Number of pages: 100 | Report Format: PDF | Published date: December 01, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Growth Rate |
CAGR of 4.0% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast period |
2022-2030 |
Segments covered |
type, end user, and region |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth+ Reports, the global monkeypox testing market is expected to witness a CAGR of 4.0% from 2022 to 2030.
Market Fundamentals
Monkeypox is a viral zoonosis with symptoms similar to those seen in the past in smallpox patients, although it is clinically less severe. Infection with monkeypox usually spreads from animals to humans by the bite of an infected animal or through direct contact with the blood, bodily fluids, or monkeypox lesions of an infected animal. Polymerase chain reaction (PCR) is the preferred laboratory test given its accuracy and sensitivity. For this, optimal diagnostic samples for monkeypox are from skin lesions or fluid from vesicles and pustules, and dry crusts.
Market Dynamics
The rise in the incidence of monkeypox globally is the major driving factor of the global monkeypox testing market. Moreover, a significant growth in the research and development to develop novel drugs for the treatment is also playing a pivotal role in the growth of the global market. Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of tests and immunotherapy drugs by providing the necessary funding, grants, permissions, clearances & approvals to meet the needs of the healthcare sector. Additionally, there is an incessant need to determine the core cause of the disease which is increasing the demand for monkeypox testing. Governments across several countries are taking initiatives to contain the infection rate of monkeypox to avoid a pandemic, which is also propelling global market growth. Similarly, there is a rise in the launch of innovative diagnosis tests which are providing faster and more precise test results. The treatments for monkeypox are in the clinical trials, thus it is crucial to increase the testing which is estimated to drive the global market growth. However, the root cause of disease spread is unknown, thus making it difficult to develop the most accurate and precise diagnostic test, which is restricting the market growth. Moreover, in developing countries, it is difficult to carry out mass testing due to the lack of funds and logistics issues.
Market Ecosystem
The global monkeypox testing market has been analyzed from three perspectives: type, end user, and region
Monkeypox Testing Market by Type
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Based on type, the global monkeypox testing market is segmented into polymerase chain reaction (PCR), lateral flow assay (LFA), and others. The polymerase chain reaction (PCR) segment dominates the global monkeypox testing market with the largest revenue share in 2021. The large share of the PCR segment can be mainly attributed to the rise in high precision PCR over other testing techniques. Moreover, the monkeypox virus DNA quantitative testing is essential for assessing analytical performance traits as well as shifting patterns of the disease and epidemic thus automated quantitative PCR (qPCR) test has become popular. There is an increasing number of commercial PCR kits available on the market, some specific for monkeypox virus detection. However, a majority of them are for research use only, and none are independently validated. Additionally, prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies in order to encourage the launch of advanced kits with better efficacy thus fueling the segment growth.
Monkeypox Testing Market by End User
Based on end user, the global monkeypox testing market is segmented into hospitals & clinics, diagnostic laboratories, and others. The hospitals and clinics segment holds the largest market share of the global monkeypox testing market in 2021. The large share of the hospitals & clinics have higher patient footfall in hospitals. Moreover, hospitals have more skilled professionals with the experience to handle such virus outbreaks and have well developed infrastructure and laboratories, which are equipped with advanced testing equipment thus boosting the segment growth.
Monkeypox Testing Market by Region
Based on region, the global monkeypox testing market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global monkeypox testing market in 2021, followed by Europe. Asia Pacific market is anticipated to grow at the fastest CAGR during the forecast period. The dominating share of the North America region can be attributed to the rise in the incidence rate of the monkeypox in the region. According to the Centers for Disease Control and Prevention (CDC), in 2022, there were over 28,000 new cases of monkeypox detected in the U.S. Moreover, the government is taking initiatives supporting the R&D related to the monkeypox diagnosis and treatment. Similarly, the presence of major players in the region is also fueling the regional growth.
Competitive Landscape
The prominent players operating in the global monkeypox testing market are:
Strategic Developments
The key companies in the monkeypox testing market are Thermo Fisher Scientific Inc., Aegis Sciences Corporation, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Becton, Dickinson and Company, Abbott Laboratories, Sonic Healthcare Limited, QIAGEN, Mayo Clinic Laboratories, Chembio Diagnostics Inc., and Sonora Quest Laboratories among others.
Geographically, North America has the largest market share followed by Europe. Asia Pacific is the fastest growing region.
Polymerase chain reaction (PCR) testing holds the largest market share of the global monkeypox testing market
The major market players are implementing collaborative initiatives with several organizations, research centers & companies to increase the rate of R&D related to monkeypox
The estimated CAGR of the monkeypox testing market is 4.0% during the forecasting period of 2022 to 2030
*Insights on financial performance are subject to the availability of information in the public domain