Leading Firms Reshaping the Future of Monkeypox Testing Market

 

The global monkeypox testing market is experiencing notable expansion, driven by the increasing incidence of monkeypox cases worldwide and the imperative for prompt and accurate diagnostic solutions.

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.

Market Overview

Monkeypox, a zoonotic viral disease akin to smallpox, has garnered global attention due to recent outbreaks beyond its traditional endemic regions. The surge in cases has underscored the critical need for reliable and swift diagnostic methods to facilitate early detection, patient management, and containment of the virus's spread. Consequently, the demand for monkeypox testing has escalated, propelling market growth.​

Market Segmentation

The monkeypox testing market is segmented based on technology, mode of testing, end-use, and region:​

  • By Technology:
    • Polymerase Chain Reaction (PCR): Dominating the market with a 60% share in 2023, PCR is esteemed for its high sensitivity and specificity in detecting viral DNA, making it the gold standard for monkeypox diagnosis. ​
    • Lateral Flow Assay (LFA): Recognized for rapid results and user-friendliness, LFA is gaining traction, particularly in point-of-care settings.​Other Technologies: Encompassing emerging diagnostic methods under development to enhance detection accuracy and speed.​
    •  
  • By Mode of Testing:
    • Laboratory Testing: Accounting for USD 1.1 billion in 2023, laboratory testing offers comprehensive analysis and is integral to large-scale diagnostic operations. ​
    • Point-of-Care Testing: Valued for delivering immediate results, facilitating prompt clinical decisions, and improving patient outcomes.​
  • By End-Use:
    • Hospitals and Clinics: Representing 50% of the market share in 2023, these facilities are primary venues for patient diagnosis and care. 
    • Diagnostic Laboratories: Projected to experience the fastest growth, driven by the escalating demand for specialized testing services.​
    • Other End Users: Including research institutions and public health agencies engaged in surveillance and epidemiological studies.​

Regional Analysis

The market's regional dynamics are influenced by the prevalence of monkeypox cases, healthcare infrastructure, and governmental initiatives:

  • North America: Leading the market with a 45% revenue share in 2023, the region's advanced healthcare systems and proactive public health measures have facilitated extensive testing capabilities. The United States, in particular, has reported significant case numbers, prompting robust diagnostic responses.​
  • Europe: Accounting for 20% of the market revenue in 2023, European countries have prioritized standardizing testing protocols and expanding molecular diagnostic capacities in response to outbreaks. Spain and Germany have been notably proactive, implementing comprehensive testing and vaccination strategies.​
  • Asia-Pacific: Holding a 25% market share in 2023, the region is anticipated to witness the highest CAGR, driven by improving healthcare infrastructure and heightened awareness in nations such as Japan, China, and India. Japan is expected to register the highest growth rate from 2024 to 2030. ​
  • Latin America and Middle East & Africa: Each contributing 5% to the market in 2023, these regions face challenges related to limited testing accessibility and infrastructure. However, initiatives like Morocco's production of affordable mpox tests aim to enhance diagnostic capabilities and reduce reliance on imports. ​

Explore More:

https://www.polarismarketresearch.com/industry-analysis/monkeypox-testing-market 

Key Market Drivers

  1. Rising Incidence of Monkeypox Cases: The global upsurge in monkeypox infections has necessitated widespread testing to enable early detection and containment.​
  2. Advancements in Diagnostic Technologies: Innovations in molecular diagnostics, particularly PCR and rapid antigen tests, have improved the accuracy and efficiency of monkeypox detection.​
  3. Governmental and Health Organization Initiatives: Collaborative efforts by governments and international health bodies have focused on enhancing testing capacities, public awareness, and vaccine distribution to curb the virus's spread.​

Key Companies in the Monkeypox Testing Market

The market features several prominent players dedicated to advancing diagnostic solutions:​

  • Aegis Sciences Corp
  • BD
  • Chembio Diagnostics Inc.
  • Laboratory Corp. of America Holdings
  • Mayo Clinic Laboratories
  • QIAGEN
  • Quest Diagnostics Inc
  • Sonia Healthcare Ltd
  • Sonora Quest Laboratories
  • Thermo Fisher Scientific

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