Chronic Hepatitis B Virus Testing Market
Number of pages: 100 | Report Format: PDF | Published date: May 02, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 816.10 million |
|
Revenue Forecast in 2031 |
US$ 1,498.24 million |
|
CAGR |
6.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product type, End user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global chronic hepatitis B virus testing market was valued at US$ 816.10 million in 2022 and is expected to register a revenue CAGR of 6.3% to reach US$ 1,498.24 million by 2031.
Chronic Hepatitis B Virus Testing Market Fundamentals
Chronic hepatitis B can progress to a serious condition that causes long-term health issues such as liver damage, liver failure, liver cancer, and even death. Chronic infection is identified in those who test positive for the hepatitis B virus for more than six months (after their initial blood test result). This indicates that their immune system could not clear the hepatitis B virus from their blood and liver. Chronic HBV infection is diagnosed based on biochemical, virological, and histological characteristics and the elimination of other causes, such as chronic hepatitis B virus (HCV). To determine the stage of chronic hepatitis B, routine liver function tests and serological assays for hepatitis B virus antigens and antibodies should be done. HBV DNA in serum may be tracked using DNA hybridization with signal amplification to assess disease activity, suitability for antiviral medication, and response to treatment.
The industry is comprehensively analyzed in the chronic hepatitis B virus testing market research report, along with the factors that either aid or impede the market's growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the chronic hepatitis B virus testing market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the chronic hepatitis B virus testing market revenue growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Chronic Hepatitis B Virus Testing Market Dynamics
Increased blood transfusion and donation rates led to the expansion of the chronic hepatitis B market. Because the hepatitis B virus can be transmitted through blood transfusion, blood banks must conduct hepatitis testing. Furthermore, an increase in the prevalence of hepatitis B and advances in chronic hepatitis B (CHB) treatment drive market growth. According to a World Health Organization (WHO) study published in June 2022, an estimated 296 million individuals had chronic hepatitis B infection in 2019, with 1.5 million new infections yearly.
Furthermore, rising demand for advanced chronic hepatitis B (CHB) treatment, new product launches, product approvals, and the presence of key players all contribute to the expansion of the chronic hepatitis B market size. Furthermore, an increase in R&D activities for developing advanced and cost-effective chronic hepatitis B (CHB) treatments promotes the expansion of the chronic hepatitis B market size. Gilead Sciences, Inc., a renowned biotechnology firm, reported Week 48 findings from the Pivotal Phase 3 clinical study testing the first-in-class entry inhibitor Hepcludex (bulevirtide) for the treatment of chronic hepatitis delta virus (HDV) infection in June 2022. As a result, increased R&D activity and new product launches propel market growth.
Chronic Hepatitis B Virus Testing Market Ecosystem
Chronic Hepatitis B Virus Testing Market, by Product Type
Chronic Hepatitis B Virus Testing Market, by End User
Chronic Hepatitis B Virus Testing Market by Product Type
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Enzyme Immunoassay (EIA) kits are commonly used for chronic hepatitis B virus testing and are regarded as a reliable and accurate method of identifying HBV infection. EIA kits are laboratory-based diagnostics that identify particular antibodies or antigens to HBV in blood samples from patients. EIA kits are extremely sensitive and specific to detect HBV in a patient's blood with a low risk of false-positive or false-negative findings. They are also simple to use and can provide effects quickly, usually within a few hours.
The market segmentation sections provide the chronic hepatitis B virus testing industry analysis in terms of the demarcation of different consumer groups. Market segmentation is splitting an industry into subgroups depending on characteristics such as product type and end user. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential chronic hepatitis B virus testing market growth opportunities.
Chronic Hepatitis B Virus Testing Market by Region
North America dominates the global chronic hepatitis B virus testing market due to the availability of improved diagnostic tools, and a high level of knowledge about these goods are the primary drivers driving market expansion in North America.
The activities of the government and non-governmental groups have contributed to the fast expansion of the Canadian market. For example, the Public Health Agency of Canada hosted World Hepatitis Day to raise awareness about hepatitis detection. As a result, the country's demand for hepatitis detection has increased. According to the WHO's Global Hepatitis Report, the disease's Type B prevalence in Southeast Asia is 0.7%. It also claims that the prevalence of HCV infection per million persons is 14.7.
On the other hand, Asia Pacific is expected to register rapid revenue growth during the forecast period. Asia Pacific is expected to grow fastest throughout the projection period. The rapidly developing medical diagnostics business, increased bacterial infection rates, and a sizeable HIV-positive population contribute to market expansion. Because of strong government controls, the existence of underdeveloped economies, a lack of knowledge, and poor healthcare spending in the region, the Middle East and Africa have the lowest market share for hepatitis B treatments.
Based on the regions, the global chronic hepatitis B virus testing market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of chronic hepatitis B virus testing industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level chronic hepatitis B virus testing market outlook.
Key Components of the Report
Chronic Hepatitis B Virus Testing Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Chronic Hepatitis B Virus Testing Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Chronic hepatitis B can progress to a serious condition that causes long-term health issues such as liver damage, liver failure, liver cancer, and even death. Chronic infection is identified in those who test positive for the hepatitis B virus for over six months.
The chronic hepatitis B virus testing market was registered around 861.10 million in 2022.
North America will account for the largest revenue share of the global chronic hepatitis B virus testing market.
The expected revenue CAGR of the global chronic hepatitis B virus testing market during the forecast period from 2023 to 2031 will be 6.3%
The estimated size of the chronic hepatitis B virus testing market in 2031 will be 1498.24 million.
The factors such as the high cost and stringent regulation restrict revenue growth.
The factors such as research & development attempts and increasing awareness regarding the disease are key driving factors.
Some of the prominent market players in the global chronic hepatitis B virus testing market include Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Abbott Laboratories.
The Enzyme Immunoassay (EIA) kits product type dominating the global chronic hepatitis B virus testing market.
*Insights on financial performance are subject to the availability of information in the public domain