Diagnostic Testing of STDs is Estimated to Witness High Growth Owing to Expanding Insurance Coverage

Diagnostic testing of sexually transmitted diseases (STDs) involves laboratory tests to detect the presence of an infection. These tests are known as sexually transmitted infection diagnostic tests (STD Tests) or sexually transmitted disease diagnostic tests and are carried out on various clinical specimens such as blood, urine, swabs from external genitalia, throat, rectum, or cervicovaginal depending on the infection being tested for. Diagnostic testing helps in providing appropriate treatment to the infected individuals and also helps in reducing the transmission of STDs. The global 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 Opportunity:
Expanding insurance coverage is expected to drive the growth of the STD diagnostic testing market. Most private health insurance plans cover the costs for STD diagnostic testing. The expansion of Medicaid and health insurance exchanges under the Affordable Care Act has increased the access to STD testing and treatment. Insured patients face fewer costs for STD testing and treatment through copays and deductibles than those paying directly out-of-pocket. The rising insurance coverage is increasing the affordability of healthcare services including STD diagnostic testing, thus driving the market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: Low cost of equipment and existence of patents held by large firms pose barriers to entry. However growing awareness and demand offer opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of substitute diagnostics and bargaining discounts.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and dependence of buyers.
Threat of new substitutes: Threat of substitutes like point of care tests is increasing but reliance on lab tests keeps it moderate.
Competitive rivalry: Intense rivalry exists among large multinationals owing to technological innovations and marketing strategies.

SWOT Analysis
Strengths: Growing awareness, healthcare spending, demand for accurate diagnosis.
Weaknesses: High costs, lack of infrastructure in developing nations, social stigma attached.
Opportunities: Point of care tests, mHealth and telemedicine, emerging economies.
Threats: Social inequalities, inadequate healthcare access, substitutes like generic alternatives.

Key Takeaways
The global diagnostic testing of STDs market is expected to witness high growth.

North America currently dominates the market owing to high healthcare spending and awareness. Asia Pacific is expected to be the fastest growing regional market in the forecast period due to increasing healthcare investments and emerging economies like India and China with huge patient pools.

Key players operating in the diagnostic testing of STDs market are 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. Vela Diagnostics, Roche and BD are the leading players in the market.