HIV Diagnosis Market to Grow at a CAGR of 12.35% during 2022-2028; Increasing Prevalence of HIV Infection & Government Initiative to Eradicate HIV/AIDS will Drive Growth: The Brainy Insights
Increasing healthcare spending and rising awareness about HIV/ AIDS are driving the growth of the HIV diagnosis market in the North America region.
Pune, March 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global HIV diagnosis market is expected to grow from USD 2.59 billion in 2020 to USD 6.45 billion by 2028, at a CAGR of 12.35% during the forecast period 2021-2028.
HIV prevalence is increasing rapidly in almost every geographic region and becoming one of the major public health crisis in the world. As per the U.S. Department of Health & Human Service data, there were about 37.9 million people across the globe with HIV/AIDS. Approximately 1.7 million individuals in the world are newly infected in the year 2018. Around 79% of total infected people are aware of their HIV infection, and 21% of people are still needed to access the HIV testing service.
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HIV stands for human immunodeficiency virus, which causes AIDS (acquired immunodeficiency syndrome). The Centers for Disease Control and Prevention (CDC) recommends that people in between age 13 to 64 should get tested for HIV at least once as part of a routine health test. The HIV diagnosis refers to the method for detection of the virus in the body. Blood tests are the most common way to detect and diagnose HIV. HIV infection across the globe continue to be the major public health crisis. Thus, HIV diagnosis has become increasingly important to prevent further transmission of the disease.
Global HIV diagnosis market is witnessing a rapid growth owing to increasing demand for craft beer across the globe. In addition to his, growing disposable income of the people, further boosting the market growth. The growing shift towards the consumption of low alcohol or no alcohol beer is projected to offer various growth opportunities in the market. Increasing innovation in the beer product to gain a competitive advantage, also positively influencing the market growth of HIV diagnosis. However, stringent government regulation on HIV diagnosis and environment hurdle are some of the factors that may hamper the growth of the market over the forecast period.
Major players in the global HIV diagnosis market are Alere Inc., Abbott Healthcare, Abbvie Inc., Bristol-Myers Squibb, Janssen Therapeutics, Gilead Sciences, Merck & Co. Inc, B.D. Biosciences, Beckman Coulter, Partec, Sysmex, PointCare Technologies Inc., ZyomyxInc, Mylaninc., Roche Diagnostics, Siemens Healthcare, Qiagen, and bioMerieux among others. The key players of global HIV diagnosis market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.
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• In July 2018, Abbott Healthcare announced the launch of m-PIMA HIV-1/2 VL, the first viral load point-of-care test for the fast, accurate and easy-to-use test to manage HIV.
• In March 2020, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that Health Canada has approved CABENUVA (cabotegravir and rilpivirine extended release injectable suspensions), for the treatment of HIV-1 infection in adults.
The consumable segment accounted for the major market share in the global HIV diagnosis market and valued at USD 1.47 billion in the year 2020
The type segment is divided into consumables, instrument, and software and services. The consumable segment accounted for the major market share in the global HIV diagnosis market and valued at USD 1.47 billion in the year 2020. Increasing consumption of consumables such as assays, reagents, and kits are some of the factor driving the growth of the market.
Tests for early infant diagnosis is projected to grow at the highest CAGR of 12.6% over the forecast period
The technology segment includes antibody test, viral load tests, CD4 tests, tests for early infant diagnosis, and tests for viral identification. Tests for early infant diagnosis are projected to grow at the highest CAGR of 12.6% over the forecast period. Increasing risk of early infant death due to HIV infection is one of the key factor driving the growth of early infant diagnosis segment.
The home care setting is projected to grow at the highest CAGR of 12.9% over the forecast period
The end-use segment includes diagnostic laboratories, hospitals, blood banks, home care settings, others. The home care setting is projected to grow at the highest CAGR of 12.9% over the forecast period. The growth is mainly due to increasing preference for the home test kits for the HIV diagnosis to maintain privacy.
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Regional Segment Analysis of the HIV Diagnosis Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region accounted for the major market share of 39.56% in the year 2020. Increasing prevalence of HIV/AIDS in countries such as the U.S. and Canada is one of the key factors driving the growth of the market in the North America region. In addition to this, the presence of key market players in the region, further driving the growth of the market in the North America region. The Asia Pacific region projected to grow at the highest CAGR of 12.8% over the forecast period. The growth is owing to increasing awareness about HIV/ AIDS in countries such as India, China, and many Southeast Asian countries. Many governments across the region are taking the initiative to eradicate HIV/AIDS by launching new policies across the region, further boosting the growth of the market in the Asia Pacific region.
About the report:
The global HIV diagnosis market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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Source: https://www.globenewswire.com/news-release/2022/03/21/2406450/0/en/HIV-Diagnosis-Market-to-Grow-at-a-CAGR-of-12-35-during-2022-2028-Increasing-Prevalence-of-HIV-Infection-Government-Initiative-to-Eradicate-HIV-AIDS-will-Drive-Growth-The-Brainy-Ins.html
The Brainy Insights: HIV Diagnosis Market
HIV Diagnosis Market Size by Type (Consumables, Instruments, Software and Services), Technology (Antibody Test, Viral Load Tests, CD4 Tests, Tests for Early Infant Diagnosis, Tests for Viral Identification), End Use, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
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