Rapid Influenza Diagnostic Tests (RIDT) Market size is set to surpass USD 1.9 billion by 2030, according to a new research report by Global Market Insights Inc.
The growing prevalence of influenza coupled with the rising geriatric population is one of the key variables driving the industry growth. Influenza diagnostic procedures that utilize rapid influenza diagnostic tests are crucial in the management or diagnosis of different flu viruses. Additionally, the severe health concerns associated with the infection such as pneumonia, dehydration, and worsening of long-term medical conditions are anticipated to augment the rapid influenza diagnostic tests market demand.
Rising demand for early diagnosis and control of influenza will boost the business growth
The influenza diagnostic rate has improved significantly over the past few years, attributable to the surging awareness related to the significance of early-stage diagnosis among people with flu complications. In high-income nations, influenza has long been a substantial cause of hospitalizations. As the Centers for Disease Control and Prevention recognizes influenza disease conditions to be of primary importance, various organizations are coming forth with favorable initiatives to spread awareness related to early-stage diagnosis of influenza.
For instance, the American Lung Association (ALA) is working actively to promote early diagnosis and control of influenza. In Europe, Flu Awareness Campaigns (FACs) are actively working concerned with spreading awareness related to early recognition of disease symptoms that aid in overall disease management. Thus, such initiatives by various associations have contributed to the greater awareness and focus on influenza, thereby driving the demand for novel rapid influenza tests that will be required to cater to the ever-increasing demand for influenza diagnosis.
Several advantages delivered by rapid influenza diagnostic tests are expected to stimulate the business statistics
Increasing prevalence of influenza has led to a rise in influenza diagnosis incorporating the use of rapid influenza diagnostic tests, thereby augmenting the rapid influenza diagnostic tests market revenue positively. The implementation of these rapid diagnostic tests for influenza diagnosis offers numerous advantages comprising reliable & rapid identification of the presence of influenza A and B in respiratory tract secretions.
The diagnosis performed using highly cost-effective rapid influenza tests, in most cases delivering results in as little as 15 minutes has emerged as a preferred choice in the diagnosis of influenza. Ongoing advancements have favored the evolution of these influenza diagnostic tests that are associated with offering optimum specificity & sensitivity. These tests are assisting healthcare professionals in rapid diagnosis & differentiation of different influenza viruses and help in pursuing suitable courses of action. Thus, numerous advantages related to the use of rapid influenza diagnostic tests are anticipated to offer substantial market opportunities over the forecast period.
Browse key industry insights spread across 80 pages with 69 market data tables & 12 figures & charts from the report, “Rapid Influenza Diagnostic Tests Market Size By End-use (Hospitals, Diagnostics Centers, Research Laboratories), Industry Analysis Report, Regional, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Rise in the number of influenza diagnostic tests in hospitals will spur the business potential
Rapid influenza diagnostic tests market from hospitals segment was valued at more than USD 272 million in 2021 due to the use of novel rapid influenza diagnostic tests in hospital settings delivering rapid results, growing admissions with target disorders, and rising influenza screening initiatives. Moreover, the higher influenza prevalence in developed nations comprising the U.S. with robust healthcare infrastructure. An increasing number of influenza-associated complications will significantly augment the diagnosis & treatment rate at these healthcare facilities. Thus, the accessibility and convenience of influenza diagnosis are estimated to propel patient visits to hospitals.
Also, the availability of a broad spectrum of rapid influenza diagnostic tests for performing these diagnostic procedures with proven accuracy is set to drive products preference in hospital. As a result, accessibility to an effective diagnosis coupled with the rising prevalence of influenza and associated conditions will boost the patient visits to hospitals.
Increasing prevalence of influenza and related complications in Germany will fuel the business revenue
Germany rapid influenza diagnostic tests market is anticipated to reach USD 106 million by 2030 owing to a host of variables comprising the high prevalence of influenza, increasing use of rapid influenza diagnostic tests, and accessibility to advanced diagnostic services in the country among others. The rising target population along with high-quality diagnostic services in the country is promoting the demand for novel rapid influenza diagnostic tests.
Additionally, favorable government initiatives for promoting awareness related to early influenza diagnosis would further promote the market growth. For instance, the German Respiratory Society has published guidelines on the management of influenza is assisting in delivering better diagnosis & treatment throughout the country.
Players are emphasizing strategic initiatives and innovative product launch to expand business operations
Some of the major companies operating in the rapid influenza diagnostic tests industry are Quidel Corporation, Abbott, DiaSorin SpA, Thermo Fischer Scientific Inc., Becton, Dickinson and Company, Meridian Bioscience Inc., and F. Hoffmann-La Roche Ltd. These market players are involved in adoption of strategies such as research collaborations, partnerships, acquisitions, and agreements to gain competitive edge over other competitors.
For instance, in October 2021, the Becton, Dickinson and Company announced the strategic & public-private partnership with the U.S. Biomedical Advanced Research and Development Authority (BARDA). This partnership was intended to support the development of a range of diagnostic tests comprising rapid influenza tests. This strategic collaboration helped the company to broaden its customer base at core laboratories, hospitals and at the point of care, thereby driving product sales in emerging markets and assisted in enhancing its brand image.