by 
The Diagnostic Testing of STDs Market is estimated to be valued at US$ 10.4 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sexually transmitted diseases (STDs) refer to infections that are commonly passed from one person to another through sexual contact such as vaginal, anal, and oral sex. The common STDs include chlamydia, gonorrhea, hepatitis B, herpes simplex virus, HIV/AIDS, human papillomavirus, and syphilis. Diagnostic testing helps identify the disease-causing pathogens and determine the appropriate treatment options. STD diagnostic tests include blood tests, swab tests, urine tests, and other sample isolation methods for detection of antigens, antibodies, or genetic material associated with each disease.
Read More Insights @ https://www.coherentmarketinsights.com/market-insight/diagnostic-testing-of-stds-market-3917
Market Dynamics:
The growth of the diagnostic testing of STDs market is mainly driven by the rising prevalence of STDs across the world. For instance, according to CDC, in 2018, there were about 1.8 million cases of chlamydia reported in the U.S. Further, technological advancements in STD diagnostic platforms are also fueling the market growth. Point-of-care testing provides rapid diagnosis and treatment of infections. POC diagnostic tests offer benefits of reduced costs and shorter waiting time to patients. Moreover, rising awareness initiatives by governments and nonprofit organizations regarding the consequences of untreated STDs boosts the demand for diagnostic testing.
Segment Analysis
The diagnostic testing of STDs market can be segmented by test type, end user, and region. The test type segment includes laboratory testing and point-of-care (POC) testing. The laboratory testing segment currently dominates the market due to the higher accuracy of results. However, the POC testing segment is expected to grow at a higher pace during the forecast period owing to rising demand for rapid testing kits and home based testing products.
PEST Analysis
Political: Regulations regarding mandatory screening and testing for STDs have increased testing volumes. However, social stigma around these diseases still remains an issue.
Economic: The growing epidemic of STDs worldwide has increased healthcare spending on diagnostics. Favorable reimbursement policies are also boosting market growth.
Social: Improving awareness levels have reduced the social taboo around STDs to some extent. However, under-reporting of cases still exists due to stigma in many regions.
Technological: Advancements in rapid testing technologies, especially innovative home-use kits, are fueling faster and more widespread screening. Growth of telehealth is also expanding access to diagnostic services.
Key Takeaways
The global diagnostic testing of STDs market is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period of 2023 to 2030, due to increasing public awareness initiatives regarding sexual health and benefits of early detection. The market size for 2023 is estimated to be US$ 10.4 Bn.
Regional analysis: North America currently dominates the global market due to supportive government programs for STD prevention and higher adoption of advanced diagnostic technologies. Asia Pacific is projected to witness the fastest growth during the forecast period, led by China and India.
Key players: Key players operating in the diagnostic testing of STDs market include Vela Diagnostics USA Inc., Roche Holdings AG, Alere, Inc., Becton Dickinson & Company, bioMerieux, Danaher Corporation (Beckman Coulter), Hologic, Inc., binx health, Chembio Diagnostics, Pinpoint Science Inc., and bioLytical Laboratories. These companies are focusing on new product innovations and market expansion strategies through mergers and acquisitions.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
