Reports and Insights (R&I) has published a new report titled, “Rabies Diagnostics Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Rabies Diagnostics Market, by Diagnostic Method (Fluorescent Antibody Test, Immunohistochemical test, Amplification methods, Histologic examination, and Serology tests), by Technology (ELISA/Immunohistochemistry, Chromatography techniques, PCR, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global rabies diagnostics market in 2020 is estimated for more than US$ 1.7 Bn and expected to reach a value of US$ 2.3 Bn by 2028 with a significant CAGR of 4.2%.
As per the report, the growing prevalence of rabies and the elevating numbers of stray dogs along with the favorable government initiatives & laws are likely to favor the market growth. In addition, the presence of research funding programs and growing Neglected Tropical Diseases (NTDs) also supports business growth.
Mounting strategic collaborations among market players with numerous organizations for the invention of novel detection assays further positively impact the growth of the Rabies diagnostics market. For instance, the partnership of all the international governmental organizations like the World Organization for Animal Health (OIE), the Global Alliance for Rabies Control (GARC), the World Health Organization (WHO), and the Food and Agriculture Organization of the United Nations (FAO) to establish The United Against Rabies Collaboration serves to be a milestone in increasing the market growth during the forecast years.
Another milestone of this market is established by the Centres for Disease Control and Prevention (CDC) with the development of LN34, an innovative rapid rabies test kit that can be used for the early detection of rabies. This innovative rabies diagnostic tool can be used without any high-tech lab or trained personnel. Thus, the development of such diagnostic or test kits further elevates the growth of this market. On the contrary, the rising awareness about the rabies vaccination coupled with the expensive cost of PEP is likely to restrict the market growth.
However, the emerging rabies infection-related deaths in the ASEAN region and the increasing investment in the research and development activities of effective rabies diagnostic tools will offer lucrative opportunities in the coming future.
Furthermore, Reports and Insights (R&I) Study identifies that rabies is an acute viral disease that is capable of affecting the nervous system directly. The main cause of this disease is the rhabdovirus that is capable of transmitting through the bite of a rabid animal. The facts unleased by the World Health Organization (WHO) stated that rabies is the cause of 60,000 deaths in more than 150 countries across the globe. Among these, 95% of cases are registered in emerging nations like Asia and Africa.
The rabies diagnostics market is primarily driven by the rising awareness among the citizens about the risk of the virus along with the participation of many NGOs that take charge to control the disease in developed nations.
R&I Study identifies some of the key participating players in the Rabies diagnostics market globally are Abbexa Ltd., Aviva Systems Biology Corporation, BioNote, Inc., Bio-Rad Laboratories, Inc., Creative Diagnostics, Demeditec Diagnostics GmbH, Express Biotech International Inc., Merck KGaA, MyBioSource.com, and Norgen Biotek Corp.
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