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Virology Testing Market Report 2024 - Virology Testing Market Insights And Opportunities
Virology Testing Market
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According to The Business Research Company's, The virology testing market size has grown strongly in recent years. It will grow from $5.05 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to emergence of new and complex viruses, increase in infectious disease outbreaks, expansion of healthcare infrastructure, growing awareness of the importance of early virus detection, expansion of point-of-care virology testing options.
The virology testing market size is expected to see strong growth in the next few years. It will grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to adoption of next-generation sequencing in virology, impact of climate change on the spread of vector-borne viruses, rise of mobile and at-home virology testing solutions, adoption of digital pathology in virology diagnostics, increasing use of big data analytics for virology surveillance. Major trends in the forecast period include technological advancements in molecular diagnostics, integration of artificial intelligence in virology testing, development of innovative biomarkers for virus detection, development of novel antiviral therapies and treatments, emphasis on sustainable and eco-friendly testing methods.
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Market Drivers and Trends:
The rising incidence of viral infections is expected to propel the growth of the virology testing market going forward. Viral infections are infectious diseases caused by viruses, microscopic infectious agents composed of genetic material (DNA or RNA) surrounded by a protein coat. Virology testing is essential for accurate diagnosis, surveillance, research, and public health preparedness. It enables the identification of viral pathogens, guides treatment strategies, tracks the spread of infections, and supports the development of new interventions. The increasing demand for virology testing stems from the need to manage viral infections and mitigate their impact effectively. For instance, according to the Texas Department of State Health Services, a US-based state agency of Texas, the number of reported varicella cases in Texas increased from 354 in 2021 to 348 in 2020. Therefore, the rising incidence of viral infections is driving the growth of the virology testing market.
Product innovation is a key trend gaining popularity in the virology testing market. Major companies operating in the virology testing market are innovating new products to sustain their position in the market. For instance, in November 2022, Sentinel CH. SpA, an Italy-based medical equipment manufacturing company, launched the SENTiNAT 200, a fully automated sample-to-result system, along with the STAT-NAT SN200 Real-Time PCR assays for quantitatively detecting ten viruses. The SENTiNAT 200 platform combines DNA and RNA extraction, PCR setup, and amplification and integrates two thermal cyclers and the FastFinder analysis software. It offers high throughput, automation, and flexibility for mid to large-throughput laboratories involved in viral infection diagnosis. The intuitive software and barcode reader reduce human error, while cloud-based data access allows for optimized reporting time and result control.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Thermo Fisher Scientific Inc., Abbott Laboratories, GlaxoSmithKline plc, Boehringer Ingelheim International GmbH, Siemens Healthineers AG, Eurofins Scientific SE, Agilent Technologies Inc., Grifols S.A., WuXi AppTec Co. Ltd., Hologic Inc., Sartorius AG, bioMerieux SA, Bio-Rad Laboratories Inc., Qiagen NV, Cepheid Inc, Eiken Chemical Co Ltd., DiaSorin SpA, Fujirebio Diagnostics Inc., Microbac Laboratories Inc., Trinity Biotech plc, Diamedix Corporation, Biospherix Ltd, Imquest Biosciences Inc, Novogene Co Ltd., Scienion AG, Vircell SL, Sequenom Inc.
Virology Testing Market 2024 Key Insights:
• The virology testing market size is expected to see strong growth in the next few years. It will grow to $7.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Surging Viral Infections Drive Growth In The Virology Testing Market To Enhance Need For Accurate Diagnosis
• Virology Testing Market Embraces Product Innovation For Enhanced Diagnostic Capabilities
• North America was the largest region in the virology testing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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