Cannabis Testing Services Market Size Worth $3.3 Billion By 2027

The global cannabis testing services market size is anticipated to reach USD 3.3 billion by 2027, expanding at a CAGR of 15.4%, according to a new report by Grand View Research, Inc. The growing acceptance of cannabis as a medicinal product, stricter quality checks, and rising demand for cannabinoid profile analysis to identify major strains are the key factors driving the market growth. Furthermore, the growing competition in the market is an important factor supporting the growth over the forecast period.

Based on services type, potency testing dominated the market with a share of 21.7% in 2019. Rising cases of contamination and the need to determine the concentration of active cannabinoids present in cultivated plants are the key factors driving market growth. Moreover, the segment is anticipated to be the fastest-growing during the forecast period. The increasing usage of cannabis in drug development and research is one of the leading factors supporting market growth.

Based on end-user, cannabis cultivators/growers dominated the market in 2019. Stringent quality checks on cultivated plants in a highly regulated market are influencing the demand for testing services. However, the segment is anticipated to be the fastest-growing segment over the forecast period. Pharmaceutical giants such as GW Pharmaceuticals plc, Sanofi, and Pfizer have entered the space for developing cannabinoid-based drugs, which is anticipated to be a key factor driving the market over the forecast period.

North America dominated the market in 2019, with the market worth of USD 939.2 million. The presence of major testing laboratories and expanding marijuana and hemp cultivation in the region are the key factors driving the market in the region. On the other hand, Europe is expected to be the fastest-growing region, owing to a rising number of drug manufacturers in the region. Furthermore, many countries in the EU have banned derivatives containing more than 0.3% THC, which is further predicting a strong demand for the services

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https://www.grandviewresearch.com/industry-analysis/cannabis-testing-services-market

Further key findings from the study suggest:

Potency testing service dominated the market in 2019 with a market share of 21.7%, owing to the rise in contamination cases
The cannabis drug manufacturer segment is anticipated to be the fastest-growing end-user segment, owing to the entry of large pharmaceutical companies in the marijuana space
North America dominated the market in 2019 with market size of USD 939.2 million, owing to the presence of major laboratories in the region.

Molecular Diagnostics Market Worth $18.2 Billion By 2027

The global molecular diagnostics market size is expected to reach USD 18.2 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.0% over the forecast period. Increasing prevalence of infectious diseases such as influenza and human papillomavirus is projected to be the key factor the growth of the market.

In the underdeveloped regions of Africa, increasing instances of infections such as tuberculosis and HIV have been witnessed in the last few years. This is projected to drive the demand for accurate and early diagnostic techniques to curb the spread of these infections.

Rapid technological advancements-leading to accurate results, portability, and cost-effectiveness-are expected to be a high impact rendering driver for this market. Companies are upgrading their products by implementing new techniques to gain specific and accurate results. Companies such as Sigma Aldrich Corporation and Qiagen are developing a new range of molecular diagnostic techniques, such as Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP), for the diagnosis of tumors.

Key players in the market are adopting various marketing strategies such as collaborations with technologically advanced companies and diagnostic centers. Furthermore, players are focusing on expanding their geographic presence in order to increase their market share.

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Further key findings from the report suggest:

Reagents dominated the market in 2019 and is also projected to be the fastest-growing product segment owing to its high adoption in research and clinical settings. Standard reagents also provide efficient and accurate results
Instruments such as next generation sequencing platforms and PCR are increasingly preferred by diagnostic institutes and central laboratories as these tests deliver reliable and quick results and are suitable for a number of diagnostic procedures
Central laboratories emerged as the leading test location for molecular diagnostics in 2019. This is attributed to the availability of skilled labor and well-established infrastructure
Point-of-care is expected to be the fastest-growing segment over the forecast period owing to increase in demand for bedside testing, accuracy of results, and rise in healthcare awareness
Infectious diseases were the largest revenue generating segment in 2019 as molecular diagnostics offer clinicians with better substitutes to diagnose numerous infectious pathogens, bacteria, and virus in a short time while producing extremely accurate results
The oncology segment is projected to exhibit a CAGR of around 11.3% over the forecast period owing to increasing awareness amongst patients and healthcare professionals regarding available technologies such as molecular testing for cancer diagnosis
On the basis of technology, PCR was the largest revenue generating segment in 2019 owing to factors such as growing applications of multiplex PCR and commercialization of easy-to-use PCR-based molecular diagnostic kits
North America was the largest revenue generating region in 2019, followed by Europe. Key factors attributing to their dominance are high patient awareness levels, sophisticated healthcare infrastructure, growing healthcare expenditure, and high R&D pertaining to drug discovery and development
Some of the major players operating in molecular diagnostics market are F. Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Bio-Rad Laboratories, Inc.; Novartis AG (Grifols); Danaher Corporation; Alere, Inc.; Sysmex Corporation; bioMérieux SA; Becton, Dickinson and Company; Hologic, Inc. (Gen Probe); Johnson & Johnson Services, Inc.; Bayer AG; Cepheid; Dako; and Qiagen.

In Vitro Diagnostics Market Size Worth $85.8 Billion By 2027

The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. The development of simplified diagnostic tests is expected to drive growth. For instance, Cepheid’s Xpert HCV VL Fingerstick received CE-IVD clearance in September 2018. This test identifies and measures HCV RNA levels from a fingerstick blood sample.

Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.

The rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, the approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.

Furthermore, increasing demand for early diagnosis to strategize complete treatment plans for patients by the physicians is projected to fuel the demand for user-friendly in vitro diagnostic products. For instance, in July 2017, bioMerieux for VITEK MS received the U.S. Food and Drug Administration (FDA) approval. It is a mass spectrometry system that rapidly identifies pathogens, such as Nocardia mycobacteria, and molds.

Reagents held the largest market share in 2019, owing to the development of analytical laboratory automation coupled with a high usage rate of reagents. For instance, in July 2018, Surmodics, Inc. launched MatrixGuard Diluent that blocks matrix or assay signal and maintains intended signals.

The increasing prevalence of cancer, cardiovascular disorders, diabetes, and other diseases is expected to accelerate the demand for in vitro diagnostics in the forthcoming years. According to Cancer Research UK, in 2018, about 17 million new cancer cases were reported across the world. It has estimated that the incidence rate of the disease will witness a 62% rise from 2018 to 2040. The liver, stomach, breast, lung, and colorectal are the most common types of cancer.

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https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market

Further key findings from the report suggest:

The molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
The infectious disease application segment dominated the market in 2019 due to the rising prevalence of tuberculosis, hepatitis, and other infectious diseases
North America dominated the in vitro diagnostics market in 2019, owing to the presence of key players and a rise in the launch of new products in major countries like the U.S. and Canada
Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to the number of products that are being launched in hospitals to provide an accurate diagnosis
Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation

Tissue Diagnostics Market Worth $6.6 Billion By 2027

The global tissue diagnostics market size is anticipated to reach USD 6.6 billion by 2027, growing at a CAGR of 5.9% during the forecast period, according to a new report by Grand View Research, Inc. Accelerating demand for automated tissue diagnostic systems due to the lack of skilled pathologists has driven the market. The advent of advanced imaging techniques, such as autofluorescence, that minimize the need for invasive diagnostics further supplement market growth.

The digitalization of tissue diagnostic techniques has resulted in the improvement of workflows and better patient care. Ongoing strategic models taken-up by key companies to enhance the efficiency of diagnostics also drives the market. For instance, in December 2019, Philips collaborated with Paige to provide clinical-grade artificial intelligence-based solutions to pathology laboratories. This enhanced the speed and accuracy of cancer diagnostics in laboratories.

Tissue diagnostic techniques, such as immunohistochemistry (IHC) or in situ hybridization, are used in companion diagnostics (CDx) to determine the quantity of a target analyte present in the sample. Introduction of CDx tests, such as the launch of the VENTANA HER2 Dual ISH CDx

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https://www.grandviewresearch.com/industry-analysis/tissue-diagnostics-market

Further key findings from the report suggest:

IHC tests are highly adopted as these tests are specific and helpful in identifying the variations between different types of cancer, resulting in the largest revenue share
A rise in the investments for the development of advanced infrastructure to digitalize images is anticipated to drive the digital pathology segment with the fastest CAGR.
Moreover, an increase in the demand for automated modalities owing to a dearth of skilled pathologists further compliments this growth
A large number of breast cancer cases coupled with a rise in the application of digital image processing techniques on histopathological samples for breast cancer detection contributes to the largest share of breast cancer
Prostate cancer is anticipated to register lucrative growth owing to the extensive ongoing research pertaining to early diagnosis and prevention of this disease
Hospitals dominated the market in terms of revenue share due to the high adoption of tissue diagnostics solutions. These solutions provide accurate results in minimal time than conventional testing procedures
North America accounted for the largest revenue share owing to increasing collaborations between pharmaceutical and biotech firms to expand their product offerings
The requirement of better laboratory management systems, growing demand for novel patient care facilities, and favorable regulatory framework, boost the Asia Pacific market at a lucrative pace
Abbott, QIAGEN, Roche, Siemens, Danaher, Thermo Fisher, and Merck are some key participants operating in the tissue diagnostics market
Key vendors are engaged in novel product developments, partnership, and acquisition models to maintain their revenue share in the market.

Molecular Diagnostics Market Worth $18.2 Billion By 2027

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https://www.grandviewresearch.com/industry-analysis/molecular-diagnostics-market

Further key findings from the study suggest:

Reagents dominated the market in 2019 and is also projected to be the fastest-growing product segment owing to its high adoption in research and clinical settings. Standard reagents also provide efficient and accurate results
Instruments such as next generation sequencing platforms and PCR are increasingly preferred by diagnostic institutes and central laboratories as these tests deliver reliable and quick results and are suitable for a number of diagnostic procedures
Central laboratories emerged as the leading test location for molecular diagnostics in 2019. This is attributed to the availability of skilled labor and well-established infrastructure
Point-of-care is expected to be the fastest-growing segment over the forecast period owing to increase in demand for bedside testing, accuracy of results, and rise in healthcare awareness
Infectious diseases were the largest revenue generating segment in 2019 as molecular diagnostics offer clinicians with better substitutes to diagnose numerous infectious pathogens, bacteria, and virus in a short time while producing extremely accurate results
The oncology segment is projected to exhibit a CAGR of around 11.3% over the forecast period owing to increasing awareness amongst patients and healthcare professionals regarding available technologies such as molecular testing for cancer diagnosis
On the basis of technology, PCR was the largest revenue generating segment in 2019 owing to factors such as growing applications of multiplex PCR and commercialization of easy-to-use PCR-based molecular diagnostic kits
North America was the largest revenue generating region in 2019, followed by Europe. Key factors attributing to their dominance are high patient awareness levels, sophisticated healthcare infrastructure, growing healthcare expenditure, and high R&D pertaining to drug discovery and development
Some of the major players operating in molecular diagnostics market are F. Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Bio-Rad Laboratories, Inc.; Novartis AG (Grifols); Danaher Corporation; Alere, Inc.; Sysmex Corporation; bioMérieux SA; Becton, Dickinson and Company; Hologic, Inc. (Gen Probe); Johnson & Johnson Services, Inc.; Bayer AG; Cepheid; Dako; and Qiagen.

Oncology Companion Diagnostic Market Worth $5.7 Billion By 2027

The global oncology companion diagnostic market size is expected to reach USD 5.7 billion by 2027, expanding at a CAGR of 12.7%, according to a new report by Grand View Research, Inc. Expanding access to important genomic information with the aid of companion diagnostics enables informed decision making for designing the targeted treatment approaches for their patients, thereby increasing demand for comprehensive genomic testing and oncology companion diagnostics.

The commercial launch of drugs including Gleevec (imatinib) and Herceptin (trastuzumab) that require Companion Diagnostics (CDx) testing before prescription has increased revenue generation in the oncology companion diagnostics field. This growth is expected to continue in the future owing to a substantial number of CDx associated oncology drugs in clinical trials. Apart from functioning as exclusive or inclusive tests for therapies, CDx also plays a crucial role during participant selection in clinical trials. This is because there is an increased potential for a novel drug candidate to show a better response rate if the patient has its biomarker target.

The economic incentives associated with the use of CDx have encouraged drug developers to combine their drugs with diagnostic tests. However, the diagnostic manufacturers face conflicting demands from payers/providers on one hand and drug manufacturers on the other hand. The regulatory bodies also have stringent policies to align the development timelines of diagnostics and drugs. Therefore, the diagnostic companies are expected to broaden their scope of CDx development instead of focusing on the attainment of a match between a single diagnostic with a specific drug.

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https://www.grandviewresearch.com/industry-analysis/oncology-companion-diagnostics-market

Further key findings from the study suggest:

The product segment held the largest market share in 2019 owing to increased adoption and usage rate of CDx tests
A significant increase in the approval rate of CDx and a rise in investments for co-development of drugs and their CDx is expected to increase the revenue generation in the product segment
Consumables occupied a major share of the product segment owing to the frequent use and purchase of media, buffers, reagents, and other consumables required for CDx assay
Immunohistochemistry (IHC) occupied a major portion of the technology segment owing to the benefits offered by IHC technology including cost and time effectiveness, the suitability of the technique for small tumor types, high adoption of IHC for routine oncology CDx, and low technological requirements associated with IHC
Presence of a substantial number of FDA approved IHC based CDx assays such as EGFR pharmDx Kits, ER/PR pharmDx Kits, HercepTest Kits, PD-L1 IHC 28-8 pharmDx, VENTANA PD-L1 (SP142) Assay, VENTANA ALK (D5F3) CDx Assay, and VENTANA ALK IHC assay is also expected to increase revenue generation within the IHC segment
The Non-Small Cell Lung Cancer (NSCLC) segment dominated the market in 2019 and is expected to maintain its dominance during the forecast period
NSCLC is a lung cancer subtype that accounts for approximately 84.0% of all cases of lung cancer. According to data published by the American Cancer Society (ACS), in 2020, around 228,820 new cases of lung cancer are projected to be diagnosed in the U.S.
The breast cancer and leukemia segments are expected to grow with substantial rates owing to a rise in the number of cancer cases
The hospital segment held the largest share in the market in 2019 and is expected to exhibit a considerable growth rate, owing to a rise in the number of cancer diagnostic tests in the hospitals
North America dominated the market in 2019 owing to the presence of a substantial number of players in this region, as well as the presence of a large number of FDA-approved CDx solutions in cancer therapeutics
Advancements in technologies and improvements in the economic condition are anticipated to drive the market at the fastest growth rate in the Asia Pacific
The presence of communities in Asian countries that are actively involved in monitoring and discovery of genetic biomarkers is expected to positively influence the market
The key players in the market are involved in mutually beneficial partnerships with global entities, including sponsors and diagnostic commercialization partners, which enables them to leverage their market potential globally.

D-dimer Testing Market Size Worth $1.7 Billion By 2027

The global D-dimer testing market size is expected to reach USD 1.7 billion by 2027, expanding at a CAGR of 4.3%, according to a new report by Grand View Research, Inc. Technological advancements in D-dimer testing have resulted in the development of a wide range of products that have allowed healthcare professionals to offer suitable emergency assistance to patients. The concept of automation in D-dimer testing has provided rapid, less labor-intensive, and user-friendly diagnostic strategies, which is expected to drive the market in the near future.

The commercially available assays often have differences in their antibody specificity as D-dimer antibodies also detect Fibrin Degradation Products (FDPs), leading to incorrect results. To address this issue, Advanced ImmunoChemical, Inc. has developed two monoclonal antibodies, which are used to design one-step immunoassay specific for both FDP and D-dimer. Thus, the development of improved immunoassays that equally detect all FDPs is expected to boost the market growth.

Extensive research for the determination of new D-dimer threshold values for a specific population set prevents the usage of Computed Tomography Pulmonary Angiography (CTPA). This is beneficial as the elimination of CTPA leads to low radiation exposure, which, in turn, increases the demand for the test. To demonstrate this, a group of researchers from Japan determined new elevated D-dimer threshold values for the diagnosis of pulmonary embolism in the Japanese population. Such studies are expected to favor market growth.

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https://www.grandviewresearch.com/industry-analysis/d-dimer-market

Further key findings from the report suggest:

Reagents and consumables accounted for the largest revenue share in 2019 owing to the wide availability and frequent usage of reagents in the market space
Presence of blocking agents that reduce the interferences from heterophilic antibodies to increase the efficiency of immunoassays boost the reagents and consumables segment
Shorter turnaround times, ease of use, and generation of gold-standard quality results are among the few factors that lead to a lucrative growth of point-of-care testing
Enzyme-linked Immunosorbent Assays (ELISA) held the largest revenue share because microplate ELISA is considered as a reference method due to its high sensitivity for coagulation markers
Deep Vein Thrombosis (DVT) dominated the revenue share in 2019 as this test is a reliable method and is used as a routine screening test for DVT
The hospitals’ segment accounted for the maximum revenue share in 2019
This is attributive to a rise in the rate of pulmonary embolism cases in hospitalized patients, which results in high adoption of the test in hospitals
Asia Pacific is expected to witness a lucrative CAGR due to a rise in the funding initiatives that support research studies related to the usage of these assays in various diseases
The National Natural Science Foundation of China and the Fundamental Research Funds for the Central Universities are among the few agencies involved in funding research studies in China
Key companies operating in the market have undertaken several growth initiatives to expand their product portfolio
For instance, in February 2019, HORIBA introduced the Yumizen D-Dimer reagent kit for measurement and reference exclusion testing for DVT and pulmonary embolism.

Liver Disease Diagnostics Market Size Worth $48.7 Billion By 2027

The global liver disease diagnostics market size is expected to reach USD 48.7 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. increasing funding and research initiatives undertaken by market players is one of the major factors expected to propel market growth. For instance, in November 2019, Glycotest, Inc. received the second USD 3.0 million tranche of USD 10.0 million Series A funding from Shanghai Fosun Pharmaceutical Co., Ltd.(Fosun Pharma). Under this investment, Glycotest, Inc. transferred HCC panel technology to Fosun Pharma to commercialize in China and develop tests for liver cancer and liver fibrosis that are currently under pipeline.

Companies are focusing on collaborations and partnership to improve the quality of care,which is anticipated to drive the market. For instance, in October 2019, Perspectum Diagnostics entered into a partnership to offer LiverMultiScan at Precious Medical Center in Singapore. The aim of this partnership was to create awareness among people to consider liver checking as an integral part of their health screening.

Researchers conducting studies to support the development of novel diagnostic methods that can accurately differentiate between benign and malignant lesions are expected to fuel market growth. For instance, researchers from Charité – Universitätsmedizin Berlin used tomoelastography to visualize mechanical properties of tumors and developed a new Magnetic Resonance Imaging (MRI) technique to detect grading of tumor consistency.

Furthermore, companies are conducting clinical trials to develop new tests with high sensitivity and specificity. For instance, Laboratory for Advanced Medicine is conducting a clinical trial on 1,600 patients with liver cirrhosis using invasive biopsy through quantification of cfDNA methylation and comparing it with ultrasound technique. The test is projected to be completed in 2020.

Development and commercialization of accurate diagnostic methods is expected to boost the market. For instance, in March 2020, ENDRA Life Sciences Inc. received CE mark for TAEUS FLIP system. This system measures liver fat to identify and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH). It is an ultrasound system that accurately and at point of care quantifies fat in the liver.

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https://www.grandviewresearch.com/industry-analysis/liver-disease-diagnostics-market

Further key findings from the study suggest:

Imaging segment witnessed the largest market share in 2019 owing to increasing initiatives by key players to develop accurate imaging systems
Based on end-use, the hospitals segments held the largest share in 2019. Factors such as increasing adoption of advanced technologies and favorable reimbursement policies are expected to drive segment growth
North America dominated the market in 2019 due to increasing alcoholic consumption and rising awareness regarding chronic diseases
The market in Asia Pacific is projected to witness the fastest growth over the forecast period owing to the high unmet needs and rising regular check-ups for the diagnosis of diseases.

COVID-19 Diagnostics Market Size Worth $24.6 Billion By 2027

The global COVID-19 diagnostics market size is expected to reach USD 24.6 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.1% during the forecast period. An increase in the need for mass testing and efficiency in diagnosing the infection are key contributors to market growth. As the number of COVID-19 cases is exponentially rising, the need to develop rapid and easy-to-use diagnostic and serology tests is also increasing. This has created opportunities for emerging players and new market entries, thereby driving market revenue.

Large-scale operational entities in Sweden, such as Tele2, H&M, and Spotify are engaged in mass testing for distinguishing the staff tested positive from uninfected. In addition, key players are constantly accelerating the production and supply of diagnostic tests to keep pace with the increasing need for disease containment. For instance, in May 2020, Roche introduced an antibody test which is recognized as 100% accurate by Public Health England.

Exploring the potential of novel molecular technologies in the scaling-up of coronavirus testing is expected to offer a significant momentum to the expansion of COVID-19 diagnostics space. For instance, CRISPR-a gene editing technology-has recently made its way into the coronavirus testing market. This gene-editing technology enables detection of SARS-CoV-2 genes, via a protein, namely, CRISPR-Cas12. Acknowledging the potential of this technology in diagnosing coronavirus patients, the Food and Drug Administration (FDA) recently approved the CRISPR test for coronavirus patients in the U.S. This diagnostic kit has been approved under the provisions of emergency use.

The expanding pool of startup companies actively operating in the market for COVID-19 diagnostics is also expected to intensify market participant competition. This trend has been prominently observed in the Asia Pacific region, contributing to the fast-paced growth expected to be witnessed by this region through 2021-2027. Some of the startup manufacturers of novel COVID-19 tests include Mylab, DNA Xperts Private Limited, Rokid, Bione, and SD Biosensor.

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https://www.grandviewresearch.com/industry-analysis/covid-19-diagnostics-market

Further key findings from the report suggest:

Diagnostic service is estimated to capture the maximum revenue share owing to the introduction of policies and mandates to conduct testing at a large scale globally
The nasopharyngeal swabs segment is estimated to dominate the market in 2020 with a revenue share of 48%, followed by an Oropharyngeal (OP) swab. Nasopharyngeal swabs are the gold standard for COVID-19 sample collection; both oropharyngeal and nasopharyngeal swabs are largely employed in PCR testing. This has propelled the expansion of point-of-care COVID-19 testing market space, which has contributed to the segment’s fast-paced growth through 2021 to 2027
The increasing popularity of at-home testing and handheld instruments targeted toward combating the shortage of coronavirus test kits has been witnessed. This is expected to result in the lucrative growth of Point-of-Care (POC) testing during the forecast period
Laboratories are estimated to be the key revenue contributing end-users owing to the primary role of laboratories in sample testing for suspected individuals
Asia Pacific is projected to dominate the market for COVID-19 diagnostics in 2020 with a revenue share of around 37% and is expected to maintain this dominance during the forecast period. This is attributed to the robust funding for fast-track studies pertaining to clinical validation of rapid testing as well as the rapid launch of novel products. Robust government initiatives aimed at increasing the number of operational laboratories dedicated to coronavirus testing across Asian countries are set to propel the market growth

Zika Virus Testing Market Size Worth $580.4 Million By 2027

The global zika virus testing market size is expected to reach USD 580.4 million by 2027, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.6% during the forecast period. Zika virus outbreak in 2016 contributed to the rise in response strategies and diagnostic surveillance activities. Widespread incidence of the disease in 2016 was mostly a result of travel-based viral transmission. The recently drawn correlation between Zika virus infection and microcephaly in newborns is further stoking growth of the market.

Spiraling demand for Zika Virus Testing stems from government-led preparedness programs and support from international organizations such as UNICEF. Stockpiling and emergency preparedness initiatives focus on endemic regions as well as immunologically naïve population subsets in the Asian and African markets, which hold high threat of future outbreaks. These developing regions, currently not classified as endemic, are host to temperature changes, humidity, and precipitation as well as reported vector presence that cumulatively provide a supportive habitat for the causative vector, Aedes aegypti mosquitoes.

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https://www.grandviewresearch.com/industry-analysis/zika-virus-testing-market

Further key findings from the report suggest:

NAAT and serological segments in the Zika Virus Testing market held nearly equal market share in 2016. However, the former was preferred for its cost effectiveness in analyzing high volume of tests during the epidemic
Serological tests are gaining preference as they can provide differential diagnosis and are performed to detect late-stage infections
In 2016, the U.S. states and territories dominated the market in terms of revenue. Increasing blood donation screening using individual donor NAAT tests to prevent transfusion-related disease transmission is one of key factors contributing to the market.
Latin America followed in terms of market share as it witnessed more than 50% of the globally recorded disease incidence in 2016. Brazil’s National Development Bank announced funding worth USD 136.6 million, which will drive disease surveillance activities with improved rapid tests to fight zika virus infection in the country
UNICEF awarded long-term arrangement contracts, effective until 2019, to Chembio Diagnostic Systems, Inc. and SD Biosensors, Inc. for the supply of ZIKV diagnostics
In 2016, Quest Diagnostics, Inc.; Roche; and Hologic were among the leading market players with FDA-approved diagnostics under emergency use authorization