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Rabies Diagnostics Market Size Estimated to Reach $2,030 Million by 2026

(PharmaNewsWire.Com, September 04, 2021 ) Rabies Diagnostics Market size is estimated to reach $2,030 million by 2026, growing at a CAGR of 4.1% over 2021-2026. Rabies is associated with the nervous system that are caused owing to rhabdovirus and are transmitted by an animal bite. Rabies is a viral infection that has various symptoms such as fever and tingling and are followed by some other symptoms such as violent movements, uncontrolled excitement, fear of water etc. Fluorescent antibody test helps to detect rabies in animals and also helps to detect the presence of rabies virus antigens in brain tissue. Immunohistochemistry test are developed in order to enhance the accuracy of rabies diagnosis. Various other test such as polymerase chain reaction helps to confirm dFA results and also detect rabies virus in saliva and skin biopsy samples. Increasing prevalence of rabies and growing technological advancement is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry and increasing Neglected Tropical Diseases (NTDs) is set to further enhance the overall market demand for Rabies Diagnostics Market for the period 2021-2026.



Rabies Diagnostics Segment Analysis By Product



The global Rabies Diagnostics Market based on Product can be further segmented into Fluorescent Antibody Test (FAT), Immunohistochemistry Test, Amplification Method, Histologic Examination, and Serology Test. The Fluorescent Antibody Test (FAT) segment is the major segment generating revenue in 2020. This is mainly owing to increasing technological advancement and rising recommendation of FAT test by World Health Organization. Furthermore, FAT tests allow for simple and quick testing of samples and have been recorded to provide higher sensitivity, which boosts the market's growth. The Immunohistochemistry Test segment is estimated to register the fastest CAGR of 0.55% for the period 2021-2026. The cost-effectiveness, relative ease of interpretation using a standard light microscope, and reduced time consumption of immunohistochemistry-based methods are all factors driving this segment's development.



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Rabies Diagnostics Segment Analysis By End-Use Industry



The global Rabies Diagnostics Market based on End-Use Industry can be further segmented into Hospitals, Diagnostics Center, and Others. The Hospital segment registered for the highest Rabies Diagnostics market share in 2020. This is owing to hospitals offering various diagnostic test for rabies infection and increasing skilled professional in hospital. Moreover, increasing number of hospitals performing fluorescent antibody test with essential safety standards increases the growth of this market. The Diagnostics Center segment is estimated to register the fastest CAGR of 1.5% over 2021-2026. This is mainly owing to rising research and development and increasing number of diagnostic centers having immunohistochemistry diagnostics, increasing automation of diagnostic instruments and availability of advanced instruments and are increasing the growth of this market.



Rabies Diagnostics Segment Analysis By Geography



North America dominated the Rabies Diagnostics Market with major share of 40% in 2020. This is owing to increasing advanced technologies for the diagnostic test, increasing geriatric population, and favorable reimbursement scenario. According to Center for Disease Control and Prevention (CDC), more than 120,000 animals are tested for rabies in U.S. in 2018 that increases the demand of rabies diagnostic test and are driving the growth of this market. However, Asia Pacific is estimated to be the fastest growing with a CAGR of 2.05% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.



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Rabies Diagnostics Market Drivers



Increasing Prevalence of Rabies



Increasing prevalence of rabies owing to increasing cases are increasing the growth of the Rabies Diagnostics Market. According to World Health Organization (WHO), in 2018 rabies kills nearly 59,000 people that increases the need of polymerase chain reaction test that are increasing the growth of the Rabies Diagnostics Market over 2021-2026.



Growing Technological Advancement



Technological advancements in the field of diagnostics, improvement in the research increases the growth of this Market. Various development such as Immunoperoxidase Antigen Detection (RIAD) helps to detect rabies that increases the rabies diagnostics test and are increasing the growth of Rabies Diagnostics Market over 2021-2026.

Covid-19 Impact:



COVID-19 pandemic had greatly affected the Rabies Diagnostics Market. During pandemic, healthcare sector are involved in recovering coronavirus cases. In hospitals, doctors are busy in coronavirus ward that decreases the use of diagnostics and are negatively impacted the growth of this market.



Rabies Diagnostics Market Challenges



High Cost Associated with Diagnostics



The factors that is set to impede the growth of the Rabies Diagnostics Market are the high cost of technologies used for diagnosis. Moreover, lack of skilled professional in various healthcare sector is set to create hurdles for the Rabies Diagnostics Market.



Rabies Diagnostics Landscape



Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Rabies Diagnostics Market. Rabies Diagnostics top 10 companies include, Bio-Rad Laboratories, Inc., Merck KGaA, Aviva Systems Biology Corporation, Creative Diagnostics., Demeditec Diagnostics GmbH, Abbexa Ltd, Norgen Biotek Corp., BIONOTE Co., LTD, and Express Biotech International.



Development



In April 2019, Bio-Rad Laboratories are working to increase the development in healthcare sector that increases the growth of this market.



Key Takeaways



Geographically, in 2020, North America dominated the Rabies Diagnostics Market owing to increasing advanced technologies for the diagnostic test, increasing geriatric population, and favorable reimbursement scenario.



Increasing prevalence of rabies and growing technological advancement are likely to aid in the market growth of the Rabies Diagnostics.



Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Rabies Diagnostics Market report.



High cost associated with diagnostics is set to create hurdles for the Rabies Diagnostics Market.



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Source: EmailWire.Com

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