The Global Hepatitis C Virus (HCV) Testing Industry is experiencing a surge in growth, fueled by a potent combination of increasing public awareness and advancements in diagnostic tools. Industry projections indicate a market value of US$785.3 million in 2023, with a promising upward trend for the coming years.
The future looks even brighter, with analysts predicting a significant Compound Annual Growth Rate (CAGR) of 5.4% from 2023 to 2033. This upward trajectory builds on a solid foundation, with a healthy CAGR of 4.6% observed between 2018 and 2022. By 2033, the market is poised to reach an impressive valuation of US$1,326.7 million.
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Global Hepatitis C Virus (HCV) Testing Industry: Drivers and Restraints
The growing incidence of hepatitis C virus infection is the major factor driving the growth of the global hepatitis C virus testing market. Inappropriate practices of blood donation are the major cause of the spread of hepatitis C virus infection. Hepatitis C screening is the mandatory screening test before organ donation, and growing organ donation programs across the globe are expected to push the market growth. Launch of point-of-care testing products for HCV testing increases demand for HCV testing kits. In 2010, the OraQuick HCV Rapid Antibody Test was approved by the FDA which is now largely being used as an alternative to enzyme immunoassay testing for HCV. The application of new electrochemical immunosensor and nanosensor technologies in HPV testing is expected to change conventional HPV testing practices. However, inadequate insurance coverage for hepatitis C testing and limited access to regular health care are the factors restraining the growth of the global hepatitis C virus testing market.
Global Hepatitis C Virus (HCV) Testing Industry: Overview
The prevalence of hepatitis C is low when compared to hepatitis A and hepatitis B. Thus little effort is being taken to develop novel tests for hepatitis C virus testing. Among all 3 test types, HCV antibody testing is expected to take the highest share in the global hepatitis C virus testing market, as antibody testing is the primary screening test for HCV testing and a large population undergoes routine HCV antibody testing. Among end users, the diagnostic centers end-user segment is expected to contribute the highest market share in the global HCV testing market.
Global Hepatitis C Virus (HCV) Testing Industry: Regional Outlook
Geographically, the hepatitis C virus testing market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East, and Africa. Western Europe is expected to dominate the global hepatitis C virus testing market over the forecast period due to the high incidence of HCV. Asia Pacific is expected to be the second-largest market for HCV testing. According to WHO, Eastern Mediterranean and European regions have the highest prevalence of HCV with a prevalence of 2.3% and 1.5%, respectively. HCV virus shows significant genetic variations in the global population due to the high rate of viral RNA mutation.
Global Hepatitis C Virus (HCV) Testing Industry: Key Players
Some of the players identified in global hepatitis C virus testing market include OraSure Technologies, Inc., Abbott Laboratories Inc., Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Ortho Clinical Diagnostic Inc. (Johnson & Johnson), Bayer AG, QIAGEN N.V., Thermo Fisher Scientific Inc., BioGenex, AccuQuick, Roche Diagnostics (H. Hoffman-La Roche Ltd.), STD Rapid Test Kits etc. among others.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic 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.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition and companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX)
- Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, Rest Of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic 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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Global Hepatitis C Virus (HCV) Testing Industry: Segmentation
Based on technique
- Immunoassays
- Polymerase Chain Reaction (PCR)
- Others
Based on test type
- HCV Antibody Tests
- HCV Viral Load Tests
- HCV Genotyping Tests
Based on end-user
- Hospitals
- Diagnostic Centers
- Blood Donation Centers
Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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