The global tuberculosis diagnostics market is expected to reach a market size of USD 3.58 Billion by 2027 and register a high revenue growth rate during the forecast period, according to a new report by Reports and Data. Growing incidence of tuberculosis is a major factor driving growth of the tuberculosis diagnostics market.
According to the World Health Organization (WHO), every year, 8.8 million new cases of tuberculosis are found and approximately 2 million deaths are caused by the disease. Resistance to multiple drugs among patients suffering from tuberculosis is another key point of concern.
Increase in the incidence of tuberculosis in developing countries and rise in awareness about the disease are driving growth of the tuberculosis diagnostics market – Our Expert Opinion
Rise in initiatives by governments and independent organizations to control the spread of tuberculosis is also contributing to growth of the global tuberculosis diagnostics market. Various organizations are trying to create awareness regarding the infectious disease, especially in underdeveloped countries, to limit the disease spread. over the years due to rapid and reliable results. This limits growth of the global tuberculosis diagnostics market.
Further Key Findings from the Report Suggest:
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Alere Inc., F.Hoffmann-La Roche AG, Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Siemens, Hologic Corporation, Cepheid, Hain Lifesciences GmbH, and Thermo Fisher Scientific Inc.
Tuberculosis Diagnostics Market Segmentation:
Disease Stage Outlook (Revenue, USD Billion; 2017-2027)
Test Type Outlook (Revenue, USD Billion; 2017-2027)
End-use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook:
Frequently asked questions addressed in the report:
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