The global Diagnostic Testing of STDs Market is estimated to be valued at US$ 10.4 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic testing of STDs like HIV, Syphilis, Chlamydia and Gonorrhoea help identify the disease at an early stage. Regular diagnostic testing aids in timely treatment and prevention of further spreading of infection.
Market key trends:
Rising number of cases related to unprotected sex is leading to growth in the demand for diagnostic testing of STDs. According to WHO, every day more than 1 million STDs occur globally. Advancements in rapid diagnostic kits that provide results within 20-30 minutes are facilitating point of care testing and driving market growth. Growing awareness about benefits of early diagnosis and availability of affordable testing through government initiatives are some other key trends supplementing the market expansion.
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SWOT Analysis
Strength: The diagnostic testing of STDs market is driven by factors such as rising prevalence of STDs globally, favorable reimbursement for diagnostic testing, and availability of portable diagnostic testing kits.
Weakness: lack of awareness about STDs in developing countries, social stigma associated with STDs limits people from getting tested, and high costs involved in developing new diagnostic technologies.
Opportunity: Growth opportunities in emerging markets of Asia Pacific and Latin America due to increasing disposable income and growing awareness. Untapped rural areas also present profitable growth opportunities.
Threats: stringent regulatory framework for product approval and commercialization affects the time taken to launch new diagnostic tools. Intense competition among existing players threatens their market share.
Key Takeaways
The global diagnostic testing of STDs market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of STDs especially among youth populations in developing countries. As per CDC data, around 20 million new STD infections occur each year in the United States alone. Rising awareness campaigns by governments and NGOs are compelling more individuals to opt for diagnostic testing.
North America currently dominates the global market owing to robust infrastructure for diagnostic services, mandatory health screenings, and favorable reimbursement framework. However, the market is shifting towards Asia Pacific due to increasing healthcare expenditures, large patient pools, and growing adoption of advanced diagnostic technologies in major countries like China and India.
Key players operating in the diagnostic testing of STDs market are Vela Diagnostics USA Inc., Roche Holdings AG, Alere, Inc., Becton Dickinson & Company, bioMerieux, Danaher Corporation (Beckman Coulter), Hologic, Inc., binx health, Chembio Diagnostics, Pinpoint Science Inc., and bioLytical Laboratories. Major players are focusing on new product launches, geographical expansions, and mergers & acquisitions to strengthen their market presence.