The Influenza Diagnostics Market size to grow at a CAGR of 6.95% from 2022 to 2027|The rising adoption of rapid diagnostic products in physician office laboratories is a major trend -Technavio

NEW YORK, Nov. 19, 2023 /PRNewswire/ -- The influenza diagnostics market is estimated to grow at a CAGR of 6.95% from 2022 to 2027. The market size is forecast to increase by USD 466.18 million, according to Technavio. The rising adoption of rapid diagnostic products in physician office laboratories is a major trend in the market. Manufacturers in target markets are increasingly focused on providing affordable and rapid testing using immunoassays and molecular diagnostics. These tests are widely used in clinic medical laboratories to provide rapid results and timely diagnoses during patient visits. Contributions to value-based care programs and quality-payment initiatives drive increased laboratory work in clinics, thereby reducing the need for patient hospitalization. This has helped accelerate the introduction of laboratory testing practices, increasing demand for influenza testing products in such laboratories. For example, in the US, there has been a steady increase in the placement of laboratories in clinics due to the benefits of Medicare billing. Hence, these factors are expected to drive market growth during the forecast period.– Download a Sample Report

Influenza Diagnostics Market Insights -

• Vendors: 15+, Including 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., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: 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))

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Influenza Diagnostics Market – Market Dynamics

Key Driver

The early detection of influenza is a key factor driving market growth. Influenza, a prevalent viral infection, impacts a substantial portion of the global population annually. The increasing number of influenza cases has resulted in a greater demand for diagnostic tests to detect and manage the infection early. Furthermore, during influenza outbreaks, the number of influenza cases increases significantly, increasing the need for diagnostic tests to detect and monitor the spread of the virus. In response to this seasonal demand, diagnostic manufacturers are providing healthcare facilities with influenza diagnostic kits and tests to meet their growing testing needs. Hospitals, clinics, and laboratory systems are experiencing an increased presence of influenza strains, necessitating reliable and efficient diagnostics to manage more significant numbers of patients effectively during the influenza season Hence, early detection of influenza is expected to drive market growth during the forecast period.

Significant Challenge

The lack of laboratory infrastructure in developing regions is a significant challenge restricting market growth. Developing countries face challenges in establishing and maintaining well-equipped influenza diagnostic laboratories. Limited access to diagnostic resources makes it difficult to diagnose influenza cases quickly and accurately. This challenge is due to inadequate infrastructure, lack of trained staff, and limited diagnostic tools and reagents available. In addition, remote areas often lack adequate testing facilities, making timely influenza diagnosis impossible, especially in areas without established healthcare systems. As a result, this challenge hinders disease surveillance efforts and the ability to track and respond to influenza outbreaks effectively. Hence, these factors are expected to restrict market growth during the forecast period.

Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The influenza diagnostics market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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What are the key data covered in this Influenza Diagnostics Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the influenza diagnostics market between 2023 and 2027
• Precise estimation of the size of the influenza diagnostics market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the influenza diagnostics market across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of influenza diagnostics market vendors.

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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