The global hepatitis E diagnostic tests market features a consolidated vendor landscape, with few players collectively accounting for a dominant share in the market. The highly competitive market saw Beijing Wantai Biological Pharmacy at the leading position in 2015, with a nearly 31% of the overall market, with Mikrogen following with a notable margin, observes Transparency Market Research (TMR) in a recent report. The market is expected to become increasingly competitive in terms of product pricing in the next few years owing to the high popularity of a select few diagnostic tests.
TMR states that the market will exhibit a 3.80% CAGR from 2016 through 2024, rising from a valuation of US$43.7 mn in 2015 to US$60.4 mn by 2024.
Asia Pacific to Account for Massive Chunk in Revenue of Global Market
As ELISA HEV IgM test is one of the primary tests used to detect hepatitis E, the test kits for this method of diagnosis are amongst the most profitable segments in the global market and are expected to remain a promising segment in the next few years owing to the same reason. From a geographical perspective, the Asia Pacific market for hepatitis E diagnostic tests is presently considered the most profitable destination for investment owing to the high prevalence of hepatitis E infections.
The Asia Pacific market accounted for a promising 42% of the global market in 2015. The region is expected to remain the dominant contributor of revenue to the global market throughout the forecast period owing to the hyperendemicity of hepatitis E in countries such as Thailand, Pakistan, Kazakhstan, Bangladesh, Vietnam, Burma, India, Nepal, and Bhutan. The regional market is expected to expand at a promising pace over the forecast period and account for a close to 48% of the global market by 2024.
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Alarming Rise in Hepatitis E Infection Cases to Drive Demand for Effective Diagnostic Tests
The market for hepatitis E diagnostic tests is chiefly driven to the rising prevalence of hepatitis infections across the globe. The WHO has mentioned in one of its studies that the nearly 20 mn people across the globe are affected by the infections on an annual basis, leading to more than 3.3 mn symptomatic cases and around 56,600 deaths related to direct complications of the infections.
As hepatitis E infections are common in resource-limited regions with poor hygiene, sanitation, and health services, and limited access to potable water, their prevalence is expected to see an upward trend in areas facing situations such as areas of humanitarian emergencies and conflict, war zones, and refugee camps. With a constant rise in these situations across several war-torn areas across the globe, the need for effective hepatitis E diagnostic tests will further intensify in the next few years.
Low Awareness and Rising Prevalence of Asymptotic Diseases Could Hinder Growth Prospects
The market for hepatitis E diagnostic tests features healthy growth prospects owing to the worldwide rise in prevalence of hepatitis E infections. However, the market may face growth challenges owing to the rising incidence of the difficult to diagnose asymptomatic infections. Moreover, the lack of consumer awareness related to the severity of undiagnosed HEV infections is also restraining the growth prospects of the market to a certain extent.
This review of the market is based on a recent market research report by Transparency Market Research, titled “Hepatitis E Diagnostic Tests Market – Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 – 2024.”
For the study, the market has been segmented as follows:
By Test Type
- ELISA HEV IgM Test kits
- ELISA HEV IgG Test kits
- RT-PCR Test kits
By End User
- Research Centers
- Diagnostic Laboratories
- Point of Care
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