Yahoo Finance At 6.2% CAGR, Viral Disease Diagnosis Market Size to Reach US$ 30,046.1 Mn by 2030| Rising Prevalence of COVID-19 and Advances in Clinical Research and Molecular Diagnostic Technology is Expected to Drive Market Growth
According to the WHO, 1.5 million new infections occur worldwide each year. This increase in infection rates will directly benefit the viral diagnostic market.
Brooklyn, New York, July 04, 2022 (GLOBE NEWSWIRE) -- 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). According to Reports & Insights report, the global market for Viral Disease Diagnosis to flourish at a CAGR of 6.2% to reach US$ 30,046.1 Mn by 2030. 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.
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Viral Disease Diagnosis Introduction
Viruses or infectious substances can be perceived as extremely tiny or minute organisms that are composed of genetic material and have the potential to induce infection into the human body. These viruses trespass, occupy and attach themselves to a host cell, thus terminating or changing the function of that cell. As a result, such activity causes an infection in the human body. Notably, there are a number of ways by which viruses can be transported, for instance, any kind of contact with an already infected person, or unsafe intercourse. The inadequate personal hygiene is also likely to increase the chances of virus infection.
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.
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Advances in Clinical Research and Molecular Diagnostic Technology is Expected to Drive the Viral Molecular Diagnosis Market
The primary challenge for virus detection changes in the viral genome. As a result, diagnosis becomes more difficult. As a result, new microarray techniques and rapid tests are emerging. Increased research and development for virus detection are expected to drive global virological diagnosis. According to the WHO, 1.5 million new infections occur worldwide each year. This increase in infection rates will directly benefit the viral diagnostic market.
Furthermore, with the reduction of detection time and the selection of effective treatment methods, the development of rapid and accurate detection and testing has aided market growth. Furthermore, the increased awareness of viral infections and the availability of diagnostic tests for viral infectious diseases are expected to drive the viral molecular diagnostics market.
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
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Viral Disease Diagnosis Market Segmentation
The global viral disease diagnosis market is segmented on the basis of technique, product, virus type, end use, and region
By Technique
Polymerase Chain Reaction (PCR)
Rapid Antigen Detection Tests (RADTs)
Multiplex PCR
Real-Time PCR
Reverse Transcription-PCR (RT-PCR)
Nested-PCR
By Product
Assays, Kits, & Reagents
Instruments
Services & Software
By Virus Type
HIV infection
SARS-CoV
Respiratory syncytial virus (RSV)
Influenza viruses.
hepatitis C virus
hepatitis B virus
hepatitis A virus
Influenza A and Influenza B viruses
By End-Use
Homecare
Diagnostic Centres
Nursing homes
Hospitals
Clinics
Laboratories
By Region
North America
Latin America
Asia Pacific
Europe
Middle East
Africa
Viral Disease Diagnosis Market Key Players
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
Becton Dickinson and Company
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