The global hepatitis E diagnostic tests market is characterized by an intense level of competition. The strongholds of the leading players coupled with the strategic efforts of the emerging players have been the key reasons behind the cutthroat competition. Furthermore, a major share of the market was held by Beijing Wantai Biological Pharmacy in 2015, and the company is expected to stay ahead of other players over the forthcoming years. The market players that follow Beijing Wantai Biological Pharmacy in terms of market share are also expected to resort to innovative business strategies to retain their streak of excellence.
Strategic alliances are projected to be amongst the key highlights of the global market as several players aim to thrive by partnering with other market vendors. Moreover, the local and regional players are anticipated to concentrate on strengthening their reigns in their respective regions. In order to penetrate into the regional market, the international players are expected to resort to mergers and acquisitions. Besides this, pricing strategy has been a decisive element of the competitive landscape and is expected to keep influencing the dynamics of the market over the coming years. Some of the leading players in the global market for hepatitis E diagnostic tests are Primerdesign Ltd., Fortress Diagnostics Ltd., MP Biomedicals LLC, and Hoffmann-La Roche Ltd.
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A report published by Transparency Market Research (TMR) deconstructs the elements of the global market for hepatitis E diagnostic tests. The global market is expected to cumulate a revenue of US$60.4 mn by 2024 escalating from a value of US$43.7 mn in 2015. Furthermore, the CAGR of the global hepatitis E diagnostic market is expected to settle at 3.80% over the period between 2016 and 2024. Based on the type of test, ELISA HEV IgM tests have emerged as the most popular category of tests for the detection of Hepatitis E.
Medical Awareness Campaigns to Drive Demand
Until a decade back, a large number of third-world countries were deprived of several vaccinations, treatments, and medical tests. However, in recent times, due to the efforts of the World Health Organization (WHO) and other healthcare bodies, the people within these countries now have access to better healthcare facilities. This has underhandedly contributed to the growth of the global market for hepatitis E and has created growth spaces for market players. Furthermore, the high incidence of hepatitis E across countries such as Uganda, Kenya, Nigeria, and Morocco has persuaded international bodies to institute better treatment facilities. Despite the affluent growth of the global market for hepatitis E treatment, the high incidence of asymptomatic diseases that cannot be easily diagnosed has hampered market growth.
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Asia Pacific to Emerge as Leading Regional Segment
The endemicity of hepatitis E across countries such as Bangladesh, Nepal, Pakistan, Kazakhstan, Bhutan, Thailand, and Vietnam has given potency to the market for hepatitis E across Asia Pacific. Moreover, the efforts of the governments across these countries to offer better healthcare facilities have also fortified the growth of the global market. Furthermore, the market for hepatitis E in North America and Europe has also treaded a positive growth path over the past years.
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