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Influenza Diagnostics Market Is Likely To Reach $3.3 Billion By 2024: Grand View Research, Inc.

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Influenza Diagnostics Market Is Likely To Reach $3.3 Billion By 2024: Grand View Research, Inc.

October 14
04:10 2019
Influenza Diagnostics Market Is Likely To Reach $3.3 Billion By 2024: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,emergence of technologically advanced diagnostic tests with shorter turnaround time; initiatives by regulatory bodies, such as CDC’s seasonal influenza vaccination for prevention and control of seasonal influenza to drive growth for influenza diagnostics market

According to a report,“Influenza Diagnostics Market Size, Share & Trends Analysis Report By Test Type (RIDT, RT-PCR, Cell Culture), By End-use (Hospitals, Laboratories, POCT), By Region, And Segment Forecasts, 2018 – 2024”, published by Grand View Research, Inc., The influenza diagnostics market is expected to reach USD 3.3 billion by 2024, Influenza, or “the flu,” is an infectious disease and affects the upper respiratory tract in humans. The disease is common in children and elderly population (aged 65 years and above). The disease has a huge impact on public health. Influenza A virus poses a greater risk as compared to the influenza B virus. The B virus is responsible for 20% to 25% of infections globally. The growth in the influenza diagnostic market is attributed to factors such as emergence of technologically advanced diagnostic tests with shorter turnaround time; initiatives by regulatory bodies, such as CDC’s seasonal influenza vaccination for prevention and control of seasonal influenza; and the demand created for influenza diagnosis in the flu season.

Rapid Influenza Diagnostic Tests (RIDTs) accounted for the largest share in 2015. RIDTs are tests that deliver accurate results in approximately 15 minutes. This factor deems them efficient, which has resulted in the lucrative growth of this segment with the fastest CAGR. Reverse transcription polymerase chain reaction (RT-PCR) holds the second highest market share following RIDTs, and this can be attributed to the fact that it provides detailed analytical results, sharper turnaround times, and high throughput.

Hospitals held the highest market share in 2015, but Point-of-Care Testing (POCT) is anticipated to overtake and lead the market in the coming future, owing to the increasing usage of POCT because of its ease of use and short turnaround times.

North America dominates the market, due to a high focus of the government and healthcare bodies to control influenza.

Key Takeaways from the report:

  • North America is anticipated to dominate the global influenza diagnostics market. The high adoption rates of in vitro diagnostics and presence of technologically advanced medical devices is expected to drive growth in the region.

  • The Asia Pacific region is anticipated to be the fastest growing region in the study period. This growth is attributed to factors such as increasing initiatives by the countries to counter the incidence of the disease. For instance, CDC reached a cooperative agreement with South-East Asian Region to fund non research-related bilateral influenza as a measure to respond to avian, seasonal, and pandemic influenza.

  • The RIDT segment is expected to grow at a significant rate compared to others and accounts for the largest share in 2015.

  • This market comprises several local as well as global players. Some of the major players of this vertical include Becton, Dickinson and Company, Roche Diagnostics, Alere, Quidel Corporation, and Thermo Fisher Scientific.

U.S.influenza diagnostics market size by test type, 2013-2024 (USD million)

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U.S.influenza diagnostics market share, by end-use, 2015 (%)

Regional Insights

The influenza diagnostics market is analyzed for North America, Europe, Latin America, Asia Pacific, and MEA in this particular study. North America held the highest market share in the influenza diagnostics market, owing to a strong focus of the U.S. CDC on controlling the disease rates. In addition, high technological advancements in the region coupled by increasing healthcare spending are expected to drive the growth of the market. Asia Pacific region is expected to be the region exhibiting fastest growth due to factors such as high population density and significant disease burden in the region.

The U.S. CDC actively takes preventive measures and tracks the disease through its national Influenza Surveillance System, to determine the severity of the disease and keep the disease rates in check. Apart from that, the huge availability of rapid diagnostic tests (RDTs) has boosted adoption rates in the United States. High public awareness coupled with availability of a wide range of diagnostic procedures is responsible for North America being the regional leader in terms of market share in 2015.

The Asia Pacific region is expected to witness fast-paced growth during the forecast period. The adoption of new technology and increasing awareness among the people are expected to be the factors catapulting market growth. One of the major concerning factors about influenza in Asia is the human infection with avian influenza A (H5NI) that resulted in an influenza pandemic. There is growing concern and the countries are actively involved in taking preventive measures to counter the incidence of the disease. For instance, U.S. CDC has reached cooperative agreement with South-East Asian Region (SEAR) to fund nonresearched-related bilateral influenza as a measure to be respond to avian, seasonal, and pandemic influenza.

Influenza Diagnostics Market Share Insight
Some of the key players in the influenza diagnostic market consist of Roche Diagnostics, Becton, Dickinson and Company, Thermo Fisher Scientific, Alere, and Quidel Corporation among others. The companies are constantly focused on the development of devices that are cost-effective and are technologically advanced to initiate effective treatment. For instance, in October 2014, Alere announced its contract with the U.S. Department of Health and Human Services Biomedical Research, known as the Biomedical Advanced Research and Development Authority (BARDA), to develop diagnostic countermeasures for influenza virus.

Similarly, in 2016, Roche received FDA clearance and CLIA waiver for the cobas Influenza A/B & RSV test. The test is meant to be used with the cobas Liat System. This test helps in molecular testing of flu A/B and strep A as well as RSV, making Roche the first manufacturer to widen the application of the test.

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About Grand View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

 

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