The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Viral Diagnostic Test Kits Global Market Report 2024, the viral diagnostic test kits market is expected to show significant growth in the forecast period.

The viral diagnostic test kits market has shown significant growth in recent years and is expected to continue expanding in the coming years.

Market Overview

• 2023 Market Size: $15.07 billion
• 2024 Market Size: Expected to grow to $16.26 billion
• CAGR (2023-2024): 7.9%

The market’s growth is driven by increasing healthcare expenditure, global travel, rising chronic viral infections, demand for home testing kits, and advancements in personalized medicine.

Future Market Outlook

• 2028 Market Size: Projected to reach $22.23 billion
• CAGR (2024-2028): 8.1%

Growth in the next few years is expected to be driven by increasing cases of Ebola virus infections, hemorrhagic fever, respiratory syncytial virus, and hepatitis. Additional growth factors include technological advancements, the rise of point-of-care testing, AI and data analytics integration, digital health records, and next-generation sequencing.

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Rising Prevalence of Viral Infections

The increasing prevalence of viral infections is a key factor propelling the market.

• Key Drivers:
  • Global travel and urbanization
  • Climate change affecting vector-borne diseases
  • Evolving viral strains causing new outbreaks
• Role of Diagnostic Kits:
  • Detect viral nucleic acids, antigens, or antibodies
  • Use samples like blood, saliva, or nasal swabs

For example, in 2022, the CDC reported 2,126 new cases of acute hepatitis B and 16,729 cases of chronic hepatitis B in the US.

Major Players in the Market

Key companies leading the viral diagnostic test kits market include:

• Top Players: F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson and Company, Quest Diagnostics Incorporated, Grifols S.A., Hologic Inc., and PerkinElmer Inc.

Innovative Rapid Diagnostics Drive Market Leadership

Innovation in rapid diagnostics is crucial for market leadership.

• Example: Abbott Laboratories’ Panbio COVID-19 Antigen Self-Test Kit, launched in July 2021 in India, provides results in 15 minutes using a nasal swab. This product supports public health by enabling quick diagnosis and response.

Strategic Acquisitions for Market Expansion

Companies are making strategic acquisitions to enhance their product offerings and market reach.

• Example: Avacta Life Sciences acquired Coris Bioconcept in June 2023 for £7.4 million ($9.35 million). This acquisition expanded Avacta’s rapid diagnostic test portfolio, particularly in infectious disease management and point-of-care testing.

Market Segmentation

The viral diagnostic test kits market can be segmented based on various criteria:

1. By Test: Traditional Tests, Rapid Test
2. By Test Type: DFA Test, Immunochromatographic Assay, RT-PCR Based Test, Agglutination Assay, Solid Phase Assay, Flow Through Assay, Other Test Types
3. By End-User: Research Laboratories, Clinics, Hospitals, Other End Users

Regional Insights

• Largest Region (2023): North America
• Fastest Growing Region (Forecast): Asia-Pacific

The viral diagnostic test kits market is poised for substantial growth, driven by increasing prevalence of viral infections, technological advancements, and strategic expansions by leading companies.

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