Influenza Diagnostics Market to Cross US$ 2.5 Bn Valuation by 2030; Increased Need for Influenza Testing Amid Covid-19 Pandemic Shoring Up Demand
Published On : May 28, 2020
Influenza, or flu, is a respiratory infection caused by viruses. According to the WHO, the average global burden of seasonal influenza is in the order of 600 million cases, with 3 million cases of severe illness and 250,000 - 500,000 deaths per year. Diagnostic tests available for influenza include rapid reverse transcription polymerase chain reaction (RT-PCR), viral culture, immunofluorescence assays, serology, antigen testing, and rapid molecular assays. However, commercial rapid influenza diagnostic tests are mostly used for influenza detection, owing to their ability to detect influenza viruses within 15 minutes, with low to moderate sensitivity and high specificity. Since the past few years, RT-PCR tests and nucleic acid amplification technique have been widely developed in clinical microbiology labs for routine influenza infection diagnostics. This factor will boost the growth of the influenza diagnostics market during the forecast period.
According to a latest report published by PMR, the global influenza diagnostics market is projected to account for over US$ 2.5 Bn by 2030, in terms of value. The report further projects that, the influenza diagnostics market will expand at a CAGR of 6% through 2030.
Key Takeaways of Influenza Diagnostics Market Study
- The traditional diagnostic tests segment, under test, is expected to contribute more than 45% of revenue share in the influenza diagnostics market.
- Various product launches by key players along with rapid diagnosis methods are expected to dominate the demand for commercial rapid influenza diagnostic tests.
- Leading players in the influenza diagnostics market are collaborating with diagnostic laboratories as well as research institutes to strengthen their market position.
- North America is dominating the global influenza diagnostics market, while East Asia is expected to offer lucrative opportunities, owing to rapid increasing healthcare programs and industrialization.
- Due to the ongoing Covid-19 pandemic, there is increased influenza testing across the world, which is positively affecting market growth.
“Availability of commercial rapid influenza diagnostic tests, and seasonal flu outbreaks and their complications every year, are expected to propel the growth of the global influenza diagnostics market,” says a PMR analyst.
Acquisitions & Partnerships - Key Strategies amongst Market Players
Key players in the influenza diagnostics market are focussed on improving their product portfolios though the launch of new products. For instance, In April 2017, F. Hoffmann-La Roche Ltd launched the cobas Liat PCR System with four assays for respiratory disease diagnosis. In February 2019, GenMark Diagnostics, Inc launched a multiplex serological assay to identify avian influenza subtypes. Various players in the influenza diagnostics market are focusing on growth strategies such as acquisitions and partnerships. For example, in September 2016, Danaher Corporation announced the acquisition of Cepheid at approximately US$ 53 per share in cash.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the influenza diagnostics market in its latest study, presenting historical demand assessment of 2015–2019 and projections for 2020–2030, on the basis of test (molecular diagnostic tests, traditional diagnostic tests), type of flu (type A flu, type B flu, type C flu), and end user (contract research organizations (CROs), research & academic institutes, hospitals, and diagnostic laboratories), across seven key regions.
For additional insights on how growth of the influenza diagnostics market will unfold over the next decade, write to the analyst at firstname.lastname@example.org
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Influenza Diagnostics Market
Global Market Study on Influenza Diagnostics: Increasing Availability of Rapid Influenza Diagnostic Tests Aiding Market Growth
Global Market Study on Influenza Diagnostics: Increasing Availability of Rapid Influenza Diagnostic Tests Aiding Market GrowthRequest TOC