MOUNTAIN VIEW, Calif., Jan. 27, 2015 /PRNewswire/ -- The European Hantavirus diagnostics market is growing at a compound annual growth rate (CAGR) of 5.8 percent, outperforming the U.S. market, which registered 3.7 percent. The European market is more robust primarily due to Hantavirus' high prevalence rates in Russia, Scandinavia, Finland and Belgium. However, the U.S. market has higher mortality rates (50 percent) associated with the disease, even though it has no more than 40 reported cases every year.
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New analysis from Frost & Sullivan finds the Hantavirus testing market in Europe and the U.S. were worth $5.5 million and $0.023 million respectively in 2013, and estimates this to reach $7.3 million and $0.028 million by 2018.
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"Since Hantavirus diagnostics is a niche market, competitors such as Immunospec and FocusDx have an advantage in the U.S. because of their established clientele," said Frost & Sullivan Healthcare Research Analyst Aishwarya Vivekanadan. "This is likely to raise the entry barriers for new participants."
Owing to the severity of Hantavirus infections, there is an urgent need for rapid diagnostic tests that can be easily conducted and used in field conditions. Acknowledging this unmet demand, diagnostic companies have been striving to develop faster, sensitive and more accurate tests.
"Currently tests take hours to days to detect the virus, mainly due to the lack of sensitivity to the different strains of the disease," said Vivekanadan. "There is a need for diagnostic tests that are not only efficient but can identify the various strains of this virus to better cure it. A faster and more sensitive diagnostic test will go long way in saving lives, especially in the U.S. where mortality rate is almost 50 percent."
Scientists have already launched a new diagnostic method based on a highly dispersed immunoelectrode prototype amperometric immunosensor. This model has been employed successfully in field conditions for testing rodent sera.
The earnest research and development (R&D) initiatives of diagnostics companies can lead to the discovery of new ecological paradigms regarding the virus. It could also aid superior understanding of the nature of episodic zoonotic epidemics such as those caused by Ebola virus, SARS CoV, Nipah virus, Machupo virus, and hantaviruses that are still undiscovered.
European and US Hantavirus Diagnostics is part of the Life Sciences (http://www.lifesciences.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Briefing for the Bracing Devices and Support Market in the United States, Long-term Care in Extended Facilities and Nursing Homes in the United States, Industry Financial Review of the Global Laboratory Research Tools Market, and Optimization and Efficiency Drive in Hospitals in Western Europe. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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