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Rabies Diagnostics Global Market is Booming Across the Globe and Witness Huge Growth By Key Players To 2033 | The Business Research Company
Rabies Diagnostics Global Market
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According to The Business Research Company's, The rabies diagnostics market size has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to globalization and travel patterns, one health approach adoption, regulatory standards development, advancements in animal testing, environmental influences.
The rabies diagnostics market size is expected to see strong growth in the next few years. It will grow to $2.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing rabies incidence, environmental impact, cost efficiency, research and development, surveillance needs. Major trends in the forecast period include government initiatives and vaccination programs, globalization and travel, one health approach, public health concerns, remote and point-of-care diagnostics.
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Market Drivers and Trends:
The increasing urbanization is expected to propel the growth of the rabies diagnostics market going forward. Urbanization refers to the process by which rural areas become urbanized as a result of economic development and industrialization. Rabies diagnostics play a crucial role in urbanization by facilitating the timely detection and control of rabies outbreaks in densely populated urban areas, ensuring public health and safety. For instance, in April 2023, according to the World Bank Group, a US-based bank, reported that currently, more than half of the global population resides in urban regions. By 2045, this urban population is projected to surge to 6 billion, marking a 1.5 times increase. Therefore, the increasing urbanization is driving the growth of the rabies diagnostics market.
Product innovation has emerged as a key trend gaining popularity in the rabies diagnostics market. Innovation and development of efficient testing techniques in the field of analytical chemistry designed to provide accurate and cost-effective analytical solutions are being adopted by pharmaceutical manufacturers all around the globe. These testing products are efficiently integrated into the regular sample testing process. For instance, in May 2022, Bio-Rad Laboratories Inc., a US-based developer, and manufacturer of specialized technology products launched the CFX Duet Real-Time PCR system, a clinical diagnostic device designed to aid researchers in the development of singleplex and duplex quantitative PCR (qPCR) tests. The unique features of the product provide improved thermal performance, as well as a patented, precise optical shuttle system and thermal gradient functionality for optimization.
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Major Key Players of the Market:
Bio-Rad Laboratories Inc., The Merck Group, Aviva Systems Biology Corporation, Creative Diagnostics, Demeditec Diagnostics GmbH, Abbexa Ltd., Norgen Biotek Corp., BioNote Inc., Express Biotech International Inc., MyBioSource Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Agilent Technologies Inc., Fluidigm Corp., Bio-X Diagnostics S.A., Fujirebio Diagnostics Inc., Gold Standard Diagnostics Corp., Heska Corporation, IDEXX Laboratories Inc., InBios International Inc., KHB Shanghai Kehua Bio-Engineering Co. Ltd., Meridian Bioscience Inc., MP Biomedicals LLC, Neogen Corporation, Randox Laboratories Ltd., SDIX LLC, Sigma-Aldrich Corporation, Virbac Animal health Pvt. Ltd., Zoetis Inc.
Rabies Diagnostics Market 2024 Key Insights:
• The rabies diagnostics market size is expected to see strong growth in the next few years. It will grow to $2.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Increasing Prevalence Of Rabies Propel The Growth Of The Market For Rabies
• Product Innovation In Rabies Diagnostics Market
• North America was the largest region in the rabies diagnostics market in 2023
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