MOUNTAIN VIEW, Calif., Dec. 11, 2014 /PRNewswire/ -- Unique disease outbreaks across the globe are escalating the demand for screening and spurring the infectious disease diagnostic market.
Photo - http://photos.prnewswire.com/prnh/20141210/163732
The market will continue to develop as unmet technological needs lead to the creation of faster, more capable platforms. Molecular diagnostics is growing the fastest among the infectious disease market segments, clocking a compound annual growth of 15.30 percent. Although these tests remain expensive, their efficiency and accuracy strengthen their use case.
New analysis from Frost & Sullivan's Analysis of the Global Infectious Disease Diagnostics Market finds the market earned revenue of $7.91 billion in 2013 and estimates this to reach $12.77 billion in 2018. Hepatitis B, hepatitis C, tuberculosis, and sepsis tests will be the major revenue generators.
For complimentary access to more information on this research, please visit: http://bit.ly/1yzK6zo
"Immunodiagnostics is another segment that continues to expand rapidly owing to cost-effective tests as well as the prevalence of hospital-acquired infections like sepsis and MRSA," said Frost & Sullivan Life Sciences Industry Analyst Aish Vivekanandan. "Molecular methods and immunodiagnostics are expected to complement each other as the need for accurate and rapid diagnostic tests rises."
While decentralized and rapid tests are a growing trend in the developed world, high costs affect the market in developing countries. Stringent regulations further complicate product development and marketing.
Another challenge is the low awareness of products among consumers across regions. Diagnostic companies must invest in clinical studies to prove the efficacy of their products and raise awareness among evidence-driven consumers, especially in the clinical field.
"Many participants are focusing their research on top industry requirements such as product automation, rapidity, specificity and accuracy," noted Vivekanandan. "Companies are also striving to expand the scope of diseases their products cover in order to establish their foothold in the global infectious disease diagnostics market."
Analysis of the Global Infectious Disease Diagnostics Market is part of the Life Sciences (http://www.lifesciences.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global In Vitro Diagnostics Market, US Hematology Diagnostics Market, Global Next-generation Sequencing Market, and Western European Companion Diagnostics Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Join Us: Join our community
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Analysis of the Global Infectious Disease Diagnostics Market
NE02-52
Contact:
Jennifer Carson
Corporate Communications -- North America
P: +1.210.247.2450
E: jennifer.carson@frost.com
Twitter: @Frost_Sullivan
Facebook: facebook.com/FrostandSullivan
Linkedin: http://linkd.in/1nL4auZ
Photo - http://photos.prnasia.com/prnh/20141211/8521407465
