Tuberculosis Testing Market Will be Worth US$3.18 bn by 2025
For players to stay ahead of competition within the global tuberculosis testing market, Transparency Market Research (TMR) has observed that strategic mergers and acquisitions have become the path. Mergers and acquisitions are helping companies to reach to newer markets as well as benefit from enhanced product portfolio. The betterment of products is becoming an important objective of leading companies for retaining their strong hold in the market. Leveraging on opportunities offered by government for conducting research on tuberculosis testing, players within the global tuberculosis testing market are growing.
Leading players within the market are: Hain Lifescience GmbH, Danaher Corporation, Thermo Fisher Scientific Inc., Epistem plc, Oxford Immunotec Ltd, Hologic Inc., Becton, F. Hoffmann-La Roche Ltd., Abbott Laboratories, QIAGEN, Akonni Biosystems Inc., Creative Diagnostics, Alere Inc., Cepheid, bioMérieux SA, and LIONEX Diagnostics & Therapeutics GmbH.
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Asia Pacific Emerging as Leading Market for Tuberculosis Testing
As per a report by Transparency Market Research, the global tuberculosis testing market is anticipated to be worth US$3.18 bn by 2025, expanding at a mere 3.9% CAGR between 2017 and 2025. By geography, the market is led by Asia Pacific, which is estimated to expand at a 4.9% CAGR from 2017 to 2025. On the basis of type, the market is led by the culture based tests is leading and is likely to continue to do so throughout the forecast period on account of the ability to accurately diagnose and confirm active tuberculosis.
Hospital Laboratories and Physician’s Office Laboratories Generating High Demands for Tuberculosis Testing
On the basis of end users, the market generates maximum revenues from the hospital laboratories market. The cost effective tests offered by hospital laboratories is the reason behind the leading status of this segment. The physician’s office laboratories segment is also a key end user segment.
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Efforts by Government and Non-Governmental Organizations to Spread Awareness Regarding Tuberculosis Meets Success
As per the WHO, 10.4 mn new cases of tuberculosis had been registered in 2015. 56% of these cases comprised of men. The growing incidences of this disease is boding well for the growth of the global tuberculosis testing market. The market also benefits from the increasing awareness among the masses spread through constant efforts by governments and non-governmental organizations. Governments are also offering fee waivers and tax credits.