing, mobile HIV/AIDS testing, HIV testing counseling and awareness programs in school.”
Single-Tablet Regimen Is Increasing In Popularity
The single-tablet regimen fixed-dose combination segment currently accounts for 36.2% of the global HIV therapeutics market; increased patient compliance has made this the preferred therapy for HIV. Fixed-dose combinations are increasingly preferred because they reduce dosing errors and lower the likelihood of the HIV virus becoming drug resistant. This class will grow by 4.9% to 2023, reaching $10.1 billion.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.