Diagnostic Testing of STDs is Estimated to Witness High Growth Owing to Increasing Adoption of Point-of-Care Testing
Sexually transmitted diseases (STDs) such as gonorrhea, chlamydia, syphilis, and trichomoniasis are very common and require diagnostic testing for their treatment. STD diagnostic tests involve testing of samples such as blood, urine, swab from external genitals, rectum, or mouth to detect the presence of disease-causing pathogens. Conventional STD diagnostic techniques include laboratory tests such as nucleic acid amplification tests (NAAT), enzyme immunoassays (EIA), and rapid point-of-care tests (POCT). Point-of-care tests offer the advantage of providing quick results without the need to send samples to a laboratory.
The global diagnostic testing of STDs market is estimated to be valued at US$ 10.04 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: Increasing adoption of point-of-care testing for STDs presents a key market opportunity. Point-of-care STD diagnostic tests can provide results within 30 minutes, allowing patients to receive prompt treatment. They do not require specialized equipment or highly trained healthcare workers to perform the test. This makes point-of-care testing highly suitable for resource-limited primary care settings. With their convenience and rapid results, point-of-care STD tests have the potential to significantly increase testing rates. This presents an opportunity for diagnostic testing companies to develop and market novel portable, affordable, and easy-to-use point-of-care devices for common STDs like chlamydia and gonorrhea.
Porter’s Analysis:
Threat of new entrants: The diagnostic testing of STDs market has moderate threat of new entrants due to high capital requirement for R&D and manufacturing facilities. However, new player can penetrate the market through acquisition or collaboration with established players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative testing solutions. However, increasing awareness and easy availability of testing options help reduce the bargaining power of buyers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitutes and dominance of few major suppliers. Suppliers may bundle their offerings to gain advantage.
Threat of new substitutes: Threat of new substitutes is moderate due to high switching costs for end users and regulatory approval challenges for new diagnostics.
Competitive rivalry: The competitive rivalry is high among key players due to concentration of major players. Players compete on parameters like accuracy, turnaround time and pricing.
SWOT Analysis
Strengths: Availability of advanced diagnostic technologies, increasing prevalence of STDs, and rising awareness.
Weaknesses: High capital requirement, stringent regulatory guidelines, and availability of alternatives.
Opportunities: Emerging economies, untapped rural markets, digital diagnostics, and automated systems.
Threats: Pricing pressure, social stigma associated with STDs, and technology obsolescence.
Key Takeaways
The diagnostic testing of STDs market is expected to witness high growth owing to rising awareness worldwide.
Regional analysis: The Asia Pacific region is projected to grow at fastest pace during the forecast period due to initiatives by government and NGOs to create awareness, increasing healthcare expenditure in developing countries, and presence of untapped markets.
Key players: 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 and Hologic hold major share of the market.