The global hepatitis diagnostic tests market was worth US$ 3.8 Billion in 2018. Hepatitis represents a major global health threat that requires an urgent response. According to estimates, hepatitis causes 1.3 Million-1.5 Million deaths each year, a figure that is comparable to the deaths caused by tuberculosis and even higher than those caused by HIV. Moreover, while mortality from diseases such as HIV, tuberculosis, and malaria are now declining, mortality from hepatitis has been rising. According to estimates around 325-350 Million people across the globe are carriers of hepatitis B or C virus infections, which may remain asymptomatic for decades. Moreover, every year, around 1.75 Million people get infected by the hepatitis C virus infection. Unless these people receive timely testing and treatment, they are at risk of severe liver disease and even death. Diagnostic tests help in the early detection of hepatitis infections and increase the chances of survival of the patient by correct medication and treatment.
The global demand of hepatitis diagnostic tests is currently exhibiting strong growth. This market is currently being catalyzed by a number of factors such as the increasing burden of hepatitis across the globe, rising number of blood transfusions and donations, technological advancements and the advantages offered by PoC (Point of Care) test, and rising awareness levels. A major trend being witnessed in this market has been a shift from conventional testing methods to molecular diagnostics. This has resulted in an increased accuracy and reduced the total time required to get the results. Looking forward, the market value is projected to reach US$ 5.4 Billion by 2024, exhibiting a CAGR of 6% during 2019-2024.
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