Enteric Disease Testing Market Progressing Positive CAGR of 2.4% Between 2013 and 2019 with Exact Information, says TMR
The competitive landscape of the global enteric diseases testing market is highly fragmented with a typical Pareto distribution, reports Transparency Market Research (TMR) in a new study. The market is characterized by a large number of local players with only a few multinational companies. Some of the key players in the global enteric diseases testing market are Alere, Cepheid, Biomerica, DiaSorin, and Meridian Bioscience.
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Rising Incidence of Deaths Due to Late Diagnosis to Increase Demand for Enteric Disease Testing
The rising number of deaths due to undiagnosed and late diagnosed diseases is proving to be a public healthcare burden for many countries. The problem calls for early detection using enzyme immunoassay (EIA) and PCR-based tests and dipstick-based tests. Thus, the growing demand for rapid diagnostic tests is driving the growth of the global enteric disease testing market.
“The economic conditions, inadequate laboratory settings, and lack of awareness make for a large pool of patients in developing countries with no access to basic diagnostic facilities,” says a TMR analyst. The untapped market in developing countries provides enormous growth opportunities to the global enteric diseases testing market. Another factor boosting the growth of the global enteric diseases testing market is the rising application of molecular diagnostics due to its accurate and specific diagnosis.
Lack of Awareness to Keep Enteric Diseases Testing Away from Rapid Growth
The prevalence of enteric diseases is high in developing regions such as Africa, Asia Pacific, and Latin America. The low literacy levels in these regions is likely to deter the uptake of enteric disease testing. The lack of awareness about enteric diseases is anticipated to be a significant restraint in developing regions. However, the continuously improving healthcare facilities in developing regions is anticipated to give a push to the global enteric diseases testing market.
Moreover, the mild and asymptotic symptoms of enteric diseases can delay diagnosis, which is considered as one of the factors impeding the growth of the global enteric disease testing market.
The global enteric diseases testing market was valued at US$3.23 bn in 2015 and is anticipated to reach US$3.55 bn by 2019, progressing at a positive CAGR of 2.4% between 2013 and 2019.
Growing Prevalence of Enteric Diseases to Make Latin America a Lucrative Market
Based on geography, the global enteric diseases testing market is segmented into Africa, Asia-Pacific, Europe, Latin America, North America, and Rest of the World (RoW). North America is the leading regional segment and is anticipated to retain its leadership till the end of 2019. The segment was valued at US$966.1 mn in 2015 and is expected to reach US$1,009.4 mn by the end of 2019. However, due to a high prevalence of enteric diseases and progressive healthcare infrastructure, Latin America will be the fastest growing region by revenue and is expected to account for a share of 11.2% in the global enteric diseases testing market in 2019.
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