Market Overview:
HIV diagnostics tests help in detecting HIV in the blood and confirming the diagnosis. The tests are conducted on blood or oral fluid samples. They provide quick and accurate screening results.
The global HIV Diagnostics Test Market is estimated to be valued at US$ 4,263.62 mn or Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of POINT-OF-CARE (PoC) HIV diagnostics tests is a major trend driving the market growth. PoC tests are simple, portable diagnostic kits that do not require any specialized equipment or highly trained healthcare professionals. They provide on-the-spot HIV screening results within 30 minutes, thereby allowing rapid linkage to treatment. The development of third generation HIV diagnostics tests that can detect both antibodies and antigens is another key trend. These tests have significantly higher sensitivity during the early window period when conventional serology tests may not be able to detect the infection.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/hiv-diagnostics-market-422
SWOT Analysis
Strength: HIV diagnostics test kits are accurate and provide faster results to aid quicker clinical decision making. Robust government funding for HIV/AIDS programs boosts the market growth.
Weakness: High prices of advanced HIV diagnostics tests limit their adoption in low and middle-income countries. Stringent regulatory approvals delay new product launches.
Opportunity: Growing HIV incidence in developing regions presents an opportunity for market players. Technological advancements help develop multi-disease diagnosis in a single test.
Threats: Presence of alternative testing methods like polymerase chain reaction threaten market revenue. Unfavorable healthcare reforms and economic uncertainties in some countries pose challenges.
Key Takeaways
The global HIV diagnostics test market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing disease prevalence.
Regional analysis: North America dominates the global market and is expected to retain its dominance over the forecast period. However, Asia Pacific region is anticipated to grow at a fastest pace owing to growing patient pool, rising awareness and evolving healthcare infrastructure.
Key players operating in the HIV diagnostics test market are Abbott, Bio-Rad Laboratories, Inc., Hologic, Inc., Siemens Healthineers, Roche AG, Beckman Coulter Inc., OraSure Technologies, Inc., Becton, Dickinson and Company, Merck KGaA, Chembio Diagnostic Systems, Inc., Zyomyx Incorporation, Bristol –Myers Squibb, Janssen Pharmaceutica NV, QIAGEN N.V., and ViiV Healthcare Ltd.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
