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North America dominates the Virology Market
North America will dominate the Virology Market in the coming years. It is expected to reach $ 1051.86 million by 2023 at a CAGR of 4.3%. In the US, technological advancements such as enhanced healthcare infrastructure, evolution of portable diagnostic equipment, and increased affordability elevate the growth of the virology in the region. The increasing awareness towards viral infections due to the campaigns conducted by the government is increasing the rate of vaccination in the US. In Canada, contagious diseases such as influenza and pneumonia in the cold regions of the country. In Mexico, growing incidences of viruses such as Ebola, Zika, and Hepatitis elevate the growth of the Virology Market in the country.
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The Hospitals segment in 2017 reached a value of $ 495.39 million. By 2023, it is expected to reach $ 715.11 million at a CAGR of 6.3%. Countries such as Japan, USA, France, Austria, Italy, and Singapore have the best hospitals and medical facilities in the world. The top healthcare facilities give attention to microbiology and virology sectors. Europe has the largest number of registered hospitals under WHO, followed by Americas and Western Pacific region. The medical technology of virology is more established in America and Europe due to more number of hospitals and growing healthcare expenditure by the government of those regions. There is more emphasis on virology which helps researchers to use the virus for the benefit of mankind.
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Excerpts on Market Growth Factors
Increasing rate of viral diseases, increase in healthcare expenditure and public awareness will boost the growth of human virology in the coming years.
The field of virology has many areas such as molecular virology, pediatric virology, computational virology, etc.
Rise in periodic monitoring of patients will enhance the growth of the Virology Market.
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Key players of the Virology Market
F. Hoffmann-La Roche Ltd. (Roche Diagnostics), GlaxoSmithKline, Johnson & Johnson, Abbott Diagnostics and Beckman Coulter dominate the Virology Market during the forecast period. F. Hoffmann-La Roche Ltd operates in two divisions namely pharmaceuticals and diagnostics. It manufactures and sells cancer drugs. GlaxoSmithKline provides products such as physio gel and abreva. Johnson & Johnson carries out research and development of medicines for treatment of diseases. Abbot Diagnostics manufactures medical diagnostic instruments and provides automation and informatic solutions for reference labs, hospitals, and blood centers.
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