Vancouver, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global tuberculosis diagnostics market is projected to reach a market size of USD 3.58 Billion by 2027 and register a high revenue growth rate during the forecast period, according to a new report by Reports and Data. Development of point-of-care diagnostic testing for tuberculosis is a factor fuelling growth of the market. Rapid test results, high level of accuracy of tests, and affordability and simplicity of testing kits are also contributing to growth of the tuberculosis diagnostics market. Advancements in tuberculosis testing kits technology and integration of information technology in POC diagnostic testing are other factors boosting market growth.
Revenue from the global tuberculosis diagnostics market is growing at a significant rate, due to increase in research activities. Advancements in research activities in the fields such as genomics and proteomics are fuelling development of new products for tuberculosis diagnostics. Organizations such as the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) are taking initiatives to create awareness about tuberculosis diagnostic products.
The World Health Organization, the Stop TB Partnership, and The Global Fund to Fight AIDS, Tuberculosis and Malaria have jointly launched an initiative titled “FIND. TREAT. ALL. #ENDTB”, to create more awareness and reduce the response to tuberculosis prevention. Growth of the healthcare sector in developing economies and rise in geriatric population are other factors boosting growth of the tuberculosis diagnostics market. Weaker immune system of the elderly population makes them more susceptible to tuberculosis.
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The COVID-19 Impact:
The global tuberculosis diagnostics market witnessed slowdown during the COVID-19 pandemic. The disease affected the entire world and public as well as private organizations were focused on development of testing kits for COVID-19 only. This led to significant shortage in supply of tuberculosis diagnostic kits. Research and development of advanced and effective tuberculosis diagnostics also suffered, as most of the resources were deployed for development of testing kits for COVID-19. However, with the pandemic under control to a certain extent, these resources have started focusing on other diseases as well, including tuberculosis.
Further Key Findings from the Report Suggest
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For the purpose of this report, Reports and Data has segmented the global tuberculosis diagnostics market on the basis of disease stage, test type, end-use, and region:
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