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Hepatitis C Testing market Size, Share
PORTLAND, OR, UNITED STATES, September 4, 2024 /EINPresswire / -- The global hepatitis C testing market , valued at $1.3 billion in 2021, is on a promising trajectory, projected to reach $2.3 billion by 2031. This growth translates to a compound annual growth rate (CAGR) of 5.3% from 2022 to 2031. Hepatitis C, a
viral infection known for causing liver inflammation and potential severe liver damage, primarily spreads through contaminated blood. With the increasing incidence of hepatitis C infections and advancements in testing technologies, the demand for hepatitis C testing is set to surge.
Key Market Players
.Meril Life Sciences Pvt. Ltd.
.Cosara Diagnostics Pvt Ltd
.Thermo Fisher Scientific Inc
.Illumina Inc
.Abbott Laboratories
.Molbio Diagnostics Pvt. Ltd.
.BIO-RAD laboratories Inc
.Trivitron Healthcare
.PerkinElmer
.Qiagen N.V.
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Rising Prevalence and Testing Requirements
According to the World Health Organization (WHO), as of June 2022, an estimated 58 million people globally are living with chronic hepatitis C virus (HCV) infections, with approximately 1.5 million new cases reported annually. The increase in blood transfusion and donation rates has contributed to a higher prevalence of hepatitis C, making hepatitis testing a critical requirement for blood banks. Mandatory testing for HCV before blood transfusions ensures the safety of blood supplies and prevents the spread of the virus.
Technological Advancements Driving Market Growth
Technological innovations play a pivotal role in expanding the hepatitis C testing market. The introduction of new testing methodologies, such as Roche's Elecsys HCV Duo, a dual antigen and antibody diagnostic test launched in July 2022, reflects the ongoing advancements in the field. The development of more sophisticated, cost-effective testing solutions is fostering growth, driven by increased research and development (R&D) activities aimed at combating hepatitis C.
Expansion of Diagnostic Facilities
The growth of the hepatitis C testing market is also attributed to the increase in the number of diagnostic centers and blood banks worldwide. Regulatory organizations, including the WHO, have established guidelines mandating the screening of blood donations for infectious diseases such as hepatitis C. This regulatory framework encourages the establishment of more diagnostic facilities, thereby increasing testing capacity and accessibility.
Healthcare Expenditure and Infrastructure Development
The rise in healthcare expenditure globally has further bolstered the hepatitis C testing market. In the U.S., health spending increased by 9.7% in 2020, reaching $4.1 trillion. Government initiatives aimed at improving healthcare infrastructure, coupled with the expansion of private hospitals and medical tourism, contribute to increased access to hepatitis C testing services. Medical tourism, in particular, offers affordable healthcare options, encouraging more individuals to seek necessary testing.
Market Segmentation Insights
The hepatitis C testing market is segmented based on technique, test type, and end user:
1.Technique: The market is divided into immunoassays and polymerase chain reaction (PCR) tests. The immunoassay segment dominated in 2021 and is expected to maintain its lead, while the PCR segment, particularly real-time PCR, is anticipated to witness significant growth due to advancements and increased prevalence of infectious diseases.
2.Test Type: Antibody tests accounted for the largest market share in 2021, driven by advancements in testing technology. However, the viral load test segment is projected to experience robust growth as healthcare spending increases and the incidence of infectious diseases rises.
3.End User: The hospital and diagnostic laboratory segment led the market in 2021, spurred by the increasing number of laboratories and government initiatives to enhance healthcare services. Meanwhile, the blood bank segment is set for notable growth due to rising blood transfusion demands.
Regional Market Analysis
North America dominated the hepatitis C testing market in 2021, driven by high chronic disease incidence rates, advanced healthcare infrastructure, and the presence of key industry players. However, the Asia-Pacific region is expected to experience significant growth, supported by an increasing incidence of infectious diseases, improvements in healthcare infrastructure, and a substantial population base.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.