The global Q fever market is estimated to garner notable revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be ascribed to factors, such as, increasing patient pool owing to the higher prevalence of Q fever, growing demand for enhanced diagnostic solutions, and raising awareness of acute & chronic Q fever prevention. Q fever, also designated as Query fever, is an infectious fever that can spread via contact with farm animals, such as, sheep, cattle, and others. Moreover, based on a report published by the National Library of Medicine (NLM) in 2020, about 50 people out of 100,000 suffer from acute Q fever annually while 1 person out of 1,000,000 obtains chronic Q fever in one year. Furthermore, people with low immunity, farmworkers, and old age people are more likely to get Q fever. As per data provided by World Bank, in 2020, 723,484,050 people were stated to be aged 65 years or above. All these factors are projected to influence the global Q fever market positively during the forecast period.
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The market is segmented by type into acute and chronic, out of which, the acute segment is anticipated to hold the notable share in the market during the forecast period, on account of growing cases of acute Q fever. People obtain acute Q fever more frequently since it develops within 2-3 weeks. A higher patient pool of acute Q fever can be observed worldwide. Therefore, the segment is estimated to grow rapidly over the forecast period.
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 Centres 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.
Regionally, the global Q fever market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period. The major factors to hike the growth of the market in the region are increasing awareness of infectious diseases, growing demand for enhanced diagnostic facilities, and a higher prevalence of Q fever in the region. The rising cases of diseases related to acute Q fever, such as, Rocky Mountain spotted fever, West Nile virus, and Lyme disease are observed in the region which is further estimated to hike the growth of the market in the region over the forecast period. According to data released by the Centers for Disease Control and Prevention (CDC), in 2019, 178 cases of acute Q fever, and 34 cases of chronic Q fever were reported in the United States. These are the significant factors to boost the growth of the market in the region. Furthermore, the global Q fever market is also projected to witness modest growth in the Asia Pacific region over the forecast period on the back of the growing number of cattle, increasing geriatric population with low immunity, and rising cases of Q fever. For instance, about 20% of Indians suffer from low immunity.
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The global Q fever market is further classified on the basis of region as follows:
Our in-depth analysis of the global Q fever market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing patient pool on account of the higher prevalence of Q fever, rising demand for enhanced diagnostic solutions, and increasing awareness of acute & chronic Q fever prevention are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 - 2031.
Lack of required medical treatment of the disease is estimated to hamper the market growth.
North America region will provide more business opportunities for growth of the Q fever market in the future on the back of increasing awareness of infectious diseases and growing demand for enhanced diagnostic facilities.
The major players in the market are Pfizer Inc., Arix Bioscience plc, Yashica Pharmaceuticals Pvt. Ltd, Merck KGaA, Melinta Therapeutics LLC, Teva Pharmaceutical Ltd., Bayer AG, and Johnson & Johnson Services, Inc.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, diagnosis, application, and by region.
The acute segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
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