Canada Sexually Transmitted Disease Testing Market Size worth USD 310.5 Million
The Canada sexually transmitted disease testing market size was valued at USD 205.9 million in 2021 and is expected to reach the valuation of USD 233.6 million in 2022. The market is expected to reach USD 310.5 million by 2029 with a CAGR of 4.1% during the forecast period. Rising cases of sexually transmitted diseases in Canada is expected to drive market growth. Increasing government initiatives to raise awareness regarding sexual health is anticipated to support market growth. Fortune Business Insights™ shares this information in its report titled “Canada Sexually Transmitted Disease Testing Market, 2022-2029.”
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Drivers and Restraints
Rising Cases of STDs to Surge Demand for Testing Devices
Upsurge in
the cases of STDs amongst Canadian population is anticipated to drive the
Canada sexually transmitted disease testing market growth. Increasing
government initiatives to launch new diagnostics kits and tests are anticipated
to propel market growth. In 2020, according to the Public Health Agency of Canada (PHAC), cases for syphilis were increased
to 9,126 in 2020 compared to 6,281 in 2018. There is lack of awareness
regarding safe sexual intercourses and unappropriated sharing of contaminated
and unclean personal objects. This had led to increase in STDs and its
diagnosis. Increasing government initiatives for spreading the awareness
regarding sexual health and testing are predicted to propel market
development.
However, reluctance toward sexually transmitted disease testing is anticipated to hinder market development.
Fear of testing positive, the stigma of being judged, and privacy concerns are
expected to restrict market growth.
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Competitive Landscape
Key Market Players to Propel Market Progress Due to Advanced
Logistics
Primary
players operating in the market utilize expansion and strengthening strategies.
Due to its strong distribution channels, F. Hoffmann-La Roche Ltd. extended its diagnostic capabilities by its
global access program which has raised funds for malaria, AIDS, and
tuberculosis, which is anticipated to boost market growth. Increasing
strategic initiatives and launches will strengthen their distribution channels
in the market.
Key Industry Development
·
December
2021- Becton, Dickinson and Company, commonly known
as BD, announced its advanced version of BD COR system. The advancement is
inclusion of new MX instruments which will help molecular testing for
infectious diseases such as HPV infections, STDs, and others.
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List of Key Players Profiled in the Report
·
F. Hoffmann-La Roche Ltd (Switzerland)
·
Abbott (U.S)
·
BD (Becton, Dickinson and Company) (U.S)
·
Hologic, Inc.
(U.S)
·
Cepheid (Danaher) (U.S.)
·
Thermo Fisher Scientific Inc. (U.S)
·
bioMérieux SA (France)
·
Bio-Rad Laboratories, Inc. (U.S)
·
DiaSorin S.p.A. (Italy)
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