HIV Diagnosis Market is Growing at a Healthy CAGR of 12.35% during the forecast period 2021-2028

The global HIV diagnosis market is expected to reach USD 6.45 billion by 2028, at a CAGR of 12.35% during the forecast period 2021-2028.

NEWARK, UNITED STATES, NEW JERSEY, November 11, 2021 / — As per the report published by The Brainy Insights, the global HIV diagnosis market is expected to grow from USD 2.59 billion in 2020 to USD 6.45 billion by 2028, at a CAGR of 12.35% during the forecast period 2021-2028. The North America region accounted for the major market share of 39.56% in the year 2020. The growth is mainly due to the increasing prevalence of HIV in countries such as the U.S. and Canada. In addition to this, the availability of reimbursement policies for the diagnosis of HIV in the U.S. further propelling market growth. On the other hand, The Asia Pacific region projected to grow at the highest CAGR of 12.8% over the forecast period. The growth is owing to increasing awareness about HIV/ AIDS in countries such as India, China, and many Southeast Asian countries.

Major players in the global HIV diagnosis market are Alere Inc., Abbott Healthcare, Abbvie Inc., Bristol-Myers Squibb, Janssen Therapeutics, Gilead Sciences, Merck & Co. Inc, BD Biosciences, Beckman Coulter, Partec, Sysmex, PointCare Technologies Inc., ZyomyxInc, Mylan Inc., Roche Diagnostics, Siemens Healthcare, Qiagen, and bioMerieux among others. The key players of global HIV diagnosis market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry. In July 2018, Abbott Healthcare announced the launch of m-PIMA HIV-1/2 VL, the first viral load point-of-care test for the fast, accurate and easy-to-use test to manage HIV.

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The type segment is divided into consumables, instrument, and software and services. The consumable segment accounted for the major market share in the global HIV diagnosis market and held the market share of 56.57% in the year 2020. The consumable segment contains the assays, reagents, and kits for the HIV diagnosis. These kit are the complete package for the detection and diagnosis of the HIV test. Thus, increasing usage of consumables driving the growth of the market. The technology segment includes antibody test, viral load tests, CD4 tests, tests for early infant diagnosis, and tests for viral identification. A test for early infant diagnosis is projected to grow at the highest CAGR of 12.6% over the forecast period. Increasing risk of early infant death due to HIV infection is one of the key factor driving the growth of early infant diagnosis segment.

The end-use segment includes diagnostic laboratories, hospitals, blood banks, home care settings, others. The diagnostics laboratories held the largest market share of 51.23% in the year 2020. Well-developed laboratories and the availability of skilled professionals for the diagnosis is one of the key driving factors for the growth of diagnostics laboratories.

Global HIV diagnosis market is witnessing a rapid growth owing to increasing demand for craft beer across the globe. In addition to his, growing disposable income of the people, further boosting the market growth. The growing shift towards the consumption of low alcohol or no alcohol beer is projected to offer various growth opportunities in the market. Increasing innovation in the beer product to gain a competitive advantage, also positively influencing the market growth of HIV diagnosis. However, stringent government regulation on HIV diagnosis and environment hurdle are some of the factors that may hamper the growth of the market over the forecast period.

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Source: EIN Presswire