The recent outbreak of Zika in Brazil and in the rest of Latin America, the Caribbean, the United States, Canada and various parts of Europe was caused by a more virulent viral strain from Asia. This has increased the rate of Zika virus tests being conducted worldwide. A new research report by Future Market Insights highlights the current as well as future scenario of the Zika virus testing market. This report titled ‘Zika Virus Point-of-Care Testing Market: Global Industry Analysis and Opportunity Assessment 2016 – 2020’ presents a forecast of the Zika virus testing market for the said period. The market has been analyzed on the basis of factors driving the demand for testing products, trends that are prevalent in the global market and also the restraints that may hinder market revenue growth. According to the report, the global Zika virus testing market registered a market value of over US$ 4,100 Mn in 2017, which is expected to reach over US$ 4,400 Mn by the end of 2020.
Carribean Region to Dominate the Zika Virus POC Testing Market with a High Growth Rate
Point-of-Care testing including the Rapid ELISA Test and Rapid IgG/IgM Zika Virus Test have emerged as powerful diagnostic tools for screening Zika virus infections. Manufacturers are offering sophisticated diagnostic kits that help in early diagnosis of Zika virus and provide results in about 15–20 minutes or an hour. Some of the most prominent Zika prone countries experiencing contraction or very slight growth in the Zika virus POC testing market are Brazil, Puerto Rico and United States.
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This is due to the fact that probable cases for Zika dropped by more than 70% during the one year period ending in 2017. Yet countries like United States are extra conscious about the spread of Zika virus in the region. There have been many travel related cases, in which travelling from a disease free country to a place with a high prevalence of Zika infects the region. Thus, the POC testing market is not expected to take a halt any time soon. Among the major regions of the global market, Latin America is expected to lead with revenue in excess of US$ 2,400 Mn by the end of 2017. The Carribean region is anticipated to project the highest growth rate during the forecast period 2017-2020.
Leading Players Operating in the Global Market
The report includes a competitive analysis of the market structure, with information on the top companies functioning in the global market. The study highlights some of the leading companies that are projected to expand their market footprint in the coming years. Few of the key players mentioned in the report include EUROIMMUN US, Inc., Creative Diagnostics, Quest Diagnostics, Artron Laboratories Inc., and GenBody Inc.
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Restraints Hindering the Growth of the Zika Virus POC Testing Market
The major factor limiting revenue growth of the Zika virus POC testing market is the inefficiency of these tests to deliver accurate results. ELISA is said to provide relatively accurate results than the rapid IgG/IgM Zika virus test. Yet companies are unable to deliver products that people can completely rely on, because of the cross-reactivity with other widely circulating virus strands such as Flavivirus, Dengue, Chikungunya and Japanese Encephalitis. Results obtained using Point-of-Care Zika diagnostic test kits are not definitive, thereby affecting revenue generation in the global Zika virus testing market.