Worldwide STD diagnostics market size was estimated over USD 100 billion in 2014. Mounting government initiatives and rising patient awareness are projected to drive the industry growth rapidly. Also, rising population having several casual sex partners is boosting the overall market growth.
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STD diagnostics market is projected experience productive growth over the coming years. This mainly owes increasing number of technological superior products in the sector of diagnostics which is providing additional precise result. Preface of government reforms emphasized towards betterment of healthcare infrastructure, mainly in developing countries of MEA and Asia Pacific is anticipated to drive STD diagnostics market over the forecast period.
Rising per capita income coupled with advancement in healthcare sector are factors boosting the healthcare reforms supporting STD diagnostic market growth. Betterment in infrastructure coupled with introduction of novel industries for testing services provide precise testing results assisting improved treatment for sexually transmitted disease.
The overall market for STD diagnostics according to the location of testing is segmented into point of care testing and laboratory testing. Laboratory testing is tedious but more precise method that counts public health labs and private labs. Although, testing kits are more rapid segment of point of care testing, although, the results are not very accurate.
Testing devices for the purpose of STD diagnosis is fragmented based on laboratory devices and point care testing devices. Flow cytometers, PCR, absorbance microplate reader and lateral flow readers are different types of laboratory devices used in the market. PCR is anticipated to undergo considerable growth with a lucrative CAGR over 8 % over the coming years.
STDs caused by Chlamydia was valued around USD 36 billion in 2014 and also dominated the overall market .Although, diagnosis for STD caused by syphilis is escalating and is projected to contribute the market share for over 20% by the year 2022, growing at a healthy CAGR over the coming years. This is mainly owing to the rising prevalence of syphilis infections all over the world.
Based on geography, the overall industry is segmented into Asia Pacific, Europe, North America, Latin America and MEA. The global market for STD diagnostics is anticipated to cross over USD 200 billion by 2020.Expansion of public health laboratories providing sound utilities for STD testing coupled with stipulation of insurance coverage are driving the market growth over the coming years.
Information Source: Grand View Research