The influenza diagnostics market size to grow at a CAGR of 6.95% from 2022 to 2027 | North America to contribute 38% to the market growth - Technavio

NEW YORK, Aug. 30, 2023 /PRNewswire/ -- The influenza diagnostics market size is expected to grow by USD 466.18 million from 2022 to 2027, progressing at a CAGR of about 6.95% as per the latest Technavio market research report. North America is going to have lucrative growth during the forecast period. About 34% of the market's overall growth is expected to originate from North America. North America is the leading contributor to the global influenza diagnostics market revenue, due to the growing R&D support of the US FDA to develop new influenza diagnostic testing kits and platforms. In North America, influenza is a major public health problem and seasonal flu outbreaks occur every year. The healthcare infrastructure helps to ensure the availability of various flu diagnostics and tools. The region benefits from continued technological advancements in the field of influenza diagnostics. For more insights on the market share of various regions- Download a sample report in MINUTES

Influenza Diagnostics Market: Rising incidence of influenza to drive growth

During influenza outbreaks, the number of flu cases increases dramatically, growing the need for diagnostic testing to detect and track the spread of the virus. To meet this seasonal demand, diagnostic equipment manufacturers are providing healthcare facilities with influenza diagnostic tests and kits to meet their growing testing requirements. Hospitals, clinics, and laboratory systems are seeing a rising emergence of influenza strains, which require reliable and efficient diagnostics to effectively manage large numbers of patients during seasonal influenza. Hence, the early detection of influenza is expected to boost market growth during the forecast period.

Influenza Diagnostics Market: Rising Approvals For Influenza Diagnostic Products 

Market players are increasingly focused on providing rapid and affordable tests using immunoassays and molecular diagnostics. These tests are widely used in clinical medical laboratories to provide rapid results and timely diagnosis during patient visits. Contributions to value-based care programs and quality billing initiatives enhance lab work in clinics, reducing the need for patient admissions. This has helped to boost the adoption of laboratory testing methods, which in turn has raised the demand for influenza testing products in such laboratories. Therefore, these factors are expected to fuel the market growth during the forecast period.

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Some of the key Influenza Diagnostics Market Players:

The influenza diagnostics market is fragmented and the companies are deploying organic and inorganic growth strategies to compete in the market.

Abbott Laboratories, Becton Dickinson and Co., BICO Group AB, Bio Rad Laboratories Inc., Biocartis Group NV, bioMerieux SA, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Hologic Inc., Princeton BioMeditech Corp., QIAGEN NV, Response Biomedical Corp., SA Scientific Ltd., Sd Biosensor Inc., Sekisui Chemical Co. Ltd., Siemens Healthineers AG, Tecan Trading AG, Thermo Fisher Scientific Inc., and Quidelortho Corp.

Influenza Diagnostics Market: Segmentation Analysis

This market research report segments the influenza diagnostics market by end-user (Hospitals and diagnostic laboratories, Academic and research centers, and Homecare), type (Point-of-care testing, Immunodiagnostics, and Molecular diagnostics), and geography (North America, Europe, Asia, and Rest of World (ROW)).

• The market share growth by the hospitals and diagnostic laboratories segment will be significant during the forecast period. Hospitals and diagnostic laboratories handle a significant number of influenza cases, requiring efficient and accurate diagnostic tools to identify influenza viruses and determine appropriate treatment strategies. Hospitals and diagnostic laboratories need to exercise extreme caution to provide timely diagnosis and effective influenza treatment. Rapid and reliable diagnosis can help to reduce the spread of influenza in healthcare settings, allowing healthcare professionals to make informed decisions about how to treat patients, isolation measures, antiviral drugs, or prevention strategies.

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Table of Contents 

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-User

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio