Human Papillomavirus Testing Market Expected to Reach US$ 3,236.3 million by 2034 : Fact.MR Report
Adoption of Molecular Diagnostics and Next-generation Sequencing to Stay at Forefront of Technological Advancements by Companies in HPV Testing Market
Rockville , Jan. 09, 2024 (GLOBE NEWSWIRE) -- The global human papillomavirus testing market is estimated to be worth US$ 1,214.0 million in 2024 and is projected to grow at a 10.30% CAGR through 2034. The market is expected to surpass a valuation of US$ 3,236.3 million by 2034.Post-pandemic, people around the world are becoming increasingly aware of their health, especially the younger demographic. Human papillomavirus is a sexually transmitted disease and is a major risk factor for cervical cancer. This has substantially increased the significance of HPV testing in regions with high awareness and a focus on preventive healthcare. Medicare providers and individuals are seeking reliable HPV testing methods, contributing to the expanding market.
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The growing prevalence of human papillomavirus infections globally is also fueling the demand for testing solutions. HPV is the most common sexually transmitted infection, with a substantial proportion of the population being carriers of the virus. As the incidence of HPV-related cancers, such as cervical, anal, and oropharyngeal cancers, continues to rise, there is an escalating need for accurate and accessible testing methods. To respond to this demand, diagnostic companies are investing billions of dollars in research and development to enhance testing technologies.
The introduction of innovative HPV testing technologies is also one of the key factors propelling the market growth. Advances in molecular diagnostics, including nucleic acid amplification tests and DNA-based assays, have improved the sensitivity and specificity of HPV testing. These technological developments not only enhance the accuracy of diagnosis but also facilitate early intervention and personalized treatment plans. All these factors have collectively contributed to the exponential expansion of the HPV testing market.
*Report Attribute* *Details*
Value Projection (2034) US$ 3,236.3 million
Growth Rate (2024-2034) 10.30% CAGR
No. of pages 170 Pages
No. of Tables 32 Tables
No. of Figures 160 Figures
*“Companies involved in this market can invest in research and development to enhance the sensitivity, specificity, and efficiency of HPV testing technologies. This will generate trust in the general population, and more people will come forward for screenings and tests,"* *says a Fact.MR analyst.*
*Key Companies Profiled in This Report*
· Hologic
· Quest Diagnostics
· Abbott Laboratories
· Becton Dickinson & Company
· Onco Health Corporation
· Arbor Vita Corporation
· Femasys,
· Qiagen N.V.
· Seegene
· Mylab Discovery Solutions Pvt. Ltd.
*Key Takeaways from the Market Study*
· The global human papillomavirus testing market is projected to expand at a CAGR of 10.30% from 2024 to 2034.
· The North American human papillomavirus testing market is expected to grow at a CAGR of 9.60% over the forecast period.
· The United States holds a dominant share of 74.90% of the market in the North American region.
· The human papillomavirus testing industry in Japan is expected to rise at a CAGR of 13.8% through 2034.
· Based on the end-use, the hospitals segment holds a 51.9% market share in 2024.
· The molecular segment dominates the human papillomavirus testing market with a 92.20% share in 2024, based on the application.
*Competitive Landscape*
Leading companies such as Hologic, Quest Diagnostics, Abbott Laboratories, and Becton Dickinson & Company dominate the global HPV testing market with a well-established and expansive consumer base worldwide. These companies serve a diverse clientele, including hospitals, research institutes, diagnostic centers, and other healthcare institutions.
Collaborations with healthcare providers, research institutions, and industry stakeholders enable them to strengthen their product offerings and expand their reach. Key industry players actively participate in government-sponsored screening programs, contributing to public health initiatives to prevent and manage HPV-related diseases.
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*Country-wise Insights*
The North American human papillomavirus testing market is poised for exceptional growth, projecting a modest CAGR of 9.6% through 2034. The surge is primarily attributed to the increasing demand for human papillomavirus testing in key countries, notably the United States and Mexico.
In 2024, the United States dominates the human papillomavirus testing industry with an estimated 74.9% market share. Meanwhile, the East Asian human papillomavirus testing market is anticipated to exhibit substantial progress, aiming for a 12.8% CAGR through 2034. In this region, Japan emerges as the key player in the industry, commanding a significant share of 49.6% in 2024.
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*About Fact.MR**:*
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