The global Diagnostic Testing of STDs Market is estimated to be valued at US$ 10.4 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sexually transmitted diseases (STDs) refer to infections that are commonly passed from one person to another through intimate physical contact, such as vaginal, anal, or oral sex. Major STDs include chlamydia, gonorrhea, syphilis, human papillomavirus, genital herpes, and HIV/AIDS. Prompt diagnosis of STDs is important to curb the spread of these diseases. Diagnostic testing allows timely administration of appropriate treatment and helps to prevent long-term health complications. Common diagnostic techniques for STDs involve urine tests, swab tests, microscopy, blood tests, and others.
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Market key trends:
One of the key trends in the diagnostic testing of STDs market is the development and commercialization of point-of-care testing. Point-of-care tests allow rapid diagnosis outside laboratory settings, with results available within 30 minutes. This enables prompt treatment decisions and prevents further transmission. Home testing kits for STDs such as HIV, chlamydia, and gonorrhea are also gaining popularity. Self-testing ensures privacy and encourages testing among high-risk groups who avoid clinic visits. Moreover, growing awareness about STDs and availability of affordable diagnostic solutions are augmenting early detection, supporting market growth.
Porter’s Analysis
Threat of new entrants: The high capital investment requirement for establishing a diagnostic laboratory and obtaining regulatory approvals acts as a barrier for new companies to enter the market.
Bargaining power of buyers: Individual consumers have low bargaining power due to the importance of diagnosis in managing sexually transmitted diseases, however large healthcare providers can negotiate on pricing.
Bargaining power of suppliers: The diagnostic testing market has the presence of both global and regional suppliers of reagents, kits and instruments. This gives buyers an option of choosing from multiple suppliers.
Threat of new substitutes: No significant threat of new substitutes exist as diagnostic testing by molecular and immunological techniques is the standard and preferred method.
Competitive rivalry: The market is dominated by few key players. Companies compete based on test accuracy, automation, menu of assays costs.
Key Takeaways
The global Diagnostic Testing of STDs Market size is expected to reach US$ 10.4 Bn in 2023 and exhibit a CAGR of around 9.6% over the forecast period due to the increasing prevalence of sexually transmitted diseases.
Regional analysis: North America is expected to dominate the global market during the forecast period due to the high adoption of advanced diagnostic tests, technological advancements, and rising government funding for research on infectious diseases in the region. The Asia Pacific region is anticipated to exhibit the fastest growth rate owing to large patient population, increasing awareness regarding STDs, and rising healthcare spending.
Key players: Key players operating in the diagnostic testing of STDs market include Vela Diagnostics USA Inc., Roche Holdings AG, Alere, Inc., Becton Dickinson Company, bioMerieux, Danaher Corporation (Beckman Coulter), Hologic, Inc., binx health, Chembio Diagnostics, Pinpoint Science Inc., and bioLytical Laboratories. Roche Holdings AG and Becton Dickinson Company are the market leaders due to their vast product portfolio and global presence.
