Rapid Influenza Diagnostic Tests Market size to exceed $689mn by 2025
Published Date: September 9, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Rapid Influenza Diagnostic Tests Market size is set to exceed USD 689.0 million by 2025; according to a new research study published by Global Market Insights, Inc.
Rapid influenza diagnostic tests market is estimated to show considerable growth over the forthcoming years. The market growth is attributed to rising prevalence of influenza and related chronic diseases such as cardiovascular diseases and diabetes. According to the Centers for Disease Control and Prevention (CDC), influenza results in around 12,000 to 79,000 deaths in the U.S. annually. Moreover, growing awareness about several diagnostic tests for the diagnosis and prevention of influenza will augment market growth in the near future.
Increase in influenza prevalence across the globe will augment the rapid influenza diagnostic tests market growth in the near future. As per the World Health Organization (WHO), globally, annual epidemics of influenza are expected to result in around 4 million cases of severe illness, and about 47,000 respiratory deaths. Hence, growing number of people suffering from influenza will result in augmenting the demand and adoption rate of rapid influenza diagnostic tests, fueling the business growth.
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However, stringent regulatory framework and guidelines regarding rapid influenza diagnostic tests, variability in specificity and sensitivity among influenza diagnostic tests will impede the growth of rapid influenza diagnostics tests market. Also, rising healthcare cost will act as a restraining factor for the market growth.
Browse key industry insights spread across 110 pages with 89 market data tables & 9 figures & charts from the report, “Rapid Influenza Diagnostic Tests (RIDT) Market Size By Product (RIDT for Influenza A, RIDT for Influenza B), By Patient (Pediatric, Adult), By End-use (Hospitals, Diagnostics Centers, Research Laboratories) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
RIDT for Influenza A is estimated to grow at 6.8% over the projection period. Rise in incidence of influenza across the globe will influence the market growth. There has been steady rise in the prevalence of influenza A and communicable respiratory disease. Influenza A is caused majorly due to the virus often known as bird flu or avian flu. Influenza A is more common and serious as compared to other influenza types such influenza B and C and known to cause prevalent epidemics. Hence, rise in influenza prevalence across the globe will boost the rapid influenza diagnostic tests market growth.
Rapid influenza diagnostic tests for pediatric was valued at around USD 99.5 million in the year 2018. Growing rate of hospitalization among the pediatric patient population without any underlying health conditions is high during the influenza season. Also, children with such underlying health conditions are more and more susceptible to seasonal influenza. As per the Centers for Disease Control and Prevention (CDC), as of April 2019, total of 186 pediatric deaths have been reported due to influenza in the U.S. Hence, growing influenza prevalence in children will increase the use of rapid influenza diagnostics tests in the pediatric patient pool, fueling the market growth.
Use of rapid influenza diagnostic tests in hospitals is estimated to grow at 6.9% over the projection period. Hospitals are known to have state-of-the-art facilities along with trained healthcare professionals for conducting rapid influenza diagnostic tests. Also, there has been increase in preference of rapid influenza diagnostic testing for hospitalized patients owing to the ease of use, quick and better results provided. Increase in preference for hospital admissions by people in developing economies over other medical facilities will augment the growth of the market in the coming future.
U.S. rapid influenza diagnostic tests market was valued at USD 130.5 million in 2018 and is estimated to witness substantial amount of growth over the forecast period. The growth in the country is attributed to recent technological advancements and developments in the field of influenza diagnostics, presence of well-developed healthcare infrastructure and skilled professionals. Also, rising prevalence of influenza in the country will further boost the market growth. Growing government initiatives to build state-of-art infrastructure and facilities for manufacturing advanced technologies with the focus to deliver effective results for rapid influenza diagnostics testing will result in further enhancing the business growth in the country.
China market is projected to show significant growth at 9.3% during the analysis period. The rapid growth is mainly attributed to growing prevalence of influenza across the mainland China. According to the World Health Organization (WHO), China is amongst the some of the major countries to be infected with bird or avian influenza A(H7N9) virus. Hence, growing influenza prevalence will result in augmenting the rapid influenza diagnostic tests market growth in the country.
Some of the significant market players involved in the rapid influenza diagnostic tests market includes DiaSorin S.p, BD, SA Scientific, CorisBioconcep among other players. These players aim to implement several strategic initiatives such as collaborations, mergers, acquisitions and partnerships to increase revenue generation and expand the product portfolio. For instance, in September 2016, Becton Dickinson and Company launched wireless diagnostic system BD Veritor Plus for detecting influenza virus and respiratory syncytial virus. This strategic initiative helped the company in expanding and broadening its product portfolio.
Rapid influenza diagnostic tests market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and units from 2014 to 2025, for the following segments:
By Product, 2014-2025 (USD Million)
- RIDT for Influenza A
- RIDT for Influenza B
By Patient, 2014-2025 (USD Million)
By End-use, 2014-2025 (USD Million)
- Diagnostics Centers
- Research Laboratories
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia