HIV Diagnosis Market to Witness 10.6% CAGR by 2023

NEW YORK, June 29, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “Global HIV Diagnosis Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Product (Consumable, Instrument and Software & Services), by Type of Test (Antibody Test, Viral Load, CD4, Early Infant Diagnosis and Viral Identification), by End User (Diagnostic Laboratories, Hospitals, Research Institutes and Others)” published by P&S Market Research, the global HIV diagnosis market is expected to grow at a CAGR of 10.6%, during 2017 - 2023.

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As per the findings of the research, based on products, consumable is the largest product category, in the global market. Antibody test has been the largely performed test of the global market, followed by viral load, CD4, early infant diagnosis and viral identification. Diagnostic laboratories have been the largest end user of HIV diagnosis, followed by hospitals, research institutes and others.

Geographically, North America has been the largest market for HIV diagnosis, with the U.S. being the largest contributor to the regional market. Increasing prevalence of HIV/AIDS and advantageous features of point of care instruments and kits has been driving the growth of the North American market. In Europe, the U.K. has been the largest contributor to the market for HIV diagnosis, followed by Germany and France. The market is expected to witness the fastest growth in Asia-Pacific, during 2017 - 2023, owing to increasing cases of HIV rising healthcare expenditure and increasing blood transfusion.

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The governments in different countries are investing significant portion of their GDP for healthcare development. Although, there are large variations among the healthcare spending of different countries, healthcare has been one of the primary focuses for all the nations. Healthcare spending in the developed economies such as North America and Europe is considerably high in comparison to the developing countries. The lower spending in developing countries is primarily due to their low income per capita GDP. However, per capita healthcare spending in developing countries is increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased demand for effective diagnosis of HIV, thus driving the growth of the global market.

Some of the key players in the global HIV diagnosis market include Siemens AG, Hoffman La Roche Ltd., Danaher Corporation, Abbott Laboratories, Ltd., Thermo-Fisher Scientific Inc., Merck KGaA, Becton, Dickinson & Company, Alere Inc., Bio-Rad Laboratories and Hologic Inc.

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