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The European Hantavirus diagnostics market is growing at a CAGR of 5.8 percent, outperforming the U.S. market, which registered 3.7 percent.
The European Hantavirus diagnostics market is growing at a CAGR of 5.8 percent, outperforming the U.S. market, which registered 3.7 percent, according to analysis from Frost & Sullivan. The study found that 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. 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. 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.