(PharmaNewsWire.Com, July 13, 2021 ) The global hepatitis test solution market is estimated to account for USD 2.66 billion in 2018 and is projected to reach USD 3.37 billion by 2023, at a CAGR of 4.9%.
Initiatives taken by government and non-government organizations, high burden of hepatitis worldwide, increasing number of blood transfusions & donations, and benefits offered by point of care instruments & kits are the major factors driving this market.
Collaborations, agreements, and partnerships remain at the center of the strategic growth initiatives adopted by most of the key players in the global hepatitis test solution market. Companies such as Abbott Laboratories, Roche Diagnostics, Bio-Rad, DiaSorin, Danaher, and Grifols have been focusing on this inorganic strategy to enhance their market presence. Players also adopted product launches, product approval, and acquisition as growth strategies.
Roche Diagnostics was the largest player in the hepatitis testing market. The company offers a wide range of test kits and systems. The firm mainly focuses on R&D investment and product launches & approvals. In 2017, the company invested ~13% of its total revenue in R&D to develop new product offerings. Geographically, the company operates in different countries across North America, Latin America, Europe, the Middle East, Africa, and Asia. Roche also focuses on collaborations to enhance its market presence.
Abbott Laboratories is an important player in the global hepatitis testing market. The company offers a wide range of products, including assays & reagents, systems, and informatics solutions & services. Abbott focuses on strengthening its position in the market by adopting organic strategies, such as collaborations, agreements, partnerships, and acquisitions. In 2018, the company entered into partnerships with pathology and research centers to expand its geographical presence across the globe.
Some other leading players in the global hepatitis test solution market include Bio-Rad (US), Siemens (Germany), DiaSorin (Italy), QIAGEN (Netherlands), Danaher (US), bioMérieux (France), and Grifols (Spain). These companies have well-established sales and distribution networks across the globe. They also make significant investments in R&D activities to develop innovative technologies and products. Focus on innovation plays an important role in this market.
Target Audience:
# Blood banks
# Pathologists and pathology laboratories
# Distributors of IVD products
# Research institutes
# Hospitals and clinics
# Healthcare institutions
# Group purchasing organizations (GPOs)
# Market research and consulting firms
Geographical Growth:
Geographically, the hepatitis test solution/diagnosis market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018 North America is expected to account for the largest share of the global hepatitis test solution/diagnosis market. The large share of the North America region is mainly attributed to factors such as the developed healthcare systems in the US and Canada, rising adoption of advanced technologies, and the presence of a large number of leading national clinical laboratories.
The APAC region is projected to grow at the highest CAGR during the forecast period. The growth of the hepatitis test solution/diagnosis market in this region is driven by the widespread prevalence of hepatitis infections, increased healthcare spending by a larger population base, and modernization of healthcare infrastructure.
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