Global STD diagnostics market is esteemed to grow over USD 100 billion over the forecast period. Increasing awareness towards sexually transmitted diseases (STDs) along with rising government initiatives is expected to drive the market growth in this segment. Furthermore, rising tendency to have multiple sex partners is also about the higher market growth.
The STD diagnostics industry is expected to witness positive growth owing to the development of technologically advanced products along with rising necessity for precise results. Additionally, rapid shift towards point of care (POC) testing is also fuelling the demand for technologically advanced product including diagnostic kits, devices, and reagents.
Rising government initiatives towards the healthcare infrastructure development, especially in Asia-Pacific and the Middle East, is expected to assist the market for STD diagnostics.
Healthcare reforms along with rising per capita income are the major growth drivers supporting STD diagnostic industry. Furthermore, developments in STD diagnostics and improvement in healthcare facilities to provide fast &precise results is facilitating better treatment for sexually transmitted diseases.
The STD diagnostics industry is anticipated to have positive growth due to the prevalence of microbial infections such as human immunodeficiency virus (HIV), chlamydia, gonorrhea, herpes simplex virus, syphilis, human papilloma virus (HPV), trichomonas vaginal is and vaginitis.
Bacterial sexually transmitted infections (STIs) include syphilis, gonorrhea, and chlamydia, while viral STIs include HIV, HPV, hepatitis genital herpes, and genital warts, These causative microorganisms reside in blood, semen and even in vaginal fluid. These micro organisms can spread infections among people.
Chlamydia infections majorly dominate the market scenario regarding revenue and are valued at over USD 36 billion in 2016. Further, diagnosis market for sexually transmitted diseases caused by syphilis is growing and is expected to contribute over 20% of the market revenue by 2024.
The market is segmented into two types which include lab-testing and point of care testing. Laboratory testing is comparatively more extensive and precise which generally includes private and public health labs. Whereas, the point of care testing which commonly includes test kits are considered to show more rapid results, but their results are not 100% accurate all the time.
Growing market for bedside and mobile testing is facilitating rapid healthcare improvement and is presumed to grow at an estimated CAGR of 10% over the next eight years.
A significant shift from the conventional lab tests to the fast & easy point of care tests is due to the significant advantages offered by the test kits.
The functional processes utilized by laboratory devices and point of care testing devices vary significantly. The laboratory devices such as thermal cyclers, PCRs, flow cytometers, lateral flow readers, absorbance microplate reader, Enzyme-linked Immunosorbent Assay (ELISA), and differential light scattering instruments dominate the arena of STD diagnostics. The market for PCRs for diagnosis of sexually transmitted disease is expected to grow at a lucrative CAGR of over 8% over the forecast period.
The point of care testing devices segment includes phone chips, portable &rapid diagnostic its functions by integration of micro fluidics with ICT. Technical advancements in point of care testing devices are significantly improving precision and accuracy in the test results. The market for portable POC testing devices is expected to grow at a lucrative rate and is projected to reach over USD 46 billion by 2024.
The STD diagnostics market is expected to have market revenue of over USD 200 billion by 2024. The overall growth of STD diagnostics market has been fuelled due to expansion & development of technologically innovative products. Additionally, the development of novel POC testing, public health labs with excellent facilities, and insurance coverage are driving the market growth over the projected period.
North America is considered to dominate the market for STD diagnostics owing to factors such as availability of health insurance plans along with growing public awareness towards sexually transmitted diseases. Furthermore, accessibility of FDA-approved advanced testing devices is boosting the market growth in the region.
Asia Pacific is expected to be the most promising market for STD diagnostics, representing over 22% of the overall market in 2014.Factors such as increasing prevalence of sexually transmitted infections in the developing nations along with the economic development in the regional market are expected to support the market demand for STD diagnostics.
Key industry participants include Roche Holdings AG, Affymetrix, Abbott Laboratories, Becton Dickinson and Company, Danaher Corporation, Hologic Inc., BioMerieux, Cepheid Inc., Alere Inc., Orasure, and DiaSorin.These market players focus on their collaborations with other companies to expand their business scope and also focus on product/technology licensing opportunities to develop their market growth for STD diagnostics industry.
