Monkeypox Testing Market Projected High-Growth Opportunities, 2023-2032

Posted on 2023-10-17 by Polaris Market Research in Healthcare // 0 Comments

New York, United States, 2023-Oct-17 — /EPR Network/ —If a person believes that he has been exposed to somebody who has been contaminated with the monkeypox virus, the CDC suggests observing the health for three weeks as the quintessential incubation period is one to two weeks, but it may take up to three weeks for symptoms to appear. There is a rapid rise in the demand for the monkeypox testing market. If the symptoms develop at once, self-isolating and contacting the health care provider for further guidance become essential. The immediate step is to get vaccinated within four days of exposure for the best chance of circumventing the disease.

According to the research report, the global monkeypox testing market was valued at USD 1,331.48 million in 2021 and is expected to reach USD 1,968.47 million by 2030, to grow at a CAGR of 4.5% during the forecast period.

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The industry is witnessing rapid growth due to factors such as the growing incidence of disease conditions globally, helped by the difficulty in examining the core reason behind the proliferation of the disease. Additionally, government initiatives to control the spread of the virus to prohibit the occurrence of another pandemic are propelling the growth of the overall industry.

What Does the Report Include?

This report will assist in the comprehension of competition within the industries and strategies for a competitive environment to improvise the potential profit
This report will assist in the comprehension of the industry status and trends of monkeypox testing and offers them information on primary market drivers, restraints, challenges, and opportunities.
The report stays updated with new technology integration, features, and the latest developments in the market
The report helps to comprehend the Russia-Ukraine war’s influence on the industry
The report helps in gaining insights into which regions to target globally

Growth Driving Factors

The escalating speedy diagnosis of the condition pushed the market

With the number of cases multiplying and the growing launch of contemporary products that offer a speedy diagnosis of the condition, the market is anticipated to grow at a lucrative CAGR. The monkeypox testing market size is expanding as the therapy for the disease is under study, which makes it more crucial to increase testing, thus making the escalation of testing capacity critical. For instance, in June 2022, to speedily escalate the ability for monkeypox testing, the Department of Health and Human Services and Centres for Disease Control and Prevention commenced shipping orthopoxvirus tests to five private laboratory companies, including the most extensive reference laboratories in the country.

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There is an increasing demand to comprehend the physiology of the virus so that an appropriate procedural step for testing, diagnosis, and treatment can be proposed. The monkeypox testing market sales are soaring as an extensive range of testing kits are being advanced to diagnose the disease. Still, a suitable way to comprehend the spread is yet under scrutiny. Additionally, government initiatives to escalate testing are pushing market growth.

Recent Developments

In June 2022, CerTest Biotech and BD came together to configure a molecular diagnostic test for the monkeypox virus.

Segmental Analysis

Polymerase chain reaction segment is expected to witness a significant revenue

Based on technology, the polymerase chain reaction segment is anticipated to witness significant revenue. During the projection period, the part will continue to grow at a constant CAGR. Monkeypox testing market demand is rising because of the speedy and precise results offered by the PCR technique; the development of this market can be attributed to the increasing usage of PCR technology for testing.

The hospitals and clinic segment is responsible for the highest revenue share

Based on end use, the hospitals and clinic segment led the market and was responsible for the highest revenue share. The monkeypox testing market trends include the growing adoption of testing in these healthcare firms and the increasing incidence of infection in the population, thereby pushing the market sector. After the pandemic, people are much more aware of how viruses cultivate.

Geographic Overview

The increase in monkeypox cases drives the North American region

North America held the largest monkeypox testing market share due to its prevalence in the area, credited with increased monkeypox cases in the region. After WHO declared monkeypox a global health emergency because of the virus’ fast spread in many areas.

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During the projection period Europe is anticipated to experience notable growth. The prevalence of nations with the most incredible existence and spreading of the virus is the reason for the expansion.

Competitive Insight

Some prominent monkeypox testing market key players include Aegis Sciences Corp, BD, Chembio Diagnostics, Laboratory Corp, Mayo Clinic Laboratories, QIAGEN, Quest Diagnostics, Sonia Healthcare, Sonora Quest Laboratories, and Thermo Fisher Scientific.

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