Originally published on Technavio:Infectious Disease Diagnostics Market Analysis - North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast 2022-2026
Infectious Disease Diagnostics Market Forecast 2022-2026
The infectious disease diagnostics market share is projected to reach USD 13.94 billion from 2021 to 2026, with a growth momentum accelerating at a CAGR of 6.7%.
The infectious disease diagnostics market report provides insights into various market vendors, including Abbott Laboratories, Becton Dickinson and Co., Bio Rad Laboratories Inc.
Market: Key Drivers, Trends, and Challenges
The market growth is primarily driven by the increasing prevalence of infectious diseases, although challenges such as the availability of counterfeit drugs in developing economies may impede growth. Research analysts have examined historical data and identified key market drivers, along with analyzing the impact of the COVID-19 pandemic on the industry. A holistic analysis of the drivers aids in deducing end goals and refining marketing strategies for a competitive edge.
Key Driver
One of the significant drivers of global market growth is the increasing prevalence of infectious diseases.
Changing lifestyles leading to reduced immunity contribute to a rise in infectious disease outbreaks.
The pattern of infection incidence has evolved with the emergence of drug-resistant pathogens.
In 2020, according to the Joint United Nations Programme on HIV/AIDS data, 680,000 people worldwide died from AIDS-related illnesses.
Prevalence of meningococcal disease reduced due to licensed meningococcal vaccines available in the US since August 2020.
According to CDC data for 2021, the US sees almost 4,100 cases and 500 deaths annually due to meningococcal disease.
The expected growth in infectious diseases' prevalence will drive the market during the forecast period.
Significant Trend
A key infectious trend with a positive impact on the industry in the forecast period is the increase in mergers and acquisitions (MA).
Market vendors are focusing on inorganic growth to tap into rapidly growing markets like India, Brazil, China, and South Africa.
In August 2021, Sanofi S.A acquired Translate Bio Inc., a clinical-stage mRNA therapeutics company, for over USD 3 billion.
Key Challenge
A major challenge to global market growth is the availability of counterfeit drugs in developing economies.
Counterfeit products pose a challenge for global pharmaceutical manufacturers, costing them billions and negatively affecting brand reputation.
Counterfeit drugs provide a false sense of security to patients while endangering them with unknown contents.
Counterfeits are prevalent in low-income and developing countries due to insufficient regulations and manufacturing control.
In underdeveloped countries like India, Brazil, and Iran, the fear of stigma makes HIV patients buy antiretrovirals through unauthorized retailers.
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The infectious disease diagnostics market thrives on breakthrough technologies such as mass spectrometry and next-generation sequencing (NGS), enabling early diagnosis in healthcare settings. Point-of-care testing and molecular techniques offer cost-effective solutions, especially in emerging economies. Joint ventures and mergers facilitate the development of technologically advanced products and expand product lines. Regulatory guidelines and government-funded initiatives drive innovation, ensuring the accuracy of diagnostic tools. With a focus on detecting bacterial infections and sexually transmitted diseases, the market addresses the rising incidence of infectious diseases, emphasizing the importance of accurate and timely screening in centralized laboratories.
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