Global HBsAg Testing Market to Grow at a Robust CAGR During 2022-2031; Market to Grow on Account of the Increasing Prevalence of Hepatitis B, and Rising Advancements in Biotechnology Sector
Key Companies Covered in the Global HBsAg Testing Market Research Report by Research Nester Are Abbott Laboratories, F. Hoffman-La Roche AG, Siemens AG, Bio-Rad Laboratories, Inc., Danaher Corporation, bioMerieux SA, DiaSorin S.P.A., MedMira Inc., Fujirebio US Inc., Grifols S.A., and other key market players.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- As per the World Health Organization data, globally, as of 2019, 30.4 million persons (10.5% of the estimated hepatitis B population) were aware of their illness, with 6.6 million (22%) of those diagnosed being put under treatment. In 2021, it was estimated that 12% to 25% of patients with chronic hepatitis B infection estimated to require treatment across the globe.
Research Nester has published a detailed market report on ‘Global HBsAg Testing Market’ for the forecast period i.e. 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
As per the World Health Organization, 296 million people worldwide have chronic hepatitis B infection in 2019, with 1.5 million new cases diagnosed each year. Hepatitis B claimed the lives of 820,000 persons worldwide in the same year. The global HBsAg testing market is estimated to grow at a robust CAGR over the forecast period. Patients are more aware about hepatitis B and the importance of an early detection, as hepatitis B can lead to serious complications, namely cirrhosis and other liver diseases. For Instance, around 2 million people globally die from liver disease each year, with 1 million of those fatalities coming from cirrhosis complications, 1 million from viral hepatitis, and 1 million from hepatocellular carcinoma. Liver cancer is currently the 16th most prevalent cause of death worldwide, while cirrhosis is currently the 11th most common; together, they account for 3.5% of all fatalities worldwide. With 1.6% and 2.1% of the global burden, respectively, cirrhosis is one of the top 20 causes of disability-adjusted life years and years of life lost.
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In addition to this, technical developments in molecular diagnostics, as well as an increase in technologies, such as, blood transfusion and donations in hepatitis patients, are likely to propel market growth in the future years. For instance, with improvements in molecular diagnostics, technologies, such as, polymerase chain reaction (PCR), real-time PCR, and ribonucleic acid (RNA) tests, are having high accuracy results. For instance, within a few weeks of exposure, the RNA test, which is nearly 100% accurate, can detect an infection. Furthermore, the market is expected to benefit from the rapidly increasing biotechnology, and biopharmaceutical and advanced treatments that give fast-paced cure for both hepatitis B and hepatitis C viral infection. For instance, drugs today have more than a 95% success rate across brief treatment periods, compared to the first-ever HCV (hepatitis C virus) medication licensed in 1991, where a patient faced cure rates of only about 6%.
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On the basis of geographical analysis, the global HBsAg testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in the North America region is expected to hold the largest market share over the forecast period. This can be attributed largely to the region's great availability of modern diagnostic instruments. Furthermore, an increasing number of government campaigns to promote awareness about hepatitis, as well as high healthcare spending, are expected to boost market expansion in the approaching years. According to the Centers for Medicare & Medicaid Services (CMS), healthcare spending in the United States would increase by 9.7% in 2020, to USD 4.1 trillion. Health spending accounted for around 19.7% of the nation's gross domestic product (GDP).
On the other hand, the market in Asia Pacific region is estimated to witness significant market growth over the forecast period owing to the enormous number of patients and increasing hepatitis cases in the area. For instance, 5-10% of adults and up to 90% of babies infected with the hepatitis B virus (HBV) become chronically infected each year, with 75% of these in Asia, where hepatitis B is the primary cause of chronic hepatitis. Moreover, the government’s drive to address the increasing prevalence of the disease is expected to boost the market expansion over the given period of time. As per the World Health Organization, Bangladesh, Bhutan, Nepal, and Thailand have become the first nations in the WHO South-East Asia Region to accomplish Hepatitis B control, with the disease's prevalence among 5-year-old children reducing to less than 1%.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global HBsAg testing market is segmented by type into cassettes/cards kit and strips kit. Out of these, the strips kit segment is expected to grab the largest market share over the forecast period owing to its easy availability, high affordability, convenience to use, and high accuracy. As per the National Library of Medicine, these test kits provide 99% of accuracy with an average sensitivity of 100% and specificity of 99%. Apart from that, tests conducted with strips kit provide outcomes in a short period of time, which is estimated to boost the segment growth during the forecast period.
Further, the global HBsAg testing market is also segmented by application into hospitals, clinics, diagnostic centers, home care, and others. Out of these, the hospitals segment is anticipated to hold the maximum market share over the forecast period owing to people's strong desire to be treated by highly skilled medical personnel and the existence of a huge patient pool in a hospital facility, which in turn is estimated to increase the spending in health-care sector. As per the World Health Organization, Global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP, up from 8.5% in 2000. Moreover, the increasing awareness among the people regarding the cause, impact, and cure of the diseases such as, hepatitis B and cirrhosis is estimated to drive the segment growth over the forecast period.
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Some of the prominent key players and their company profiling mentioned in the report include Abbott Laboratories, F. Hoffman-La Roche AG, Siemens AG, Bio-Rad Laboratories, Inc., Danaher Corporation, bioMerieux SA, DiaSorin S.P.A., MedMira Inc., Fujirebio US Inc., Grifols S.A., and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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