NEW YORK, Oct. 19, 2016 /PRNewswire/ -- The influenza diagnostics market is expected to reach USD 3.3 billion by 2024, according to a new report by Grand View Research, Inc. 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.
Further Key Findings From the Study Suggest:
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.
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