HBsAg Testing Market set to witness a 5.9% growth during the year 2022-2031
According to the latest research by Future Market Insights, HBsAg Testing market is set to witness a 5.9% growth during the year 2021-2031.
The market has been increasing at a gradual rate and is projected to witness lucrative growth due to increase in cirrhosis and liver cancer deaths due to prevalence of hepatitis B, technological advancements in diagnostic kits and due to increase in cirrhosis and growing awareness regarding early detection of hepatitis B.
What is Driving Demand for HBsAg Testing?
Hepatitis B is a potentially fatal infection and has turned into a vital healthcare problem across the world. Rise in prevalence of hepatitis B and need for early detection of hepatitis B are primary factors supporting the market growth.
In addition, rise in awareness among the population; and increase in initiatives by non-profit organizations and governments add to the development of the market. Increase in awareness among the patients’ leads to early detection of the disease. This is driving the demand for HBsAg testing.
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Growing research and innovation, rise in healthcare expenditure and urbanization is resulting into rapid adoption of testing procedures, which in turn leads to market growth.
Rising cases of Hepatitis B, likely to increase the HBsAg Testing Sales
Hepatitis B is an infection of worldwide importance, with a projected of 296 million people living the virus globally, according to the data provided by WHO. In the year 2019, hepatitis led to 820 000 deaths, majorly from complications such as cirrhosis and hepatocellular carcinoma.
The occurrence of hepatitis B is highest in the African and Western Pacific regions where 6.1% and 6.2% respectively of the adults are infected. Hepatitis B can lead to chronic infection and show a high risk of mortality. It is projected that 80-90% of the newborns infected with hepatitis B in first year of life suffer from chronic infections.
There is rise in prevalence of hepatitis B also because of the growing urbanization and environmental changes because of the changing lifestyle. These factors create a lucrative opportunities for hepatitis B diagnostic test manufacturers.
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US and Canada HBsAg Testing Market Outlook
United States and Canada lead the HBsAg Testing market. The market is likely to witness significant growth owing to the high prevalence of acute cases of hepatitis B, availability of advanced diagnostic tools and rising awareness regarding hepatitis testing.
The rapid growth in the Canadian market is owing to the initiatives of the non-government and organizations. For example, the Public Health Agency of Canada conducted the World Hepatitis Day with the aim of growing awareness regarding hepatitis diagnosis. Thus, resulting into a demand surge for hepatitis diagnosis in the country.
Europe Demand Outlook for HBsAg Testing
Europe is second lucrative market and is likely to register a remarkable growth owing to the rising cases of hepatitis B infections, increasing diagnostic product launches, and growing healthcare expenditure in the region.
As per the World Health Organization, Hepatitis B is a contagious disease that affected approximately 15 million people in 2019 in the WHO European region. The growing geriatric population is also increasing the demand for hepatitis testing as complications associated with hepatitis worsen with aging.
Who are the Key Manufacturers and Suppliers of HBsAg Testing?
Some of the leading manufacturers and suppliers of HBsAg Testing include
- CTK Biotech Inc.
- Biopanda Reagents Ltd.
- Avecon Healthcare Pvt Ltd.
- Bio-Rad Laboratories Inc.
- Siemens Healthineers
- F. Hoffmann-La Roche AG and others.
The HBsAg Testing market is competitive, with the presence of a few major players. These global market players compete mainly on the basis of technological developments. Moreover, key players are investing greatly in the research and development to develop rapid and advanced diagnostic products.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic 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.
HBsAg Testing Market Report Highlights:
- Detailed overview of 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