Global HIV diagnostics market size was $2400 million for 2015 and is predicted to register CAGR of 9.5% during the forecast period. Due to technological innovations in disease diagnostic tests and rapid development of CD4, EID and P24 tests, the global industry is predicted to record an enhanced growth during forecast period.
Simple amplification based assay - a blood diagnostic kit created by Cambridge university scientists received the “Popular Prize “at European Inventor award ceremony held on June 9, 2016 by European patent office. This kit can identify ailments like hepatitis B and HIV within less than 90 minutes by taking blood sample of the patient. The test cost only $17 and is same as pregnancy test where one stripe is positive and second is negative. This kit was used to test 40,000 persons for HIV in rural Africa. According to Helen Lee, who headed the team of Cambridge university researchers to develop the device, said that just a single drop of blood sample helps in detecting and treating the ailments in rural areas.
Thailand has become the first Asian nation to eradicate mother to child HIV transmission as per WHO reports achieving a greater milestone in its fight against the dreaded disease. Describing the eradication as an outstanding achievement, WHO said that Thailand was the first nation with large HIV endemic to assure an AIDS free population. This pronouncement is a boost for Thai health workers who have changed the country from one of the Asia’s most HIV ravaged communities to pin up the problem of efficiently handling the disease. According to WHO, routine screening tests conducted for HIV infected pregnant women along with free medication facilities in the country played a key role in preventing transmission of HIV virus from mother to child. The global HIV diagnostics market is segmented into key geographical regions including North America, Asia Pacific, Latin America, Europe and MEA.
North America accounted for biggest revenue share of global HIV diagnostics market for 2015 contributing about $946 million to the total revenue. The factors attributed to the growth of the industry were presence of technologically modernized healthcare support, favourable compensation policies and comparatively high spending on healthcare research activities. The region is predicted to experience enhanced industry demand during the forecast period owing to technological development of portable diagnostic tests.
Asia Pacific HIV diagnostics market is predicted to grow rapidly during forecast period owing to heavy industry demand from countries like China and India and a large percentage of population affected by HIV. It is projected to register a CAGR of 10.7% due to improved healthcare services and growing levels of consciousness about the disease amongst the population of the region.
Key industry players profiled in the report include:
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Written By : Dhananjay Punekar