HIV Diagnostics Market share is projected to reach USD 4.9 billion by 2023 As per the report by Global Market Insights, Inc. The rapidly increasing number of HIV-infected patients across the globe will prove to be a major factor influencing HIV diagnostics market. The product demand is likely to be augmented by the rising awareness among the governments of various countries regarding the growing prevalence of HIV infected diseases. Improvements in the healthcare sector have lately resulted in the availability of cost-effective and accurate diagnostic tests, which will undoubtedly stimulate HIV diagnostics industry size.
HIV-2 & Group O tests, HIV-1 screening tests, viral load tests, viral identification assays, HIV-1 confirmatory steps, CD4 test, and early infant diagnosis form the product landscape of HIV diagnostics market. The escalating development in point of care diagnostics across the globe is likely to favor the usage of CD4 and viral load testing. CD4 testing is, in fact, gaining popularity pertaining to its high sensitivity and accuracy, on the grounds of which HIV diagnostics industry size from CD4 will record an annual growth rate of 10.1% over 2016-2023. HIV diagnostics industry share from viral load testing, on the other hand, is slated to demonstrate a lucrative CAGR of 9.9% over the coming six years.
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Asia Pacific HIV diagnostics market is projected to record an annual growth rate of 10.7% over 2016 to 2023. Surging awareness among the populace regarding the benefits of diagnostic testing along with availability of modern healthcare facilities across this region will influence APAC industry growth positively.
North America HIV diagnostics industry generated a revenue of USD 946 million in 2015 and will exhibit considerable CAGR over the years ahead. The demand for point of care and portable tests is considerably increasing across this region, which is bound to fuel the business expansion. The continent is also adopting technologically enhanced diagnostic solution services on a large scale, which will eventually boost North America HIV diagnostics industry share. In 2015, U.S. dominated North America market share by covering 75% of the regional revenue, and is slated to depict significant growth ahead, owing to the implementation of favorable regulatory norms to control the growing number HIV/AIDS cases.
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Antibody tests accounted for the largest revenue share in HIV diagnostics market in 2015 and will surpass a revenue collection of USD 1.5 billion by 2023. The capability of the product to provide accurate and quick results will lead to its heavy deployment, favorably influencing the global landscape. Surging prevalence of HIV coupled with the growing adoption of antibody testing products will boost HIV diagnostics market demand.
Industry giants have been undertaking renewed efforts to collaborate with other major corporations for carrying out effective research activities and to implement advanced point of care tests with high specificity and sensitivity.
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