Viral infections and pandemics have been exerting a significant economic cost burden on health care systems around the world. Despite development of new treatment paradigms for viral infections, infections such as the human immunodeficiency virus (HIV) and hepatitis have been responsible for numerous deaths globally. Health care providers are constantly engaged in the development of accurate and rapid diagnostic test kits for viral infections. There has been a gradual shift toward new techniques and methods of diagnosis of viral infections, including nucleic acid amplification test (NAAT), which have shown promising results with improved accuracy and reduced time of diagnosis. Clinical management of viral infections and efficient screening are two major pillars of viral infection management. There is an improved focus on efficient screening and diagnosis of viral infections for prevention of diseases and timely treatment. This has led to the development of new and advanced viral diagnostic test kits.
Rise in incidence of viral infections such as hepatitis, respiratory syncytial virus, and human immunodeficiency virus (HIV) worldwide is expected to boost the viral diagnostic test kits market. Moreover, outbreak of new viral infections in the recent past such as Ebola, hemorrhagic fever, and swine influenza a virus is driving demand for new and innovative virus diagnostic test kits across the world. According to the World Health Organization (WHO), in 2013, an estimated 35 million people were suffering from HIV, while an estimated 350 to 400 million people were carriers of the chronic hepatitis B virus in 2014. Furthermore, hepatitis B and hepatitis C viral infections are responsible for approximately 780,000 deaths and 500,000 deaths, respectively, each year globally. This is leading to a rise in demand for virus diagnostic test kits. Additionally, new techniques and recent developments in the methods applied for virus testing have led to the introduction of new rapid diagnostic test kits. This is projected to further fuel the expansion of the global virus diagnostic test kits market from 2018 to 2026. However, high price of new test kits is a major restraining factor for the adoption of these kits in emerging countries, which are currently relying on traditional and time consuming test kits for virus detection.
The global virus diagnostic test kits market can be segmented based on type, test, end- user, and region. Based on type, the global virus diagnostic test kits market can be classified into influenza test kits, hepatitis test kits, human immunodeficiency virus test kits, respiratory syncytial virus test kits, and others. In terms of test, the global virus diagnostic test kits market can be categorized into traditional tests (cell culture test, complement fixation test (CFT), Haemagglutination inhibition test, and others) and rapid tests (nucleic acid amplification test (NAAT), immunoassay test, next generation sequencing (NGS), and mass spectrometry). Based on end-user, the global virus diagnostic test kits market can be segmented into diagnostic & clinical laboratories, academic & research institutes, contract research organizations, and others.
In terms of region, the global virus diagnostic test kits market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. Introduction of new and rapid test kits, regulatory approvals for these kits, and rise in prevalence of viral infections among the general population are some of the major factors driving the virus diagnostic test kits market in North America in 2018. The market in Middle East & Africa is projected to expand at a comparatively higher CAGR from 2018 to2026, owing to a large patient pool suffering from viral infections, including HIV and other pandemic infections.
Key players operating in the global virus diagnostic test kits market are Abbott, Autobio, Certest Biotec S.L., CorisBioconcept SPRL, F. Hoffman La Roche, Ltd., VIDIA s.r.o, Hologic Inc., bioMérieux SA, and Quidel Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.