Tuberculosis Testing Market to Be Worth US$3.18B by 2025 - Transparency Market Research
Global Tuberculosis Testing Market: Increasing Backing by Governments and Subsequent Approvals to Drive Growth of Market
Albany,NY, November 14, 2017 (Newswire.com) - There is an intense rivalry among the players operating in the global tuberculosis testing market. In order to stay ahead of their competitors the leading players in the market are now banking upon tactical business decision such as mergers and acquisitions. This has enabled the players to broaden their horizons into the newer and upcoming markets as well as helped them to diversify their product portfolio. Apart from the inorganic approach, the companies are investing heavily on the research and development activities to develop enhanced products. They are also benefitting from the initiatives and backing by different governments for research on treatment for tuberculosis.
Some of the key players in the global market for tuberculosis testing include names such as Abbott Laboratories, Becton, Alere Inc., F. Hoffmann-La Roche Ltd., Hain Lifescience GmbH, and Thermo Fisher Scientific Inc. among others. Recently, a new testing technology invented at Brandies University and developed further by Hain Lifescience GmbH detects tuberculosis pathogens and the vital antibiotic resistance inside three hours. This new technology is called PCR-based FluoroType MTBDR and has been developed into an in-vitro diagnostic product.
The global market for tuberculosis testing is expected to expand at a steady CAGR of 3.9% over the course of the given forecast period of 2017 to 205. At this rate, the overall valuation of the global market for tuberculosis testing is expected to reach a figure worth US$3.18B during the given period of forecast.
What Factors are Responsible in Augmenting Growth of Global Market for Tuberculosis Testing?
Tuberculosis or TB is a deadly disease which causes numerous deaths across the globe each year. As per a report by World Health Organization (WHO), nearly 10.4 million new incidents of tuberculosis occurred in the year 2015. Out of these, men comprised of nearly 56% of the total cases. Such alarming and huge numbers can be attributed of being one of the key factors responsible for augmenting the overall growth of the global tuberculosis testing market.
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The global market for tuberculosis market is expected to grow at significant pace over the coming years of forecast due to different factor such as first mover advantage to the manufacturers of tuberculosis testing kits, high return on the capital investments, increasing awareness among masses about risks of TB and ways to deal with it. In addition to this, local governments are also creating big campaigns about the awareness of tuberculosis testing along with help from several non-governmental organizations. Such factors are expected to considerably drive the overall growth of the global tuberculosis testing market.
The maximum demand for tuberculosis testing is from the hospital laboratories. The growth in the number of hospital labs can be associated with the low price tests available in such places. The physician’s personal labs segment is also important segment which is driving the demand for tuberculosis testing and thus helping in the growth of the market.
How does Asia Pacific Fare in Global Market?
Geographically, the global market for tuberculosis testing can be segmented into key regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these the Asia Pacific market is expected show most promising growth rate as well revenue generation owing to the increasing permissions for tuberculosis tests, government grants, tax credits, and fee waivers. The Asia Pacific market is expected to reach market valuation worth US$1.11 bn over the course of given forecast period with a CAGR of 4.9%. Other market such as Europe and North America are also expected to show steady growth during the given period of forecast due to presence of big name companies and solid medical healthcare infrastructure.
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Source: Transparency Market Research