July 19, 2024

HIV Diagnostics Test Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

Market Overview:

HIV diagnostics tests help in early detection of HIV infection in patients. These tests detect presence of antibodies or antigens in blood or oral fluid which indicate presence of HIV virus. Different types of diagnostic tests available are antibody tests, viral load tests, CD4 count tests, early infant diagnostics tests, and tests for viral identification. Rapid diagnostic tests provide faster results within 20 minutes and are widely used for point-of-care screening of HIV infection. Accurate and timely diagnosis is crucial for initiating antiretroviral treatment and improving health outcomes of patients.

The global HIV Diagnostics Test Market is estimated to be valued at US$ 4,263.62 mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/hiv-diagnostics-market-422

Market key trends:

One of the key trends in the market is the growing adoption of self-testing kits. Self-testing enables individuals to test themselves in privacy and convenience of their home. This helps in reaching out to more people and detecting undiagnosed cases early. Advancements in rapid testing technology with higher sensitivity and shorter testing time is another trend. Companies are innovating tests that can detect HIV within few minutes to support point-of-care screening. This allows integration of testing in various healthcare settings for improved patient management.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the HIV diagnostics test market due to high capital requirements and stringent regulatory protocols. However, rapid technological advancements have lowered the entry barriers to an extent.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for HIV diagnostics test is recurring in nature. However, the presence of many established brands increases competition.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the availability of substitute raw materials and commodities. Also, major brands have capabilities for backward integration.
Threat of new substitutes: The threat of new substitutes is low as there aren’t any close substitutes for HIV diagnostics tests.
Competitive rivalry: Abbott, Bio-Rad Laboratories, Hologic, Siemens Healthineers, and Roche dominate the market.

Key Takeaways

The global HIV Diagnostics Test Market is expected to witness high growth, exhibiting a CAGR of 9.0% over the forecast period, due to increasing awareness about HIV/AIDS and availability of advanced screening assays.

Regionally, North America is expected to dominate the HIV Diagnostics Test Market owing to high prevalence of HIV in the region and continuous development in healthcare infrastructure. Europe is also among the major markets for HIV diagnostics.

Key players operating in the HIV Diagnostics Test Market are Abbott, Bio-Rad Laboratories, Inc., Hologic, Inc., Siemens Healthineers, Roche AG, Beckman Coulter Inc., OraSure Technologies, Inc., Becton, Dickinson and Company, Merck KGaA, Chembio Diagnostic Systems, Inc., Zyomyx Incorporation, Bristol –Myers Squibb, Janssen Pharmaceutica NV, QIAGEN N.V., and ViiV Healthcare Ltd. Major players are focused on developing advanced HIV diagnostic tests to consolidate their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it