Global Hepatitis C Virus (HCV) Testing Market Set to Surpass USD 1,326.7 Million by 2033 a CAGR worth 5.4% Amid Rising Awareness and Growing Infection Rates | FMI

The hepatitis C virus (HCV) testing market is forecasted to exhibit a 5.4% CAGR through 2033, as per FMI’s analysis. The industry’s size is predicted to extrapolate from USD 785.3 million in 2023 to USD 1,326.7 million by 2033.

The market size of hepatitis C virus testing is expected to swell on account of surging awareness about commercially available advanced products. Also, hepatitis C is primarily an inflammation of the liver which results from the hepatitis C virus.

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The virus can instigate both chronic and acute hepatitis, concerning the severity of the disease from a mild issue to a serious, long-term illness like cancer and liver cirrhosis. Incidents of unsafe health care, unscreened blood transfusions, unsafe injection practices, and sexual practices that lead to blood exposure all contribute to hepatitis C.

According to the World Health Organization, 58 million people are infected with chronic hepatitis C virus, with over 1.5 million new infections arising every year.  Nearly, 3.2 million adolescents and children are predicted to suffer from chronic hepatitis C infection. Thus, showcasing the increasing population that needs hepatitis C virus testing.

The Europe region and Eastern Mediterranean region witness a high rate of disease, with about 12 million people affected in each region. In the Western Pacific region and South-East Asia region, around 10 million people in each region suffer from this infection.

In Africa, nine million people are infected. Extreme cases of hepatitis C virus in these regions are attracting manufacturers of hepatitis C virus testing to invest in these markets.

Top Highlights from the FMI’s Analysis of the Hepatitis C Virus (HCV) Testing Market

• The United States holds a monopoly over the global market, with a share of more than 29.5% in 2023.
• FMI expects Japan to penetrate more than 9.8% of the market in 2023, thus indicating the increasing interest of manufacturers to expand in Japan’s marketplace.
• The CAGR of the hepatitis C virus (HCV) testing market in India is expected to be quite prominent among its counterparts. FMI has assessed that India is going to register a 5.8% CAGR from 2023 to 2033.
• The United Kingdom is another key market with a high CAGR of 5.7%.
• Australia is forecasted to expand at a CAGR of 3.5%, indicating budding growth opportunities in the market.
• Immunoassay-based technique monopolizes the entire market with a share of more than 77.7% in 2023.
• The hospital segment is expected to hold a market share of more than 38.4% in 2023.

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Competitive Landscape and Market Opportunities

With a growing global need for early detection and timely treatment, market players are actively investing in research and development to improve their testing offerings. Companies are increasingly focusing on the development of non-invasive, cost-effective diagnostic kits that can be used in low-resource settings without sacrificing accuracy.

Collaborations between governments, healthcare organizations, and private companies are also on the rise to facilitate mass screening programs and ensure wider availability of testing kits. The goal is to support WHO’s objective of eliminating hepatitis C as a public health threat by 2030.

Digital healthcare and telemedicine are also expected to play a supporting role in the expansion of HCV testing services. Remote consultations, home test kits, and mobile health units are being explored to enhance testing coverage, particularly in rural and underserved communities.

Latest Developments Guiding the Market’s Forecast

• In September 2022, Gilead Sciences, Inc. released a private-public project for Health Advancement in Vietnam (HAIVN). For this project, the company has partnered with Harvard Medical School, Brigham and Women’s Hospital, and Beth Israel Deaconess Medical Center. In the Philippines and Vietnam, where the incidence rate of hepatitis C and B is high, this program is going to deploy a staged approach.
• Liver Care Canada, a subdivision of Mednow Inc., partnered with HepCURE, which is an NGO and one of the top firms in hepatitis C screening and treatment, in June 2022. This partnership is aimed at removing hepatitis C in Canada by 2030 end.
• Novartis Pharma AG and Siemens Healthineers inked a master collaboration to create, design, and advertise diagnostic tests for Novartis’ medicinal pipeline in September 2020. The program facilitates Novartis’ MS and other neuroscience programs by helping in the creation of serum NfL immunoassay.

Leading Players in the Global Hepatitis C Virus Testing Market

Prominent companies driving innovation and growth in the global hepatitis C virus (HCV) testing market include OraSure Technologies, Inc., Abbott Laboratories Inc., Siemens Healthcare GmbH, Bio-Rad Laboratories Inc., Ortho Clinical Diagnostics Inc. (a Johnson & Johnson company), Bayer AG, QIAGEN N.V., Thermo Fisher Scientific Inc., BioGenex, AccuQuick, Roche Diagnostics (a division of F. Hoffmann-La Roche Ltd.), and STD Rapid Test Kits, among others.

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Key Segments Covered in the Hepatitis C Virus (HCV) Testing Market Survey

By Technique:

• Immunoassays-based Hepatitis C Virus Testing
• Polymerase Chain Reaction-based (PCR) Hepatitis C Virus Testing
• Other Hepatitis C Virus Testing Techniques

By Test Type:

• HCV Antibody Testing
• HCV Viral Load Testing
• HCV Genotyping Testing

By End User:

• Hospitals
• Diagnostic Centers
• Blood Donation Centers

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa

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.

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