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Market Overview:
HIV diagnostic tests are utilized to detect infection with Human Immunodeficiency Virus (HIV) which causes AIDS. These diagnostic tests identify HIV infection in asymptomatic patients, allowing for early disease management. The major products in this market include Antibody Tests, Viral Load Tests, CD4 Count Tests, Tests for Early Infant Diagnosis, and Tests for Viral Identification.
The HIV Diagnostics Test Market is estimated to be valued at US$ 4,263.62 Mn 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 Dynamics:
The HIV Diagnostics Test Market is primarily driven by the growing prevalence of HIV across the globe. According to UNAIDS, around 38 million people were living with HIV globally in 2020. Moreover, rapid point-of-care testing technologies offer convenience and faster detection of HIV. These tests provide on-site HIV screening without the need for laboratory infrastructure or specialized equipment. They produce test results within 30 minutes and have high accuracy. Point-of-care tests are especially useful in resource-limited settings and allow for prompt diagnostic confirmation and linkage to treatment. Furthermore, self-testing kits enable individuals to test themselves in the privacy of their homes, addressing issues of stigma and expanding access to testing.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/hiv-diagnostics-market-422
Segment Analysis
The HIV diagnostics test market is dominated by blood screening segment. This segment accounted for more than 45% share of the total market in 2022. Blood screening tests are extensively used for detection of HIV antibodies and antigens in blood samples. These tests are highly sensitive and specific. The segment is expected to continue its dominance over the forecast period owing to rising utilization of blood screening tests in blood banks to detect HIV infection among blood donors.
PEST Analysis
Political: Regulations regarding obligatory screening and testing for HIV/AIDS in many countries are fueling the market growth. However, stigma associated with the disease in certain regions can hamper it.
Economic: Rising healthcare expenditure, growing awareness about early diagnosis, increasing number of blood donation drives are some key economic factors supporting the market expansion.
Social: Changing attitudes and focus on HIV/AIDS management are positively impacting the adoption of diagnostic tests. However, social stigma still remains a challenge in some areas.
Technological: Technological advancements in rapid diagnostic kits, self-testing technologies, and home-based sample collection have enabled easier, faster, and non-invasive testing. Introduction of combination detection kits is also augmenting the market.
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 adoption of rapid testing and increasing awareness about early diagnosis.
The North America region dominates the market and is expected to continue its dominance over the projected timeframe. This can be attributed to rising incidence of HIV infection, established healthcare infrastructure, availability of advanced diagnostic technologies, and favorable reimbursement policies in the region.
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. These players are focusing on new product launches, partnerships, and geographical expansion to increase their market share.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
