Viral Diagnostic Test Kits Market Size, Share Analysis, Trends And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Viral Diagnostic Test Kits Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The viral diagnostic test kits market size has grown strongly in recent years. It will grow from $15.07 billion in 2023 to $16.26 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing healthcare expenditure, increasing global travel, a rise in chronic viral infections, a rise in demand for home testing kits, and growth in personalized medicine.

The viral diagnostic test kits market size is expected to see strong growth in the next few years. It will grow to $22.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing ebola virus infections, increasing hemorrhagic fever, rising prevalence of viral infections, increasing prevalence of respiratory syncytial virus, and increasing prevalence of hepatitis. Major trends in the forecast period include technological advancements, point-of-care testing, AI and data analytics, integration with digital health records, and next-generation sequencing.

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Market Drivers and Trends:

The rising prevalence of viral infections is expected to propel the growth of the viral diagnostic test kits market going forward. Viral infections are caused by microscopic viruses that invade host cells, replicate within them, and can lead to a broad spectrum of symptoms ranging from mild to severe across different body parts. The incidence of viral infections is increasing due to global travel, urbanization, climate change influencing vector-borne diseases, and evolving viral strains that can cause new outbreaks or expand into new geographical regions. Viral diagnostic test kits are instrumental in identifying and confirming the presence of specific viral infections in patients by detecting viral nucleic acids (RNA or DNA), antigens, or antibodies in biological samples such as blood, saliva, or nasal swabs. For instance, according to the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, in 2022, there were 2,126 new cases of acute hepatitis B reported, alongside 16,729 newly reported cases of chronic hepatitis B. Further, in the period, 14 jurisdictions in the US reported rates of acute hepatitis B higher than the national average in the United States. Therefore, the rising prevalence of viral infections is driving the growth of the viral diagnostic test kits market.

Major companies operating in the viral diagnostic test kits market are developing innovative products, such as rapid diagnostics tools, to sustain their position in the market. Rapid diagnostics tools refer to diagnostic tools and tests designed to quickly and accurately detect various medical conditions, including infectious diseases, metabolic disorders, and other health conditions. For instance, in July 2021, Abbott Laboratories, a US-based medical device company, launched the Panbio COVID-19 Antigen Self-Test Kit to detect the SARS-CoV-2 virus in adults and children in India. This self-test kit offers a quick and convenient way to detect COVID-19, delivering reliable results in just 15 minutes. The test is easy to use, requiring only a nasal swab, and includes clear instructions to ensure accurate self-administration. It aims to support public health efforts in controlling the spread of COVID-19, empowering individuals with a tool for timely diagnosis and immediate action.

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Major Key Players of the Market:

F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson and Company, Quest Diagnostics Incorporated, Grifols S.A., Hologic Inc., PerkinElmer Inc., bioMérieux SA, Quidel Corporation, Sysmex Corporation, Bio-Rad Laboratories Inc., QIAGEN N.V., Ortho Clinical Diagnostics, Myriad Genetics Inc., Seegene Inc., OraSure Technologies Inc., Meridian Bioscience Inc., DiaSorin S.p.A., Trinity Biotech plc, Biodesix Inc.

Viral Diagnostic Test Kits Market 2024 Key Insights:

• The viral diagnostic test kits market size is expected to see strong growth in the next few years. It will grow to $22.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Prevalence Of Viral Infections Propels Growth Of Viral Diagnostic Test Kits Market
• Innovative Rapid Diagnostics Drive Market Leadership In Viral Diagnostic Test Kits
• North America was the largest region in the viral diagnostic test kits market in 2023

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This release was published on openPR.