01 December 2020
Visiongain has published a new report on Virus Testing Diagnostic Kits Market Report 2021-2031: Forecasts by Test Type (DFA Tests, Lateral Flow Tests, RT-PCR, Agglutination Assays, Solid-Phase Assays, Others), Application (Influenza, Hepatitis, HIV, Measles/Rubella, Rotavirus, Others), End-user (Laboratories, Hospitals, Home-Care Settings, Academic Institutes), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). PLUS Analysis of Leading Virus Testing Diagnostic Kits Companies AND COVID-19 Recovery Scenarios.
The global virus diagnostic kits market size was valued at US$ xx million in 2020 and is anticipated to reach US$ xx million in 2026 while growing at a CAGR of xx% during the first half of the forecast period i.e. 2021 to 2026. The global market size is further projected to reach US$ xx million by 2031 at a CAGR of xx% from 2026 to 2031. The overall CAGR for the global virus diagnostic kits market is expected to be xx% from 2021 to 2031.
COVID-19 Impact on Virus Diagnostic Kits Market
At the global level, the COVID-19 epidemic has created an ongoing public health crisis. In the stage of deconfinement and social changes and beyond, diagnostic testing will remain a core pillar. The diagnostic industry is committed to contributing and collaborating with policymakers and other stakeholders to play its part in ensuring that the lives and health of people can be secured as the world continues to tackle the pandemic.
Growing Disease Burden
With the growing burden of rare diseases around the world, there has been a rise in the requirement for proper diagnosis as well as full proof treatment positions for various chronic diseases. With increasing awareness regarding symptoms of various terminal illnesses, the diagnosis rates have been improving in developing countries such as China, India, Japan, Brazil, and other southeast Asian countries. Despite the availability of technologically advanced equipment for diagnosis, a small amount of human error has been breaking the process. With this error, a noticeable amount of the patients remains undiagnosed at an early stage making the treatment complicated.
Growing Burden of Influenza to Fuel Demand for Virus Diagnostic Kits Market
Epidemics and pandemics of influenza have an enormous effect on the population and individuals. The weight and extent of the influenza burden vary with the patient's age and underlying health. The disease places a major burden on all people, but in high-risk patients (the elderly and those with some underlying medical conditions) hospitalization and care occur more often; patient populations are rising in size. The need to measure the burden of influenza has been intensified by escalating medical costs. In all such studies, the first step is to assess the prevalence of the disease; this is frequently under-reported for influenza, as the disease can be confused with other viral diseases. In addition to the direct costs of medical care, which derive mainly from absenteeism & loss of work efficiency, the indirect costs of influenza are high. Cost estimates for influenza have shown that in France, the United States, and Germany that indirect costs can be five to 10 times higher than direct costs. Other intangible influenza-related costs include reduced efficiency, which can improve response times, and adverse effects on patients' and their families' quality of life. In this sense, therefore the costs of interventions should be considered. The administration of vaccines is the primary solution to influenza prevention and its related costs. Although vaccinations are broadly successful, the greatest possible benefits are shown in high-risk populations, so vaccination is recommended for high-risk patients, their caregivers, and healthcare workers in several countries.
Some of the companies profiled in the report include Quidel Corporation, F. Hoffmann-La Roche, Alere Inc., Abbott, Thermo Fisher Scientific, Becton, Dickinson and Company, Luminex Corporation, Beckman Coulter, Inc., Cortez Diagnostics, and Bundi International Diagnostics.
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