According to the latest research by Future Market Insights, Rapid Hepatitis Testing Market is expected to witness robust growth with 4-5% CAGR during the forecast period from 2021 to 2031. The rising prevalence of hepatitis caused due to liver infection and an increasing focus on molecular diagnostics is likely fuelling the global rapid hepatitis testing market growth. Therefore, growth at a significantly high CAGR will be expected soon.
What is Driving the Demand for Rapid Hepatitis Testing?
The availability of advanced diagnostic procedures for hepatitis tastings expects to boost the market growth in the coming years. The paradigm shift of the researchers and manufacturers to molecular diagnostics from conventional technologies has amplified the capability of procedures that has minimized the testing time.
For example, molecular diagnostics detect the presence of a virus that is involved by performing genetic tests to confirm the exact strain of the causative virus. Furthermore, the rising prevalence of hepatitis among the growing population is also expected to fuel market growth.
According to World Health Organization (WHO), around 325 million people are living with hepatitis B and/or C, and for most globally. To reduce the current global burden of hepatitis, the key players have increased focus on research area efforts to develop an effective rapid test that enables virus identification and eases linkage to various healthcare setting. For instance, in February 2019, Abbott has received CE Mark for the Determine™ HBsAg 2 test, the most sensitive rapid diagnostic test used for hepatitis B surface antigen detection.
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COVID-19 Impact on Rapid Hepatitis Testing Market Growth
The COVID-19 pandemic projected a significant impact on the rapid hepatitis testing market. Countrywide lockdown, disruption in supply chain and halt on transportation subjected product shortage. Global demand for vaccination led the manufacturers to focus on the vaccine production that has likely decreased the production of the other products that has no emergency headed significant impact on the rapid hepatitis testing market growth.
The U.S. and Canada Rapid Hepatitis Testing Market Outlook
U.S. and Canada will hold the top position in the rapid hepatitis testing market due to the rising prevalence of viral infection, the number of hepatitis cases caused due to change in lifestyle, and high consumption of alcohol, drug or toxins in the American countries. According to the Centre OF Disease and Control (CDC) total 18,846 of hepatitis A, a total of 3,192 acute hepatitis B, and around 4,136 acute hepatitis C cases were reported in 2019.
Europe Demand Outlook for Rapid Hepatitis Testing
Europe holds the second-most position in the rapid hepatitis testing market due to the growing number of hepatitis cases in the European countries. According to WHO European Region, in 2019, around 15 million people living with hepatitis B affects lives of infection. Central Europe has the high per cent of cases around 6-8% of people living with Hepatitis B, while western, northern and central European countries has less than 0.1% of cases.
Who are the Key Players of Rapid Hepatitis Testing Market?
Some of the leading players in the rapid hepatitis testing market include
- Abbott Laboratories
- Siemens Healthcare GmbH
- Bio-Rad Laboratories, Inc.
- Bayer AG
- CTK Biotech, Inc.
- Thermo Fisher Scientific Inc.
- Biochrome Scientific
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