Global HIV Rapid Test Kits Market Outlook Report 2023-2028: Burgeoning Opportunities with the New Paradigm of Digital Support In HIV Self-Testing & Raise of Next-Generation HIV Test Technology

DUBLIN, Feb. 11, 2023 /PRNewswire/ -- The "HIV Rapid Test Kits Market - Global Outlook & Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering.

The global HIV rapid test kits market is expected to be valued at $1,687.7 million by 2028 from $1,437.98 million in 2022, growing at a CAGR of 2.70%

In the U.S., HIV testing is vital and integral to HIV prevention and management. The knowledge about HIV infection is increasing rapidly in the country, accelerating the high demand for HIV self-testing. In recent years, the significant patient population in the country has gone through routine medical checkups, which includes HIV test. It increases the knowledge about HIV testing and care in the country and propels the market growth.

Human Immunodeficiency Virus (HIV) is a viral infection that attacks the body's immune system and does not have effective care treatment across the world. It leads to acquired immunodeficiency syndrome (AIDS). Globally, more than 38.4 million people are living with HIV infection, among which Africa accounted for the higher patient population.

HIV is one of the leading causes of death in the world. The Joint United Nations Programme on HIV/AIDS and WHO are two major health organizations working towards increasing awareness among people about HIV, HIV infection, and associated preventive measures.

These two organizations aim to reduce around 90% HIV burden of the world by 2030. Based on that, several countries joined these initiatives to improve their national HIV status. HIV self-testing (HIVST) is one of the major strategies addressed by WHO and UNIAIDS to overcome the HIV burden. These steps lead to an increase in demand for HIVST that directly impact the HIV rapid test kits market.

MARKET TRENDS & OPPORTUNITIES

Raise of Next-Generation HIV Test Technology

The rise of fourth-generation rapid test kits has become more popular in recent years. This technology is more accurate and reliable for screening the acute HIV presence in the sample. The 4th generation HIV test easily detects HIV in lesser time and more accurately than other generation technologies.

Such factors allow individuals to get a cure sooner and potentially prevent the spread of infection to others. One of the leading HIV rapid test kit market players, OraSure technologies, got approval for a home test kit known as "OraQuick In-Home HIV Test," which gives results in 20 to 40 minutes.

Increasing HIV Self-Testing Associated Government Policies

The UNAID and WHO are working together towards HIV prevention. Several strategic implementations are implemented worldwide to increase HIV self-testing (HIVST) and to understand the actual burden of HIV/AIDS globally.

Eastern and Southern Africa, and Western and Central Europe & North America are the regions that implemented several HIVST policies that deliver HIV rapid test kits market growth opportunities. Due to the increasing acceptance of HIVST, the knowledge and awareness about HIV increased among the people, resulting in many people looking for easy HIV testing.

New Paradigm of Digital Support In HIV Self-Testing

The COVID-19 pandemic led to several service disruptions in the supply of HIV diagnoses and treatments, which led to falling short of the UNAIDS 2030 target. However, the COVID-19 pandemic accelerated the application of digital tools in health services. The incorporation of digital tools gave a new paradigm in HIV care management.

The application of digital tools in HIV management is increasing that expected to fuel the HIV rapid test kits market. According to The Lancet research, the adoption and innovation of digital HIV self-testing tools have been increasing recently, and website-based innovations are becoming more popular.

Increasing Targeted Patient Population

Around 15,000,000 people acquired HIV in 2020. In 2022, more than 38 million people were expected to live with HIV. This further results in increasing HIV preventive measures, which include increasing the number of people undergoing HIV tests through self-test kits.

In high-infection regions such as Africa, Europe, and Asian countries, the demand for HIV testing is increasing year by year, which drives the application rate of HIV rapid test kits and propels market growth.

Increasing Awareness about HIV Self-Testing

Most countries are making significant progress in reducing the HIV burden with UNAIDS and WHO. Globally, around 95% of people living with HIV are expected to be aware of their HIV status by 2025.

Further, the increasing prevalence of HIV, the awareness among HIV-infected and non-infected people in developed and developing countries is increasing rapidly. In developed countries, HIV infection awareness increased through various government and health authorities' programs working as support to improve knowledge about HIV self-testing solutions.

The increasing access to HIV rapid test kits through health authorities and vendor activities and the acceptance of self-testing kits for HIV management are increasing simultaneously, fueling the HIV rapid test kits market growth.

GEOGRAPHICAL ANALYSIS

North America dominates the global HIV rapid test kits market accounting for a 31.06% market share. The factors that propel the market growth in the region are the higher HIV prevalence and the increasing awareness among the key patient populations. The government support and funding for HIV management as preventive measures drive the region's significant market growth. More than 3.8 million people in North America are estimated for HIV in 2022. The awareness about HIV self-testing is significantly high in the US, while Canada is showing progressive growth for HIV self-testing.

The Europe HIV rapid test kits market was valued at USD 158.77 million in 2022. It is estimated that the rate and number of new diagnoses of HIV infection are continuously increasing in East Europe and are growing rapidly, though from a much lower base in Central Europe region.

VENDOR LANDSCAPE

The global HIV rapid test kits market has many global, regional, and domestic players that offer a comprehensive product portfolio of HIV rapid test kits. Some global market players have acquired high industry penetration with a broader distribution network and business strategies. Also, some companies collaborate with WHO and UNAIDS to increase the increasing rate of HIV self-testing by supporting HIV rapid test kits.

In 2022, WHO partnered with the Clinton Health Access Initiative (CHAI), Wondfo Biotech Company, and MedAccess. This partnership makes available HIV-self-test kits for only USD 1 in the public sector of LMICs. This is expected to increase the high industry competition among leading market players. The inorganic growth strategies of leading market players create entry barriers for many small and emerging players.

Key Metrics

Market Dynamics

Market Opportunities & Trends

• Introduction of Next Generation Hiv Rapid Test Kits
• Increase in Hiv Self-Testing by Government Bodies
• Digital Support for Hiv Self-Testing

Market Growth Enablers

• Increasing Hiv Patient Population
• Increased Resources Availability and Funding for Hiv Management
• Increased Awareness of Hiv Self-Testing

Market Restraints

• Increasing Incidences of False Negatives
• Limitations & Challenges Associated with Hiv Testing
• Low Accessiblity & Lack of Awareness for Hivst

Key Company Profiles

• Abbott
• Bio-Rad Laboratories
• BIOMERIEUX
• Chembio Diagnostics
• OraSure Technologies

Other Prominent Vendors

• Atomo Diagnostics
• AccuBioTech
• bioLytical Laboratories
• Biosynex
• Cupid Limited
• DIALAB
• HUMAN
• INTEC
• J. Mitra & Co
• Meril Life Sciences
• MP Biomedicals
• Medsource Ozone Biomedicals
• Nanjing Synthgene Medical Technology
• Premier Medical
• SD Biosensor
• KHB (Shanghai Kehua Bio-Engineering co., Ltd.)
• Turklab A.S.
• Trinity Biotech
• Wantai BioPharma
• Wondfo

For more information about this report visit https://www.researchandmarkets.com/r/v4vxhn-rapid-test?w=5

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