The global Infectious Disease Diagnostics Market is valued at USD 14,725.7 million in 2017 and is expected to grow at CAGR of 5.6% to USD 19,351.3 million by 2022 during the forecast period. The infectious disease diagnostics market is mainly driven by factors such as the increasing global prevalence of infectious diseases, the shift in focus from centralized laboratories to decentralized point-of-care testing, and growth in funding for research on infectious disease diagnostics. Advances in genomics and proteomics, growing awareness about personalized medicine, and growth opportunities in emerging markets are expected to present opportunities for players in the market. On the other hand, inadequate reimbursements and rising healthcare costs limiting the use of novel diagnostic techniques are expected to limit market growth during the forecast period.
Advances in genomics and proteomics
The Human Genome Project and advances in molecular and biomedical technologies have generated vast amounts of data, which have resulted in the development of a multitude of assays and technologies useful for the diagnosis and management of various infectious diseases. These new technologies, based on genomic techniques (such as PCR) and proteomics (such as microarray-based detection), help in the discovery of new bacteria and viruses. They also enable better surveillance and rapid diagnosis of infectious diseases.
These advanced technologies developed through the combined efforts of pharmaceutical research companies, the medical community, and government agencies can help combat the threat posed by influenza infections in the coming years.
Growth opportunities in emerging markets
Developing economies such as India, China, South Korea, Brazil, Turkey, Russia, and South Africa are expected to offer potential growth opportunities for the major players operating in the infectious disease diagnostics market. This can be attributed to the high disease prevalence, large patient population, improving healthcare infrastructure, increasing disposable income, and growing medical tourism in these countries.
The incidence of chronic diseases has increased significantly in these countries. According to UNAIDS Data 2017, ~1.8 million new cases of HIV infections were reported in Asia Pacific, Latin America, the Caribbean, and Africa. According to the WHO Malaria Report 2016, there were 212 million new cases of malaria worldwide in 2015 (range 148–304 million) with the African region accounting for most of the global cases of malaria (90%), followed by Southeast Asia (7%). The huge untapped market in these countries can be targeted with cost-effective clinical laboratory procedures, along with conventional infectious disease diagnosis.
These markets are expected to witness moderate growth in the forecast period, primarily due to the increasing spending power, growing healthcare awareness, and implementation of favorable government initiatives. For instance, China is the world’s second-largest investor in R&D with an expected spending of USD 396.3 billion in 2016.
Moreover, as the markets in the US and Europe are reaching maturity, a majority of players are expected to shift their focus to emerging markets. Heavy investments in healthcare and life science research in emerging markets will also play an important role in upgrading the laboratory infrastructure in these countries. This, in turn, is expected to increase the installation base of diagnostic systems in laboratories in these countries.
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This post was originally published on Space Market Research