Influenza Diagnostics Market Size to Reach USD 3.43 Billion by 2030, Says The Brainy Insights
Global influenza diagnostics market growth is driven by rise in government initiatives to combat influenza outbreaks, an increase in the global geriatric population, the development of advanced technology, and an increase in cardiovascular and diabetes diseases. North America emerged as the largest market for the global influenza diagnostics market, with a 39% share of the market revenue in 2022.
Newark, Feb. 22, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 2 billion in 2022 influenza diagnostics market will reach USD 3.43 billion by 2030. The market is rising due to the ageing population, which is more susceptible to respiratory tract infections. Additionally, the global influenza diagnostics market is benefiting from the growing use of smaller equipment and the expansion of sophisticated diagnostic immunoassay formats. The introduction of CLIA-waived point-of-care molecular influenza tests and a shift in customer preferences from centralized laboratories to decentralized point-of-care testing fostered the market’s growth.
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Key Insight of the Influenza Diagnostics Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest influenza diagnostics market share. According to MedAlertHelp data, 5% and 20% of Americans will be diagnosed with influenza in 2022. Furthermore, according to data released by the Centers for Disease Control and Prevention in October 2021, 20,000 flu-related deaths, 380,000 influenza-related hospitalizations, and 16 million influenza-related doctor visits were reported in the 2019-2020 season. The increased disease burden is expected to have a beneficial impact on market growth in the future years. According to the Centers for Disease Control and Prevention (CDC) figures published in 2021, RIDTs are readily available throughout the region.
The traditional diagnostic test segment is expected to augment the influenza diagnostics market during the forecast period.
The traditional diagnostic test segment is anticipated to dominate the market over the forecast period. For instance, ProtonDX declared in August 2022 that it would use its rapid and accessible diagnostics testing to keep track of respiratory illnesses, such as influenza, among players and coaches at the Commonwealth Games 2022. Thus, it is anticipated that increasing flu surveillance and monitoring during public events will promote the development of RIDTs.
The hospital segment market size is 0.8 billion in 2022
The hospital segment held the largest market share in 2022 and is expected to continue during the forecast period. People are being pushed to select inpatient therapy because underlying medical conditions like autoimmune diseases are becoming more common. Newly created, technologically advanced flu diagnostic tests, such as those that use point-of-care technology (POCT) and flu testing, are expected to make it simpler to keep an eye on the elderly population. In addition, it is projected that POCT will increase the number of flu testing in rural Asia Pacific areas.
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Advancement in market
In August 2022, Seegene launched a campaign to offer routine syndromic PCR testing for COVID-19, influenza A and B, and respiratory syncytial virus in specifc settings in European and Asian markets (RSV). To prevent COVID-19 and other respiratory virus transmission spikes brought on by lax public health measures and increased travel, the In-Life PCR initiative was launched “preemptively.”
In June 2022, under the IVD directive 98/79/EC, The BD MAX Respiratory Viral Panel (RVP), a new molecular diagnostic combination test for SARS-CoV-2, Influenza A + B, and Respiratory Syncytial Virus (RSV), received its CE marking. (Becton, Dickinson & Company).
Driver: Advancements in Genomic and Proteomic Technologies
A wide range of tests and technologies helpful for detecting and managing influenza infections have been developed due to the human genome project and developments in molecular and biomedical technology. The development of novel influenza viruses is aided by these new technologies based on genomic methods (like PCR) and proteomics (like microarray detection). They also provide commercial potential by enabling improved surveillance and speedy detection of infectious diseases.
Restraint: The high cost
The expense of creating testing and tools may restrain market expansion. The limitations on accessibility and the availability of raw materials raise the cost of the final product. High pricing transfers the burden of high manufacturing expenses to the final consumers. One at-home collection kit for various respiratory viruses, such as the flu, is the Labcorp Seasonal Respiratory Virus RT-PCR DTC Test. The price of the test kit at retail and internet outlets is approximately USD 169.
Opportunity: Rise in Prevalence
The rising demand for early detection and control of influenza and the increasing prevalence of influenza and related chronic disorders are all factors propelling the market’s expansion. Since influenza is known to be a severe cause of illness and mortality in humans, diagnostic tools have been developed and put into use to lessen its adverse effects on health and the economy. According to figures from January 2022 by the Centers for Disease Control and Prevention, flu caused 140,000–710,000 hospitalisations, 9 million–41 million illnesses, and 12,000–52,000 deaths annually in the United States between 2010 and 2020.
Challenge: Stringent Regulations
More stringent regulations for product approval are needed for the market’s ability to grow more quickly. To sell influenza tests for home use in the US, players must get de novo designation. This certification is only granted if the risk is minimal and no directly similar technology demonstrating a comparable level of safety and efficacy is already available.
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Some of the major players operating in the influenza diagnostics market are:
● Becton, Dickinson, and Company (BD)
● Meridian Bioscience, Inc.
● Abbott Laboratories, Inc.
● Hologic, Inc.
● SA Scientific
● Thermo Fisher Scientific, Inc.
● Sekisui Diagnostics
● F. Hoffmann-LA Roche AG
● Quidel Corporation
Key Segments cover in the market:
By Test Type:
● Traditional Diagnostic Test
● Molecular Diagnostic Assay
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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