Viral Disease Diagnosis Market

Viral Disease Diagnosis Market to be Worth US$ 30,046.1 Million by 2030

 

Reports and Insights has published a new report titled, Viral Disease Diagnosis Market: Opportunity Analysis and Future Assessment 2022-2030 By Type (Assays, Kits, & Reagents, Instruments. And Services & Software), By Virus Type (HIV infection, SARS-CoV, Respiratory syncytial virus (RSV), Influenza viruses, Hepatitis C virus, Hepatitis B virus, Hepatitis A virus, and Other viruses), By Technique (Rapid Antigen Detection Tests (RADTs), Multiplex PCR, Real-Time PCR, Reverse Transcription-PCR (RT-PCR), and Nested-PCR), By End User (Homecare, Diagnostic Centers, Nursing Homes, Hospitals, Clinics, and Laboratories), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, & Africa).

A recently published Reports & Insights report anticipates the global market for Viral Disease Diagnosis to flourish at a CAGR of 6.2% to reach US$ 30,046.1 Mn. Advances in clinical research and molecular diagnostic technology, and rising prevalence of COVID-19 and other viruses are anticipated to bolster the growth of the market in the coming years.

Viral disease diagnosis is an extremely essential step to mitigate the odds of epidemics and in order to provide treatment at the right time. The heavy load of viral diseases among the population persists to be a general concern across communities all around the world, majorly after the Covid-19 global pandemic. Having said that, the sudden outbreak of Covid-19 global crisis positively influenced the global viral disease diagnosis market. In order to support that, in accordance with the World Health Organization, as of 24th February 2022, there were roughly around 428,511,601 confirmed cases of COVID-19 infection across the world. Though diagnostics for SARS-CoV-2 screening are being developed in a constant manner in order to cater to the needs of markets with exclusive regulatory constraints.

Rising prevalence of COVID-19 and other viruses is expected to drive market growth

Over the forecast period, the rising prevalence of COVID, caused by the SARS-CoV 2 virus, is expected to drive market growth. This increases the demand for diagnostic kits for viral disease detection. Aside from that, there is an increasing demand for rapid tests that provide precise and accurate results in a short period. This serves as the market's driving force.

Thousands of people die each year due to various viral infectious diseases. Rabies, avian influenza, HIV-1, measles, enterovirus, poliovirus, coronavirus, and Metapneumovirus are some of the viral illnesses. As a result, global public health concerns have arisen. Some of the issues that require clinical prognosis for early detection of the infectious agent include common influenza, contagious infections, and severe pandemics. It is thus critical to identify viral pathogens to prevent transmission, use the necessary therapy, and monitor the therapy's effectiveness.

Key Takeaways from the Market Study

  • The viral disease diagnosis market is estimated to reach at a value of US$ 18,560.5 Mn by the end of 2022 and expected to reach at a value of US$ 30,046.1 Mn by 2030 with a significant CAGR of 6.2%.
  • The assays, kits & reagent product type segment in viral disease diagnosis market is expected to create an incremental opportunity of US$ 4,821.7 Mn during the forecast period
  • In 2022, the Rapid Antigen Detection Tests (RADTs) technique segment accounted for the largest market share and expected to grow at 6.5% CAGR during the forecast period.
  • The U.S. viral disease diagnosis market is expected to create an incremental opportunity of US$ 3,571.7 Mn during the forecast period
  • In 2020, the North America region accounted for the largest market share and expected to grow at a significant CAGR during the forecast period
  • Viral disease diagnosis market is expected to increase 1.6X times during the forecast period of 2022 to 2030

Competitive Landscape

Some of the key participating players in global Viral Disease Diagnosis market are Thermo Fisher Scientific, Adaltis S.r.l, R-Biopharm AG, Siemens Healthcare Private Limited, Toronto Bioscience, Merck KGaA, Abbott Laboratories, BioMérieux SA, Cepheid, Epitope Diagnostics Inc., F. Hoffmann-La Roche Ltd, and Becton Dickinson and Company

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