The rapid hepatitis testing market is estimated to secure a valuation of US$ 3.2 Billion in 2023 and is estimated to rise to US$ 4.9 Billion by 2033. The market is anticipated at a CAGR of 4.4% during the forecast period. The factors accelerating the demand for rapid hepatitis testing are as follows-
Increased use of molecular diagnostic techniques over the convection technology is expected to boost the rapid hepatitis testing market. Increased advances in rapid detection technology and serological testing are driving the demand for the rapid hepatitis testing market during the forecast period.
Growing awareness among the population regarding disease and its symptoms and the growing number of favorable reimbursement policies for increased use of hepatitis screening and diagnostics is expected to boost the market growth during the forecast period.
The growing technological innovations in testing technology like molecular HCV RNA test, immunoassay for HCV core antigen, and introduction of more simplified testing methods to test and monitor hepatitis test infection is expected to drive the market growth.
Regionally the rapid hepatitis testing market in North America is expected to account for the highest share owing to the presence of well-established healthcare infrastructure, and increased health awareness among consumers. The increasing prevalence of hepatitis B and the presence of leading players are boosting the rapid test hepatitis market in the region
Europe is the second-highest region in the rapid test hepatitis market owing to the increased cases of hepatitis in countries like the United Kingdom and Germany, and the easy availability of testing assays in the region. Also, the presence of advanced healthcare infrastructure in the region boosts market growth.
Asia Pacific is the fastest-growing region in the rapid hepatitis testing market. The increased healthcare spending and increased research & development activities in healthcare are likely to drive market growth in the region.
Some of the leading manufacturers operating in the rapid hepatitis testing market are Abbott Laboratories, Siemens Healthcare GmBH, Bio-Rad Laboratories Inc, Bayer AG, CTK Biotech Inc, QIAGEN, Thermo Fisher Scientific, Inc, BioGenex, Biochrome Scientific, among others.
The major players in rapid hepatitis testing are using strategies like partnerships, mergers, acquisitions, and new product launches to enhance their market position.
For instance, in June 2022 - Siemens announced a strategic partnership with Ohio State Wexner Medical Centre. This partnership will help to bring the most advanced imaging and treatment technology from Siemens to the Ohio state patient care and research center.
The demand for rapid hepatitis testing is expected to flourish during the forecast period owing to the increased prevalence of hepatitis and growing focus on molecular diagnostics. The rapid hepatitis testing market is observing the emergence of new companies offering new and advanced diagnostic solutions with faster, better, and cost-effective rapid hepatitis testing solutions.
For instance, founded in 2013- Biosure is a specialist IVD company focused on the development and manufacturing of rapid point-of-care tests for different infectious diseases. The company’s products include the test for HIV, Hepatitis B, and Hepatitis C, POC test for Syphilis and Malaria. Also the range of diagnostic tests for veterinary applications.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | US$ 3.2 Billion |
| Projected Market Value in 2033 | US$ 4.9 Billion |
| Growth Rate (2023 to 2033) | CAGR of 4.4% |
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According to the latest research by Future Market Insights, Rapid Hepatitis Testing Market is expected to witness robust growth with 4-5% CAGR during the forecast period from 2021 to 2031. The rising prevalence of hepatitis caused due to liver infection and an increasing focus on molecular diagnostics is likely fuelling the global rapid hepatitis testing market growth. Therefore, growth at a significantly high CAGR will be expected soon.
The availability of advanced diagnostic procedures for hepatitis tastings expects to boost the market growth in the coming years. The paradigm shift of the researchers and manufacturers to molecular diagnostics from conventional technologies has amplified the capability of procedures that has minimized the testing time.
For example, molecular diagnostics detect the presence of a virus that is involved by performing genetic tests to confirm the exact strain of the causative virus. Furthermore, the rising prevalence of hepatitis among the growing population is also expected to fuel market growth.
According to World Health Organization (WHO), around 325 million people are living with hepatitis B and/or C, and for most globally. To reduce the current global burden of hepatitis, the key players have increased focus on research area efforts to develop an effective rapid test that enables virus identification and eases linkage to various healthcare setting.
For instance, in February 2019, Abbott has received CE Mark for the Determine™ HBsAg 2 test, the most sensitive rapid diagnostic test used for hepatitis B surface antigen detection.
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USA and Canada will hold the top position in the rapid hepatitis testing market due to the rising prevalence of viral infection, the number of hepatitis cases caused due to changes in lifestyle, and the high consumption of alcohol, drug, or toxins in the American countries. According to the Centres for Disease and Control (CDC) total of 18,846 of hepatitis A, total of 3,192 acute hepatitis B, and around 4,136 acute hepatitis C cases were reported in 2019.
Europe holds the second-most position in the rapid hepatitis testing market due to the growing number of hepatitis cases in the European countries. According to WHO European Region, in 2019, around 15 million people living with hepatitis B affects lives of infection. Central Europe has the high per cent of cases around 6-8% of people living with Hepatitis B, while western, northern and central European countries has less than 0.1% of cases.
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Some of the leading players in the rapid hepatitis testing market include
These companies followed certain strategies like a partnership, new product lunch and approval, merger and acquisitions to gain a good position in the market. For instance, in May 2021, Biosynex SA acquired Avalun SAS, a company developing the Labpad in vitro diagnostic device providing rapid biological test results from small sample volumes.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Rapid Hepatitis Testing Market
