The recent outbreak of Zika in Latin America, the Caribbean, the US, Canada and various parts of Europe was caused by a more virulent viral strain from Asia. This has increased the rate of Zika virus tests being conducted worldwide.
A new research report by Future Market Insights (FMI) highlights the current and future scenario of the Zika virus testing market. Titled ‘Zika Virus Point-of-Care Testing Market: Global Industry Analysis and Opportunity Assessment 2016 – 2020’, this report presents a forecast of the Zika virus testing market analysed on the basis of factors driving the demand for testing products, trends that are prevalent in the global market and the restraints that may hinder market revenue growth.
According to the report, the global Zika virus testing market registered a market value of more than $4.1bn in 2017, which is expected to reach more than $4.4bn by the end of 2020.
The Carribean region to dominate the Zika Virus POC testing market with a high growth rate
Point-of-Care (POC) testing, including the rapid enzyme-linked immunosorbent assay (ELISA) Test and rapid immunoglobulin G (IgG) / immunoglobulin M (IgM) Zika Virus tests, have emerged as powerful diagnostic tools for screening Zika virus infections.
Manufacturers are offering sophisticated diagnostic kits that help in early diagnosis of Zika virus and provide results in around 15 to 20 minutes. Some of the most prominent Zika-prone countries experiencing contraction or very slight growth in the Zika virus POC testing market are Brazil, Puerto Rico and the US. This is due to the fact that probable cases for Zika dropped by more than 70% during the one year period ending in 2017.
Yet countries like the US are extra conscious about the spread of Zika virus in the region. There have been many travel-related cases involving people travelling from a disease-free country to a place with a high-prevalence of Zika infects the region. Therefore, the POC testing market is not expected to halt any time soon.
Among the major regions of the global market, Latin America is expected to lead with revenue in excess of $2.4bn by the end of 2017. The Carribean region is anticipated to project the highest growth rate during the 2017-2020 forecast period.
Leading players operating in the global market
The report includes a competitive analysis of the market structure, with information on the top companies functioning in the global market.
The study highlights some of the leading companies that are projected to expand their market footprint in the coming years. Few of the key players mentioned in the report include EUROIMMUN US, Creative Diagnostics, Quest Diagnostics, Artron Laboratories and GenBody.
Restraints hindering the growth of the Zika virus POC testing market
A major factor limiting the revenue growth of the Zika virus POC testing market is the inefficiency of these tests to deliver accurate results.
ELISA is said to provide relatively more accurate results than the rapid IgG / IgM Zika virus test, yet companies are unable to deliver products that people can completely rely on because of the cross-reactivity with other widely circulating virus strands such as Flavivirus, Dengue, Chikungunya and Japanese Encephalitis.
Results obtained using POC Zika diagnostic test kits are not definitive, which affects revenue generation in the global Zika virus testing market.
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