Influenza Diagnostics Market to Reach USD 3374.9 Million by 2027 at a CAGR of 6.3% | Valuates Reports

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17 Jan, 2022, 20:30 IST

BANGALORE, India, Jan. 17, 2022 /PRNewswire/ -- The Global Influenza Diagnostics Market is Segmented by Type (RIDT, RT-PCR, Cell Culture), by Application (Hospitals, POCT) and Geography – Global Forecast up to 2027. It is published in Valuates Reports under the Infectious Diseases Category.

The global Influenza Diagnostics market size is projected to reach USD 3374.9 Million by 2027, from USD 2195.6 Million in 2020, at a CAGR of 6.3% during 2021-2027.

Major factors driving the growth of the influenza diagnostics market are:

Rising demand for rapid disease diagnosis, increasing influenza prevalence, and growing influenza research for diagnostic technologies are all driving the growth of the influenza diagnostics market.

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TRENDS INFLUENCING THE GROWTH OF INFLUENZA DIAGNOSTICS MARKET

The rising frequency of influenza has boosted R&D efforts to improve its detection and diagnosis. The majority of research is focused on creating faster and more accurate diagnostic technologies for influenza viruses, which will contribute to the growth of influenza diagnostics market expansion.

Furthermore, the Human Genome Project and breakthroughs in molecular and biomedical technology have led to the creation of a plethora of assays and technologies useful for the diagnosis and management of influenza infections. These new technologies, which are based on genomic (PCR-based) and proteomic (microarray-based detection) techniques, aid in the discovery of novel influenza viruses. This in turn is expected to provide new growth opportunities for the influenza diagnostics market. 

Another major factor propelling the influenza diagnostics market is the growing awareness and the need for early disease detection. Organizations are taking steps to promote early detection in order to reduce and eliminate influenza-related death. Due to its cost-effectiveness and ability to provide test results in 15– 30 minutes, rapid influenza diagnostic testing (RIDT) is expected to be the most used diagnostics method for influenza disease. 

Influenza and COVID-19 have numerous similarities; Seasonal flu (influenza A and B) and COVID-19 are infectious viruses that cause respiratory illness with comparable symptoms. Influenza outbreaks are most common in the months of December and February. The COVID-19 outbreak coincided with the influenza season, prompting a surge in the use of influenza diagnostics during that time. This trend is expected to further fuel the influenza diagnostics market growth.

Companies will benefit from strategic actions such as obtaining CLIA waiver approvals for influenza assays and test kits, which will help them create a presence in a variety of global markets, creating lucrative growth opportunities for the influenza diagnostics market players.

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INFLUENZA DIAGNOSTICS MARKET SHARE ANALYSIS:

Based on type, the rapid influenza diagnostics tests (RIDTs) are expected to be the most lucrative. This is attributed to its easy-to-use design and fast result. Some RIDTs have been approved for use in the workplace or at the bedside. CLIA-waived RIDTs can be used in circumstances where point-of-care testing is required

Based on application the Hospitals segment is expected to be the most lucrative. However, due to its ease of use, point of care testing is expected to grow at a high rate during the projected period.

Based on region, North America held the largest market share of around 53%. Following North America, Europe is the second-largest influenza diagnostics market, accounting for 25% of the total market share.

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TOP COMPANIES IN THE INFLUENZA DIAGNOSTICS MARKET

BD is the largest manufacturer with about 19% influenza diagnostics market share.

Other major manufacturers are

  • Abbott (Include Alere),
  • Roche,
  • SIEMENS,
  • Analytik Jena,
  • Quidel,
  • Thermo Fisher,
  • Meridian Bioscience,
  • BioMerieux,
  • Sekisui Diagnostics,
  • Response Biomedical,
  • SA Scientific, etc.

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