The Virology Testing Market Is Expected To Grow At A CAGR Of More Than 9% With Growing Viral Infections Cases As Per The Business Research Company's Virology Testing Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global virology testing market is experiencing significant growth, and the latest market report for 2023 by The Business Research Company reveals an industry poised for substantial expansion. With a forecasted compound annual growth rate (CAGR) of 9.6%, the market is expected to reach $5.05 billion in 2023, and it is anticipated to reach $7.18 billion by 2027, with a CAGR of 9.2%. This report sheds light on the virology testing market's current dynamics, its segmentation, and the major players who are driving innovation in this crucial sector.
The Growth Driver: Rising Incidence of Viral Infections
Viral infections, caused by microscopic infectious agents composed of genetic material (DNA or RNA) surrounded by a protein coat, are on the rise. Virology testing plays a pivotal role in the accurate diagnosis, surveillance, research, and public health preparedness for these infectious diseases. It aids in identifying viral pathogens, guiding treatment strategies, tracking infection spread, and supporting the development of interventions. The demand for virology testing is propelled by the need to effectively manage viral infections and mitigate their impact.
According to the Texas Department of State Health Services, the reported cases of varicella in Texas increased, highlighting the need for accurate virology testing to combat such trends.
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Key Players in the Virology Testing Market
The market is home to numerous major players such as Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, and Thermo Fisher Scientific Inc., which are at the forefront of product innovation. Companies are continuously developing new products to maintain their competitive edge. For instance, Sentinel CH. SpA recently launched the SENTiNAT 200, an automated system that significantly enhances viral infection diagnosis, offering automation and flexibility for laboratories.
Regional Insights: North America Leads, Asia-Pacific Shows Promise
In 2022, North America emerged as the largest region in the virology testing market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period, indicating a shift in market dynamics.
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Market Segmentation
The virology testing market is segmented into four categories:
- By Type: Instruments, Assay Kits And Consumables
- By Diagnostic Technique: Molecular Diagnostics Method, Immunoassay Based Method, Mass Spectroscopy Based Method, Other Techniques
- By Application: Skin And Soft Tissue Infections, Respiratory Tract Infections, Gastrointestinal Tract Infections, Urinary Tract Infection, Eye Infections, Sexually Transmitted Diseases, Perinatal Infections
- By End User: Hospitals, Clinics, Laboratories, Diagnostic Centers, Blood Banks, Pharmacies
The Virology Testing Global Market Report 2023 provides invaluable insights for industry players, investors, and stakeholders. As the market continues to experience robust growth, understanding the trends, key players, and regional dynamics is crucial for making informed decisions. With the rising incidence of viral infections and the increasing importance of accurate virology testing, this report serves as an indispensable resource for anyone looking to navigate and succeed in this dynamic industry.
Virology Testing Global Market Report 2023 by The Business Research Company provides insights on the virology testing market size, virology testing market segments, virology testing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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