Hepatitis C Virus (HCV) testing Market By Test Kits (Hepatitis C Antibody Test, Hepatitis C RNA Quantitative Test, Hepatitis C RNA Qualitative Test, Hepatitis C RIBA, Hepatitis C Genotype, Viral Load); By End-User (Diagnostic Centers, Hospitals, Blood donation centers) - Global Demand Analysis & Opportunity Outlook 2027
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Hepatitis C is a liver disease which is transmitted from the blood of an infected person by direct contact. Hepatitis C shows significant genetic variation due to high rate of viral RNA mutations in worldwide population. HCV vary in the rate of prevalence around the globe due to six variants (HCV genotypes 1, 2, 3, 4, 5, and 6), and 15 recorded subtypes. Different types of devices are used for the diagnosis of hepatitis C, including HCV antibody test, HCV viral load test, HCV genotype test and liver biopsy. Inexpensive, robust, rapid, and sensitive analytical devices are vital for accurate, effective diagnosis and monitoring of disease treatment.A main concern across the globe and especially in the developing countries is increasing burden of infectious diseases on healthcare system. Burden of hepatitis C virus infection is growing over the years. Approximately 3% of global population is infected with hepatitis C virus infection, according to Institute of Liver and Biliary Sciences, India. HCV leads to chronic infection in 80% of infected patients. Initial testing for hepatitis C virus uses serological assays to detect antibodies against HCV in blood samples.
Hepatitis C Virus (HCV) testing Market is anticipated to record a significant CAGR over the forecast period. Increase in hepatitis C virus testing market is majorly credited to high incidence of chronic infection with hepatitis C virus. Furthermore, the considerable cause of spread of hepatitis C virus is unhygienic blood donation practices.Among all types of tests, HCV antibody testing is expected to occupy more shares because antibody testing is the primarily used test for HCV testing. Long term use of non-sterile needles for tattooing and body piercing, use of injection drugs and various other practices are common causes for spread of hepatitis C virus infection which are anticipated to propel the market globally.On the basis of regional platform, global hepatitis C Virus (HCV) testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Europe is expected to dominate the hepatitis C virus testing market significantly due to increasing prevalence of hepatitis C virus diseases. According to WHO, Europe has 1.5% prevalence of HCV diseases due to high rates of mutation of viral RNA that shows significant variations in genes in population globally. The North-American region is expected to follow in the footsteps of Europe.Asia Pacific is expected to be having lucrative market growth over the forecast period owing to disease prevalence rates in the developing and underdeveloped countries. While Middle East and Africa has a hepatitis C disease prevalence rate of 4.6% and 5.3% respectively, these regions due to lack of proper healthcare infrastructure are not able to access the diagnostic and treatment shares.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global hepatitis C Virus (HCV) testing market includes the following segments:
Global Hepatitis C Virus (HCV) testing Market is further classified on the basis of region as follows:
Increase in organ donation globally is expected to boost the hepatitis C testing market as Hepatitis C screening test is compulsory before organ donation. Ascent in changing lifestyle, increased healthcare expenditure and upsurge in government initiatives are some of the key aspects driving the market of hepatitis C virus antiviral testing globally. In addition, growing healthcare awareness in the population about the hepatitis C virus is also fueling the growth of global hepatitis C virus testing market. High incidence of chronic infection with hepatitis C virus has additionally attributed to the testing market. Moreover, unhygienic blood donation practices are significant cause of spread of hepatitis C virus which is expected to push the market further. The surfacing of DAAs (Direct Acting Antivirals) has aroused renewed interest in the establishment and expansion of testing services for HCV after a long period of stagnation which will propel the market more speedily over the forecast period.However, stringent regulation for approval of hepatitis C testing, inadequate insurance coverage and limited access to regular health care is the major factor expected to hamper the hepatitis C virus testing market.
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