Augment in the international prevalence of infectious diseases and the onset of COVID-19, an augment in the number of patients suffering from infectious diseases, the infectious disease diagnostics market is anticipated to enlarge. According to a study, infectious diseases claim the lives of nine million individuals around the globe. The increment in the number of point-of-care testing diagnostic facilities has underwritten the market’s enlargement.
The infectious disease diagnostics market is anticipated to prolong as a result of the rise in patients with infectious disorders. The market growth is accredited to government funding, growing healthcare costs, and the growing adoption of technologically improved diagnostic equipment in healthcare organizations. According to SPER market research, ‘Infectious Disease Diagnostics Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecast to 2027’ state that the global infectious disease diagnostics market is projected to rise at a CAGR of 7.9% from 2020 to reach 41.6 billion by 2027.
The prevalence of infectious diseases in developed and emerging regions will positively propel the growth of the infectious disease diagnostics market. The diagnosis and management of such diseases are accountable for the growing number of prescriptions for infectious disease diagnostic tests. These aspects, alongside the increasing trend for preventive medicine, is predicted to propel the requirement for infectious disease diagnostics throughout the review period. The broad-scale population-based testing is demanded to advance prevention and control efforts for COVID-19. These tests are functioned by infectious disease diagnostics; therefore, it had a positive impact on this market.
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The foremost and increasing trend in the epidemiology market is the growing adoption of technologically improved visual diagnostic equipment in the healthcare organizations in emerging regions are predicted to create the profitable opportunities for the market. On the other hand, the increasing health care costs in developed regions and a shortage of awareness about infectious disease have the potential to challenge for the market’s growth.
In addition, the increasing prevalence of infectious diseases along with higher understanding of diagnosis in developed regions are the proficient aspects accountable for propelling the growth of the infectious disease diagnostics market. Nonetheless, the augment in government funding, growing healthcare costs, and growing adoption of technologically improved diagnostic equipment in the healthcare organizations also heighten the complete growth of the market.
In 2020, North America accounted for the major share of infectious disease diagnostics. The chief share is mainly accredited to the extremely developed healthcare system in the US and Canada, the accessibility of leading national clinical laboratories, and technologically improved instruments. However, the Asia Pacific region is predicted to grow at the fastest CAGR during the guessing period. The growth is propelled by rapid urbanization, government initiatives, augmented investments in the healthcare system, and the advanced availability of diagnostic services.
Furthermore, an increase in awareness among individuals for early diagnosis and management of infectious disease, and an increase in the number of information technology systems to develop advanced diagnostic devices are expected to carry remunerative opportunities for the enlargement of the global infectious disease diagnostic market during the forecast period.
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