Cytology and HPV Testing Market is Expected to Grow to US$ 10.5 Billion by 2024
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"Considering that the shares of the overall industry of the first and second place organizations obliging the demand for HPV testing are fairly close, up and coming endorsements for novel screening tests are probably going to significantly affect their position in the market," states a TMR analyst. For instance, the 2014 endorsement of Roche's cobas HPV test by the U.S. Food and Drug Administration (FDA) has brought about the upsurge of the organization's piece of the pie from what it was two or three years back. Likewise, Becton Dickinson and Hologic hold a collaborative share of around 89% in the cytology testing market at present. The companies in the overall HPV and cytology testing market are currently depending on collaborations and expansions for retaining their dominance over the market over the years ahead.
The global market for cytology and HPV testing is likely to rise at a CAGR of 2.9% from 2016 to 2024. In 2015, the market was worth US$7.9 bn and is likely to touch a valuation of US$10.5 bn by the end of 2024. In the market for cytology testing, the dominant segment is likely to be of cytology testing services and in the segment of HPV testing, the leader will be HPV testing services. These segments are likely to maintain their reign over the market over the years ahead. Region-wise, the market is likely to be led by North America expanding at a CAGR of 3.3% over the course of the forecast period.
The taking off frequency of HPV diseases and cervical cancer is likely to be credited to a few hazard factors, including the debilitating of the immune system because of ailment and a high number of sexual accomplices. Innovative progressions in healthcare and developing mindfulness among the people across the globe are likewise promising individuals to settle on high-precision demonstrative tests. Driven by these variables, the HPV testing market is relied upon to develop at a speedy rate over the years ahead. The growing significance of early diagnosis and detection options is also likely to play a key role in the growth of the market over the coming years.
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The developing frequency of cervical growth and also HPV diseases is the absolute most vital factor driving the interest for cytology and HPV testing. The quantity of new instances of cervical disease and rising number of deaths coming about because of this interminable condition have impelled patients to decide on early recognition and analysis techniques. The ascent in mindfulness about the business accessibility of screening tests has driven the reception of cytology testing. The high frequency rate of HPV contaminations and developing knowledge in regards to the risk that these diseases posture to the invulnerable framework have energized HPV testing and Pap spread screening.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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