The fight against Hepatitis C (HCV) is gaining momentum, fueled by a growing emphasis on early diagnosis. This is driving significant growth in the Hepatitis C Virus (HCV) Testing Market, according to a new market analysis. The market reached a value of US$785.3 million in 2023 and is projected to maintain a steady upward trajectory in the coming years.
Market Poised for Steady Growth over the Next Decade
Analysts predict a significant Compound Annual Growth Rate (CAGR) of 5.4% for the HCV testing market from 2023 to 2033. This positive outlook builds on a solid foundation – the market observed a healthy CAGR of 4.6% between 2018 and 2022. By 2033, the market is expected to reach a staggering US$1,326.7 million, reflecting the growing importance of early detection in combating Hepatitis C.
Request a Sample of this Report Now Use Worl Email to Get Quick Reply!
https://www.futuremarketinsights.com/reports/sample/rep-gb-4388
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.
Hepatitis C Virus (HCV) Testing Market: 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.
Hepatitis C Virus (HCV) Testing Market: 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.
Hepatitis C Virus (HCV) Testing Market: 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.
Click Here To Purchase Your Detailed Report
https://www.futuremarketinsights.com/checkout/4388
Hepatitis C Virus (HCV) Testing Market: 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)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
