Global Rabies Diagnostics Market

Global Rabies Diagnostics Market Key Insights 2024-2033

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

According to The Business Research Company’s Rabies Diagnostics Global Market Report 2024, the rabies diagnostics market is expected to show promising growth in the forecast period.

Strong Growth Trajectory

  • The rabies diagnostics market has witnessed robust growth.
  • Expected rise from $1.6 billion in 2023 to $1.7 billion in 2024.
  • Compound annual growth rate (CAGR) of 6.3% attributed to various factors.

Factors Driving Growth

  • Globalization and travel patterns.
  • Adoption of the one health approach.
  • Development of regulatory standards.
  • Advancements in animal testing.
  • Environmental influences.

Anticipated Growth Trends

  • Projected growth to $2.19 billion in 2028.
  • Compound annual growth rate (CAGR) of 6.5%.
  • Factors include increasing rabies incidence and research needs.
  • Major trends include government initiatives and vaccination programs.

Increasing Prevalence of Rabies Propels Market Growth

  • Rabies is a preventable viral illness spread through animal bites.
  • Diagnosis detects the rabies virus in humans and animals.
  • Rising cases of animal-transmitted diseases boost demand for diagnostics.
  • Rabies kills around 59,000 people globally annually.
  • Major companies in the market include Bio-Rad Laboratories Inc. and Merck Group.

View More On The Rabies Diagnostics Market Report 2024 –

Product Innovation in Rabies Diagnostics Market

  • Key trend: product innovation.
  • Development of efficient testing techniques.
  • Adoption of analytical chemistry solutions.
  • Example: Bio-Rad Laboratories Inc. launches CFX Duet Real-Time PCR system.
  • Co-Diagnostics expands through acquisitions of Idaho Molecular Inc. and Advanced Conceptions Inc.

Market Segmentation

  1. By Diagnostic Method:
    • Fluorescent Antibody Test
    • Immunohistochemical Test
    • Amplification Methods
    • Histologic Examination
    • Serology Tests
  2. By Technology:
    • ELISA/Immunohistochemistry
    • Chromatography Techniques
    • PCR
    • Other Technologies
  3. By End-User:
    • Hospital
    • Diagnostic Centers
    • Cancer Palliative Care Clinics
    • Other End-Users

Regional Insights

  • North America led the rabies diagnostics market in 2023.

The rabies diagnostics market is witnessing significant growth, driven by factors like globalization, regulatory developments, and advancements in testing methodologies. The increasing prevalence of rabies and other animal-transmitted diseases underscores the criticality of accurate diagnostics. Companies are focusing on product innovation to meet evolving market demands, introducing advanced testing systems and solutions.

Recent acquisitions in the market, such as Co-Diagnostics’ acquisition of Idaho Molecular Inc. and Advanced Conceptions Inc., reflect the industry’s strategic expansion efforts. Through these acquisitions, companies aim to strengthen their market presence and offer innovative healthcare solutions worldwide. Segmentation of the market by diagnostic method, technology, and end-user provides insights into diverse market dynamics and opportunities.

As governments initiate vaccination programs and public health campaigns, the market is poised for continued growth. Innovations in diagnostic methodologies and technologies will play a pivotal role in enhancing disease surveillance and control efforts. With North America leading the market, regions worldwide are likely to witness increased investments in rabies diagnostics and preventive measures.

Request A Sample Of The Global Rabies Diagnostics Market Report 2024: