Global Virology Testing Market 2023

Global Virology Testing Market 2023

Description
The Global Virology Testing Market is poised for growth, with a projected increase from USD 12.48 billion in 2022 to USD 13.65 billion by 2029, reflecting a modest compound annual growth rate (CAGR) of 1.2% during the period from 2023 to 2029. Virology testing encompasses a range of diagnostic techniques employed to identify viruses, including cell culture, antibody detection, antigen detection, nucleic acid detection, gene sequencing, and hemagglutination assays.

The COVID-19 pandemic has significantly propelled market growth, primarily driven by the escalating number of cases and the emergence of new viral strains. In response, companies have introduced diagnostic tests and kits, expanding their product portfolios to meet the growing demand. Furthermore, collaborations between industry players and governments have played a pivotal role in driving market expansion, fostering innovation, and enhancing testing capabilities.

The prevalence of viral diseases, coupled with the continuous emergence of new pathogens, is expected to be a key driver for market growth. Additionally, the approval of new virology testing products by regulatory authorities will further contribute to market expansion, providing healthcare professionals with advanced tools for accurate and timely diagnosis.

However, it is important to note that stringent regulations governing virology testing may pose challenges for market players. Compliance with these regulations, including quality control measures and adherence to safety standards, requires significant investments and resources.

Market Segmentation
The market is segmented based on component, diagnostic technique, end user, and geography.

Segmentation by Component
Instruments
Assay Kits and Consumables

Segmentation by Diagnostic Technique
Molecular Diagnostics Method - PCR-based methods, NGS-based methods
Immunoassay-based Method
Mass Spectroscopy-based Method
Others

Segmentation by End User
Hospitals and Clinics
Diagnostic Laboratories
Others

Segmentation by Geography
North America - United States, Canada, Mexico
Europe - United Kingdom, Germany, France, Italy, Spain, and Rest of Europe
Asia-Pacific - China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific
Latin America - Brazil, Argentina, and Rest of Latin America
Middle East and Africa - GCC, South Africa, and Rest of Middle East and Africa

The PCR-based molecular diagnostic methods segment is expected to gain a significant market share. PCR methods are widely used for pathogen detection, including viruses, and have improved diagnostic testing by reducing time and increasing accuracy. The COVID-19 pandemic has further boosted the segment's growth, with RT-PCR being the preferred diagnostic method for COVID-19. Pharmaceutical and biotech companies are actively researching new molecules for COVID-19 treatment. Initiatives such as the launch of "ViraGen" in India and the development of a portable PCR molecular assay for monkeypox virus detection by Anitoa indicate the segment's growth potential.

The regional market has grown due to advanced diagnostic methods, healthcare spending, favorable policies, and advanced laboratories. The United States' R&D activities and viral infection cases, like influenza and HIV, have fueled demand for testing, leading to market growth. The virology testing market in the region is expected to continue growing.

Competitive Landscape
The virology testing market is fragmented and has many major players. Currently, a small number of these major players dominate the industry and hold significant market share. Some of the companies operating in this market include Abbott Laboratories, bioMerieux S.A., Bio-Rad Laboratories Inc., Cepheid Inc., DiaSorin S.p.A., F. Hoffmann-La Roche AG, Fujirebio Diagnostics Inc., Hologic Inc., Qiagen N.V., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Trinity Biotech plc, Vircell S.L., and others.

Recent Industry Developments
QuantuMDx Group Limited announced the launch of its Q-POC SARS-CoV-2, Flu A/B & RSV Assay in May 2022. This respiratory panel test is compatible with the Q-POC platform, providing rapid point-of-care testing capabilities in clinical and non-clinical settings.

In January 2022, InTec introduced the AQ+ Covid-19 Ag Rapid Test, an ultra-sensitive SARS-CoV-2 Rapid Antigen Test for professional use. This test enables healthcare professionals or laypersons to quickly and conveniently detect Covid-19, contributing to the ongoing efforts against the pandemic.

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