The global rabies diagnostics market is growing pervasively, mainly due to the increasing prevalence of rabies. Besides, spreading awareness of diagnostic procedures is driving the growth of the market. Also, rising research and development activities by non-profit organizations alongside, the aggressive strategies by top players such as mergers & acquisition, expansion, and collaboration for the development of new products and launches are accelerating the growth of the market on a global level.
According to a leading research firm Market Research Future (MRFR), the Rabies Diagnostics Market Size had created a valuation of USD 1964 MN in 2017 which is expected to further appreciate at a CAGR of 4.36% throughout the forecast period (2018–2023). In its analysis, MRFR asserts that the market will perceive phenomenal accruals by 2023. The major outburst of the rabies virus, mainly in various regions across the globe is a significant driving force for the market.
Governments, across the world, have taken up various initiatives to spread awareness about rabies viruses. They are introducing multiple diagnostic procedures in the hospitals, allotting significant budgetary programs. These factors, as a result, substantiate the growth of the market, commutatively. Simultaneously, diligent efforts put in by vendors and pharma companies to develop novel diagnostic devices foster the growth of the market.
Conversely, high costs associated with the diagnostic and vaccination is acting as a significant headwind to the growth of the market. Also, the growing number of new entrants with absolutely limited medical equipment business history, and a considerable price gap between the top players and small unorganized players are impeding the market growth.
Players leading the global rabies diagnostics market are Merck KGaA, Bio-Rad Laboratories, Inc., Aviva Systems Biology Corporation, Demeditec Diagnostics GmbH, Creative Diagnostics, Abbexa Ltd., BioNote, Inc., Norgen Biotek Corp., Express Biotech International Inc., BioGen Technologies, and MyBioSource.com, among others.
Global Rabies Diagnostics Market – Segments
By Method : Fluorescent Antibody Test (FAT), Immunohistochemical Test, Amplification Methods, Histologic Examination, and Serology Tests, among others.
By Technology : ELISA/Immunohistochemistry, Chromatography Techniques, and PCR, among others.
By End-user : Hospitals, Diagnostic Centers, and Cancer Palliative Care Clinics, among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Rabies Diagnostics Market – Geographical Analysis
The Asia Pacific has the maximum market coverage in the global rabies diagnostics market. Despite the several adversaries, the APAC market is surging rapidly due to the ongoing programs to increase awareness among people, developments in healthcare, and the growing per capita healthcare expenditure in the region.
With the rising investments in healthcare and expansions by market players, the region is expected to continue its dominance over the global rabies diagnostics market throughout the forecast period. Also, Government support for R&D focused on the development and adoption of advanced technology alongside, the availability of best treatment options in India and China are substantiating the regional market growth.
North America is the second-largest market for rabies diagnostics accounting for a substantial market share. Rising strategic alliances between significant players and well-spread awareness about rabies drive the growth of the market in the region. Additionally, the involvement of non-profit organization to control the disease and well-established healthcare infrastructure would speed up the growth of the regional market.
Also, the awareness towards the advantages of the test methods and the augmented governmental spending for R&D activities to develop novel diagnostic methods propel the growth of the regional market. Furthermore, technological advancements transpired into the field of rabies diagnostics driving forces behind the growth of the market in the region.
The rabies diagnostics market in Europe is multiplying. The market growth in this region attributes to the government funding, well-established healthcare sector, and support from the government for research and development. European governments spend substantially on diagnostic tests, innovations, and treatments for the virus.