Tuberculosis Testing Market foreseen to grow exponentially by 2025

In order to steal a march over their competitors, keen players in the global tuberculosis testing market are banking upon strategic acquisitions. It enables them to expand their outreach into new markets and diversify their product portfolio. Besides the inorganic route, companies are also spending on research and development to come up with better products. They are also seen lapping up opportunities offered by the government for research on tuberculosis testing.

Some of the prominent players in the global tuberculosis testing market are Becton, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Hain Lifescience GmbH, Hologic Inc., Abbott Laboratories, Alere Inc., Epistem plc, Cepheid, bioMérieux SA, Akonni Biosystems Inc., LIONEX Diagnostics & Therapeutics GmbH., Danaher Corporation, Creative Diagnostics, QIAGEN, and Oxford Immunotec Ltd.

As per a report by Transparency Market Research, the global tuberculosis testing market will likely expand at a tepid CAGR of 3.9% during the period between 2017 and 2025. Rising at this pace the market is projected to reach a value of US$3.18 bn by 2025.

Based on type, the global tuberculosis testing market can be segmented into chest x-ray, culture based tests, IGRA (interferon-gamma release assays), mantoux test (TST), nucleic acid testing (NAT), Xpert test, serological tests, smear microscopy, and other tests such as ADA, etc. Of them, the culture based tests held a leading share in 2016. In the years ahead too, the segment is expected to retain its dominant share vis-à-vis revenue. This is because it helps to diagnose and confirm active tuberculosis more accurately.

Geographically, the key segments of the global tuberculosis testing market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among them, Asia Pacific, at present accounts for maximum share in the market in terms of revenue. It is expected to hold on to its leading revenue share in the near future too by rising at a maximum CAGR of 4.9% from 2017 to 2025.

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Tuberculosis claims numerous lives annually. As per a WHO report, around 10.4 mn new tuberculosis incidents occurred in 2015. Men comprised almost 56% of that figure. Such alarming numbers have benefitted the global tuberculosis testing market.

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Adds the lead analyst of the TMR report, “The global tuberculosis testing market will likely expand at an incremental pace owing to different factors such as high return on investments, first-mover advantage to the tuberculosis test kits manufacturers, growing focus on awareness programs by the governmental and non-governmental organizations, and tax credits, and fee waivers offered by the government.”

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Hospital Laboratories Generate Maximum Demand

Currently, hospital laboratories generate maximum demand in the global tuberculosis testing market. The growth in the hospital laboratories can be attributed to the cost effective tests available in hospital laboratories. The physician's office laboratories segment is another key segment which is proliferating worldwide because of their cost effectiveness.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.