Influenza Diagnostics Market Size to Surpass USD 3.43 Billion Growth by 2030, Exhibit a CAGR of 7% | The Brainy Insights
The Brainy Insights
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The Brainy Insights
[230 + Pages Latest Research Report] According to a market research study published by The Brainy Insights, the demand analysis of global influenza diagnostics market size & share revenue was valued at around USD 2.00 Billion in 2022 and is estimated to grow about USD 3.43 Billion by 2030, at a CAGR of approximately 7% between 2023 and 2030. Growing government investments to support the healthcare sector, favourable reimbursement scenario for diagnostic procedures, efficient healthcare infrastructure to collectively drive market growth.
Newark, Oct. 17, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Influenza Diagnostics market is expected to grow from USD 2.00 Billion in 2022 to USD 3.43 Billion by 2030, at a CAGR of 7% during the forecast period 2022-2030.
An early identification of the flu results in better treatment and longer-term care. Early diagnosis enables patients and medical personnel to make various critical care and support options. Getting a proper diagnosis as soon as one notices cognitive symptoms associated with a particular medical illness has many benefits. As a consequence of rising healthcare spending, expanding R&D, and several other positive aspects, the influenza diagnostics market will grow throughout the forecast period.
Competitive Strategy
To enhance their market position in the global Influenza Diagnostics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In August 2022: In specific settings in European and Asian markets, Seegene began a campaign to provide routine syndromic PCR testing for COVID-19, influenza A and B, and respiratory syncytial virus (RSV). The In-Life PCR program was started "preemptively" to reduce COVID-19 and other respiratory virus transmission spikes brought on by laxing public health safeguards and rising travel.
A viral infection known as influenza, or the flu, primarily affects the human respiratory system, which includes the nose, throat, and lungs. Numerous immunoassay tests are used in influenza diagnostics to help find influenza A and B viral nucleoprotein antigens in respiratory specimens. Rapid antigen testing, reverse transcription polymerase chain reaction (RT-PCR), immunofluorescence assays, serology, and rapid molecular assays are a few of the frequently used diagnostic techniques. The global influenza diagnostics market is primarily driven by the rising incidence of various chronic conditions that enhance the risk of contracting influenza, such as asthma, chronic obstructive pulmonary disease (COPD), bronchiectasis, cystic fibrosis, etc. R&D efforts for efficient detection and diagnosis have intensified due to the rising global frequency of influenza. Most research efforts focus on creating effective and efficient diagnostic tools for influenza viruses, which will fuel market growth and development. In addition, several factors are anticipated to support the growth of the influenza diagnostics market during the forecast period, including the rise in government initiatives to combat influenza outbreaks, an increase in the global geriatric population, the development of advanced technology, and an increase in cardiovascular and diabetes diseases. The development of CLIA-waived point-of-care molecular influenza tests and the movement in consumer preferences from centralized laboratories to decentralized point-of-care testing are also contributing to the market's expansion.
• In 2022, the traditional diagnostic tests segment dominated the market with the largest market share of 63% and market revenue of USD 1.26 Billion.
The test type segment is divided into traditional diagnostic tests and molecular diagnostic assays. In 2022, the traditional diagnostic tests segment dominated the market with the largest market share of 63% and market revenue of USD 1.26 Billion. The rise in patient management and surveillance testing for influenza diagnoses in clinical settings explains this. Many RIDTs have received approval for use in homes and offices, and CLIA has approved their usage in point-of-care settings.
• In 2022, hospital segment is expected to grow at the fastest CAGR of 7.1%.
The end-user segment is divided into laboratories, hospitals, and others. In 2022, hospital segment is expected to grow at the fastest CAGR of 7.1%. Hospitalizations are common throughout the seasonal flu season. The hospitalizations draw attention to the disease's potential severity. Since influenza can sometimes exacerbate pre-existing medical disorders or cause new problems necessitating hospitalization is expected to propel the segment’s growth. For instance, in 2021–2022, around 58.0% of flu patients in the U.S. who were hospitalized also had hypertension issues, 44% had cardiovascular problems, and approximately 40.0% had pregnancy-related problems. Because underlying medical disorders like autoimmune diseases are becoming more prevalent, individuals are forced to choose inpatient treatment.
Regional Segment Analysis of the Influenza Diagnostics Market:
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Influenza Diagnostics industry, with a market share of 39% and a market value of around USD .78 Billion in 2022. Over the course of the forecast period, the increasing prevalence of influenza is anticipated to drive the regional market. For instance, according to data from MedAlertHelp, between 5% and 20% of Americans will receive an annual influenza diagnosis in 2022. Furthermore, 20,000 flu-related deaths, 380,000 influenza-related hospitalizations, and 16 million influenza-related doctor visits were reported in the 2019–2020 season, per data released by the Centers for Disease Control and Prevention in October 2021.
Key players operating in the global Influenza Diagnostics market are:
• 3M • Becton, Dickinson, and Company (BD) • Meridian Bioscience, Inc. • Abbott Laboratories, Inc. • Hologic, Inc. • SA Scientific • Thermo Fisher Scientific, Inc. • Sekisui Diagnostics • F. Hoffmann-LA Roche AG • Quidel Corporation
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global Influenza Diagnostics market based on below mentioned segments:
Global Influenza Diagnostics Market by Type:
• Traditional Diagnostic Test • Molecular Diagnostic Assay
The global Influenza Diagnostics market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
