Cancer to Turn out to be Crucial Growth Factor
The taking off frequency of HPV diseases and cervical cancer is likely to be credited to a few hazard factors, including the debilitating of the immune system because of ailment and a high number of sexual accomplices. Innovative progressions in healthcare and developing mindfulness among the people across the globe are likewise promising individuals to settle on high-precision demonstrative tests. Driven by these variables, the HPV testing market is relied upon to develop at a speedy rate over the years ahead. The growing significance of early diagnosis and detection options is also likely to play a key role in the growth of the market over the coming years.
The global market for cytology and HPV testing is likely to rise at a CAGR of 2.9% from 2016 to 2024. In 2015, the market was worth US$7.9 bn and is likely to touch a valuation of US$10.5 bn by the end of 2024. In the market for cytology testing, the dominant segment is likely to be of cytology testing services and in the segment of HPV testing, the leader will be HPV testing services. These segments are likely to maintain their reign over the market over the years ahead. Region-wise, the market is likely to be led by North America expanding at a CAGR of 3.3% over the course of the forecast period.
he nature of the both the markets for cytology testing and HPV or human papillomavirus testing is oligopolistic in nature, states Transparency Market Research (TMR) in a research report. With the presence of only a handful of leading companies in the market, the competition is not that high as they compete among themselves with different or almost similar strategies. These few players are currently enjoying their reign in the global cytology and HPV testing market. The top three companies namely F.Hoffman-La Roche AG, Hologic, Inc., and Qiagen N.V., at present account for a Herculean share of 86% of the share in the global market HPV testing market and is likely to remain the same over the years ahead.
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“Considering that the shares of the overall industry of the first and second place organizations obliging the demand for HPV testing are fairly close, up and coming endorsements for novel screening tests are probably going to significantly affect their position in the market,” states a TMR analyst. For instance, the 2014 endorsement of Roche’s cobas HPV test by the U.S. Food and Drug Administration (FDA) has brought about the upsurge of the organization’s piece of the pie from what it was two or three years back. Likewise, Becton Dickinson and Hologic hold a collaborative share of around 89% in the cytology testing market at present. The companies in the overall HPV and cytology testing market are currently depending on collaborations and expansions for retaining their dominance over the market over the years ahead.