LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Human Immunodeficiency Virus (HIV) Rapid Test Kits Market by end-user (diagnostic centers; and hospitals and clinics), and geographic regions (North America, Europe, Asia, and ROW) is witnessed to grow USD 236.46 million, at a CAGR of 7% from 2019 to 2023”.
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Global human immunodeficiency virus (HIV) rapid test kits market: Availability of a broad range of HIV rapid test kits by vendors
Vendors in the HIV rapid test kits market have been making strenuous efforts to manufacture test kits that are efficient, reliable, and affordable. The high prevalence of HIV, rising awareness with regards to HIV testing, and a paradigm shift from treatment to prevention in the healthcare system are some of the key factors that are encouraging existing and new players in the market to bring innovative products into the market. Vendors are mainly focusing on developing cost-efficient testing products as cost is one of the major factors in the adoption of HIV rapid test kits. Thus, the presence of a broad range of HIV rapid test kits will increase the adoption of HIV rapid test kits in the coming years.
“Apart from the availability of a broad range of HIV rapid test kits, other factors such as increasing clinical studies by researchers, promotional activities by vendors, and efforts to increase pre-marital screenings for HIV will have a significant impact on the growth of the HIV rapid test kits market size during the forecast period,” says a senior analyst at Technavio.
Global Human Immunodeficiency Virus (HIV) Rapid Test Kits Market: Segmentation analysis
This market research report segments the global human immunodeficiency virus (HIV) rapid test kits market segmentation by end-user (diagnostic centers; and hospitals and clinics), and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the human immunodeficiency virus (HIV) rapid test kits market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the HIV rapid test kits market in North America is led by the US due to the presence of many established vendors. The market growth in this region can be attributed to the increase in HIV cases, and increasing awareness about HIV prevention, testing and its subsequent treatment.
Global Human Immunodeficiency Virus (HIV) Rapid Test Kits Market: Growing demand for point-of-care testing for HIV
A key factor driving the growth of the global human immunodeficiency virus (HIV) rapid test kits market size is the growing demand for point-of-care testing for HIV. The prevention and control of HIV requires early diagnosis, early initiation of treatment, and accurate viral loading measurements. In this context, POC technologies are needed in places where there is a large pool of high-risk patient population. POC testing technologies are more affordable and accessible. In addition they offer several other advantages such as portability, ease of operation, and minimal maintenance. The growing demand for point-of-care testing for HIV will thus drive the demand for HIV rapid test kits over the next five years.
Few Major Vendors in the Human Immunodeficiency Virus (HIV) Rapid Test Kits Market are:
- Abbott Laboratories
- Bio-Rad Laboratories Inc.
- Danaher Corp.
- F. Hoffmann-La Roche Ltd.
- QIAGEN Group
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