HIV Diagnostics Market size to exceed $720mn by 2028

HIV Diagnostics Market size is set to surpass USD 720 million by 2028, according to a new research report by Global Market Insights Inc.
 

Increase in the number of blood transfusions and blood donations around the world will drive the industry expansion. Hence, large number of individuals get HIV with a single blood transfusion resulting in a higher demand for HIV diagnosis prior any blood transfusion.
 

Furthermore, increasing government investment for development of effective diagnostics kits to detect HIV patients effectively. International medicines financing mechanism UNITAID has planned to invest approximately USD 140 million to evaluate POC HIV diagnostic and monitoring technology in seven African countries.
 

Advancement in point of care HIV testing will further augment the business landscape. There has been tremendous advancement in the HIV diagnoses from the last decade. One of the most significant advancements in the diagnosis of the condition has been the creation of POC quick diagnostic test kits. POC HIV diagnostic test kits are being developed by a number of industry players.
 

Increasing preference for antibody test will accelerate the industry outlook

Antibody test segment is projected to exhibit 1.6% CAGR from 2022 to 2028. Antibodies are produced by the immune system once exposed to the viruses such as HIV, and these tests specifically look for HIV antibodies in saliva or blood. This is attributed to increasing prevalence of HIV/AIDS across the globe and efficacy of the antigen testing. Moreover, increasing developments that make testing easier, such as Home-Testing and OraQuick tests, which uses saliva instead of blood and allow customers to see findings in 20-40 minutes at home, are further contributed to drive the HIV diagnosis market share.
 

Browse key Industry insights spread across 150 pages with 148 market data & 11 figures & charts from the report, “HIV Diagnostics Market Analysis by Test Type (Antibody Test, Viral Load Test, CD4 Test), By End-use (Diagnostic Laboratories, Hospitals & Clinics, Home Settings), Industry Analysis Report, Regional Outlook, Growth Potential, Price trends, Competitive Market Share & Forecast, 2022-2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hiv-diagnostics-market
 

Availability of well-trained staff in hospitals to cater increasing patient population will foster the industry share

HIV diagnostics market from hospital & clinics segment accounted for 50% revenue share in 2021 is set to register a significant CAGR through 2028. Rising awareness in patients regarding HIV diagnosis in urban & rural areas will propel the business landscape. Furthermore, increased demand for reliable HIV detection in hospital settings will spur the market statistics.
 

Increasing number of government initiatives for HIV awareness will generate the market demand in Europe

Europe HIV diagnostics market is expected to capture nearly 17% business share in 2021. Russia is one of the major countries capturing massive share due to increasing prevalence of HIV among population. Additionally, owing to increased awareness regarding early detection of HIV, Eastern and Central European countries are generating more demand for HIV diagnostics. In Europe, organization’s such as the WHO and the ECDC are actively working to improve HIV testing. Leading industry players are collaborating with government and non-governmental organizations (NGOs) to increase awareness regarding HIV diagnosis.
 

Strategic developments by market players will enable them to generate high business revenue

Some of the companies operating in the HIV diagnostics industry include OraSure Technologies, Chembio Diagnostics, Abbott Laboratories, Cepheid, BD, BIONEER CORPORATION, Omega Diagnostics, Roche, Qiagen and Biomerieux among others. These market leaders are involved in various strategic developments such as mergers & acquisitions to gain the competitive advantage in HIV diagnostics business.