Global HBsAg Testing Market Highlights Over 2022 - 2031
The global HBsAg testing market is estimated to garner a substantial revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing prevalence of hepatitis B, and increasing awareness levels among patients associated with early detection of the disease. According to the World Health Organization, in 2019, 296 million in the world were living with chronic hepatitis B infection, with 1.5 million new infections every year. That same year, hepatitis B resulted in the deaths of 820,000 people globally. Along with these, rise in technological advancements in molecular diagnostics, and upsurge in blood transfusion and donations in patients with hepatitis are also expected to drive market growth significantly in the forthcoming years. Furthermore, rapidly growing biotechnology and biopharmaceutical industries around the world is projected to offer profitable opportunities to the market in the near future.
The market is segmented by application into hospitals, clinics, diagnostic centers, home care, and others, out of which, the hospitals segment is anticipated to hold the largest share in the global HBsAg testing market. This can be accounted to the high preference of people to get treatment from highly trained medical professionals, and presence of large patient pool in a hospital facility. Additionally, on the basis of type, the strips kit segment is predicted to grab the largest share during the forecast period owing to the high affordability, and ease of convenience for testing provided by this type of testing kits. Apart from these, tests conducted by strips kit offers results in a short span of time, which is also assessed to boost the growth of the market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global HBsAg Testing Market Regional Synopsis
Regionally, the global HBsAg testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the large number of patients, and growing occurrence of hepatitis in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period, which can be credited largely to the high availability of advanced diagnostic tools in the region. In addition, increasing number of government initiatives to raise awareness about hepatitis, and high healthcare expenditure are also projected to drive the market growth in the region in the coming years. As per the Centers for Medicare & Medicaid Services (CMS), the healthcare spending in the United States grew by 9.7% in 2020, reaching a value of USD 4.1 trillion. As a share of the nation’s Gross Domestic Product (GDP), the health spending accounted for about 19.7%.
The global HBsAg testing market is further classified on the basis of region as follows:
Our in-depth analysis of the global HBsAg testing market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing prevalence of hepatitis B, and increasing awareness among about early detection of the disease.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Abbott Laboratories, F. Hoffman-La Roche AG, Siemens AG, Bio-Rad Laboratories, Inc., Danaher Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Lack of awareness regarding HBsAg testing in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the large number of patients, and growing occurrence of hepatitis in the region.
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