Tuberculosis (TB) Diagnostics Market Size to Surpass USD 3.19 Billion by 2030, exhibiting a CAGR of 5.6%
As per the report by Fortune Business Insights, The Global Tuberculosis Diagnostics Market size is projected to reach USD 3.19 Billion by 2030, at a CAGR of 5.6% during the forecast period.
Pune, India, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global tuberculosis (TB) diagnostics market size was valued at USD 1.93 billion in 2022*. *The market is projected to grow from USD 2.17 billion in 2023 to USD 3.19 billion by 2030 at a CAGR of 5.6% during 2023-2030.
Tuberculosis (TB) is a contagious disease caused by Mycobacterium tuberculosis and it mainly attacks the lungs, spine, and brain of the patients. Growing tuberculosis (TB) incidence, high demand for tuberculosis (TB) diagnostics to control the spread, and increasing awareness about the disease are driving market growth over 2023-2030.
*Fortune Business Insights™* mentioned this in a report titled, “*Tuberculosis (TB) Diagnostics Market, 2023-2030*”.
*Key Industry Development*
*November 2022- *Mylab Discovery Solutions Pvt. Ltd. announced that the company received approval from CDSCO and ICMR for PathoDetect MTB RIF and INH drug resistance kit, which can simultaneously detect multiple drug resistance to Rifampicin and Isoniazid in a single test.
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*Key Takeaways: *
· In conjunction with a desktop immunoassay analyzer, bioMérieux SA announced the availability of an interferon-gamma release assay that may be used to identify Mycobacterium tuberculosis in blood samples.
· In 2018, the Revised National Tuberculosis Control Programme (RNTCP) collaborated with partners from civil society and all Indian states in a total of 685 projects.
· According to the India TB Report 2022, India's national TB eradication program cost roughly USD 399.7 million in 2019–20, an increase of 39.9% over the prior year.
· In the United States, there were around 29,227 diagnostic and medical laboratories. The existence of several institutions may facilitate the segment's growth in the anticipated years.
*Discover the Leading Players Featured in the Report:*
F. Hoffmann-La Roche Ltd (Switzerland), bioMérieux SA (France), QIAGEN (Netherlands), BD (U.S.), Cepheid (Danaher) (U.S.), Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Hologic, Inc. (U.S.), Hain Lifescience GmbH (Germany), Oxford Immunotec USA, Inc. (U.K.)
*Report Scope *
*Report Coverage* *Details*
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 5.6%
2030 Value Projection USD 3.19 Billion
Base Year 2022
Market Size in 2023 USD 2.17Billion
Historical Data for 2019 to 2021
No. of Pages 121
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*Drivers & Restraints-*
*Favourable Government Policies to Drive the Market Growth*
To decrease the burden of tuberculosis (TB) worldwide, governments have increased the favoring policies for tuberculosis (TB) diagnosis. The demand for TB diagnosis is expected to grow over the next 2-3 years due to rising awareness amongst nations about the severity of the disease. Rising demand for TB testing and the high incidence of TB in high-burden countries are driving the need for government policies and regulations to improve TB diagnosis rates.
Technical complexities related to tuberculosis (TB) diagnostics can hamper tuberculosis (TB) diagnostics market growth during the forecast period.
*Segments-*
*New Product Launches to Drive Rapid Molecular Diagnostics Segment*
By type, the market is divided into culture-based diagnostics, sputum smear microscopy, rapid molecular diagnostics, and others. The rapid molecular diagnostics segment dominated the market in 2022 and is expected to hold a significant market share over 2023-2030. The efficiency and accuracy of rapid molecular diagnostics accelerated the growth of the segment in the market. The culture-based diagnostics segment is estimated to grow significantly during the forecast period.
*Strong Global Presence of Diagnostic Laboratories to Aid Market Growth*
Based on end-user, the market is segmented into diagnostic laboratories and hospitals. The diagnostic laboratories segment will dominate the market during the forecast period due to the rising trend of tuberculosis (TB) diagnosis conducted in these laboratories. The hospitals segment is expected to grow at a significant CAGR over 2023-2030.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
*Segments: *
*By Type*
· Culture-based Diagnostics
· Sputum Smear Microscopy
· Rapid Molecular Diagnostics
· Others
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*By End-user*
· Diagnostic Laboratories
· Hospitals
*By Region*
· North America (By Type, By End-user)
· Europe (By Type, By End-user)
· Asia Pacific (By Type, By End-user)
· Latin America (By Type, By End-user)
· Middle East & Africa (By Type, By End-user)
*Report Coverage-*
The report offers:
· Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
· Comprehensive insights into regional developments.
· List of major industry players.
· Key strategies adopted by the market players.
· The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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*Quick Buy - Tuberculosis Diagnostics Market* *Research Report: *https://www.fortunebusinessinsights.com/checkout-page/102009
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*Regional Insights-*
*Rising Prevalence of Tuberculosis (TB) Drives the Market in North America*
North America is estimated to dominate the market due to the growing prevalence of tuberculosis (TB), which boosted the number of tuberculosis (TB) diagnoses in the region. The North America market size stood at USD 0.56 billion in 2022. The strong presence of key market players is contributing to the market growth in North America.
Europe had a significant market share in 2022. Rising demand for tuberculosis (TB) diagnostics such as rapid molecular diagnostics is driving the market in the region.
*Competitive Landscape-*
*Key Players are Focusing on Expanding TB Diagnostics Portfolio to Drive Market Growth*
F. Hoffmann-La Roche Ltd., Abbott, and bioMérieux SA are dominating the tuberculosis (TB) diagnostics market share. In March 2021, bioMérieux SA’s TB IGRA test on VIDAS, used for diagnosing latent TB infection, received CE mark approval from the European Union.
*FAQ’s*
*How big is the Tuberculosis Diagnostics Market?*
Tuberculosis Diagnostics Market size was USD 2.17 Billion in 2023.
*How fast is the Tuberculosis Diagnostics Market?*
The Tuberculosis Diagnostics Market will exhibit a CAGR of 5.6% during the forecast period, 2023-2030
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