Infectious Disease Diagnostic Market size is expected to grow significantly from 2018 to 2024.
Infectious disease diagnostic market will experience high growth in the upcoming years owing to increasing prevalence of viral, bacterial and fungal infections globally. Rising number of chronic infections such as Hepatitis A, Gonorrhea and syphilis have boosted the demand for infectious disease diagnostic devices and services. As reported by WHO, globally around 17 million people are die of infectious diseases annually and such viral infections are more frequent in the geriatric population that is huge in developing countries with poor hygienic conditions escalating the business growth.
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In addition to this, growing government initiatives such as awareness programs and funding research studies have influenced the market growth. Government proactively invests in research studies that include diagnosis of rare diseases. For instance, in U.S. and specifically in Southern Arizona, government have raised funds to support the diagnostic testing propelling the industry growth.
Furthermore, technological advancements in devices developed by the key manufacturing leaders such as Abbott, Becton Dickinson and Danaher have proven beneficial for the business growth. Developmental strategic initiative steps undertaken by these industry players have aided improvisations in the medical diagnostic devices enhancing the surgical decision and boosting the overall industry progression. However, high cost of the diagnostic tests can hamper the industry expansion.
Assays, kits and reagents business segment will have a considerable revenue share during the forecast timeframe. The growth can be attributed to increasing number of rare diseases as well as chronic diseases. For instance, 30 million people in U.S. alone, suffer through 7,000 different types of rare diseases. Aforementioned factor along with increasing geriatric population will have a favorable scenario for uptake of various kits, assays and reagents.
Increasing demand for clinical microbiology services business have escalated the business growth at large. High demand is accountable to growing burden of infectious diseases such as tuberculosis, salmonella and lyme. For instance, in U.S. alone, in 2017, there were around 51,455 cases of salmonella infections that have surged the demand.
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