New York, NY -- (SBWire) -- 04/27/2021 --Influenza Diagnostics Market Size – USD 657.2 Million in 2019, Market Growth - CAGR of 7.7%, Market Trends – Emergence of advanced technologies.
The global Influenza Diagnostics market is forecast to reach USD 1.15 Billion by 2027, according to a new report by Reports and Data. The market is growing due to the increase in the incidence of influenza all over the world. An increase in the geriatric population, coupled with increasing rising prevalence of chronic diseases, is driving market demand. The emergence of advanced technologies, development in therapies, and growing funding by the government in research and development for influenza diagnostics are other factors that are boosting the demand of the market.
The cost of healthcare is increasing over time, and new diagnostic tests approval is a whole complex regulatory framework that takes up a lot of time. These factors are limiting the market growth. The prevalence of influenza in different forms and affecting more and more people with increased intensity. The Spanish influenza pandemic in 1918 and the Ebola outbreak in the year 2014-2016 are examples of the havoc the disease can wreak. This has created a cause of concern among the government and the World Health Organizations. There is a dire need for new and effective therapy to prevent the spread. In 2018, there were 69,007 people diagnosed from the disease out of which 67,733 suffered from type A virus while 1,274 with the type B. The virus is continuously growing in the South-East Asia region.
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The Key Companies Profiled in the Market are:
Thermo Fisher Scientific Inc., Hologic Inc., Diasorin SA, Becton Dickinson Company, Meridian Bioscience, Siemens Healthineers, F. Hoffmann-La Roche AG, Danaher Corporation, Luminex Corporation, and Genmark Diagnostics, Inc., among others.
The COVID-19 impact:
The ongoing COVID-19 pandemic and the worldwide reaction to it have compelled companies to radically rethink their strategies and the way they operate. The sudden hit of the disease has led government all across the globe to invest more in the research of the therapies for the COVID-19 market. The market for influenza will witness a slight increase in demand as all possible combination of diagnostic method and vaccines are being tested to develop a solution for the pandemic. As the focus is completely on COVID-19, the market will witness reduction in grants or funds to supplement the ongoing research. However, this is not expected to last as both the public and private sector has now realized the importance of investment in therapies and diagnostics. After the storm passes away, the sector will witness increased investment in the research for early detection of several forms of influenza.
Further key findings from the report suggest,
Rapid influenza diagnostic tests or RIDTs are the most commonly done test on patients to check if they are influenza-positive or not. These tests are popular as they produce results in less than 15 minutes and are quite simple to perform. Some of them are also cleared for bedside use and can be used in point of care testing places as well. Moreover, these tests are cost-effective, as well.
Type A flu is the virus that is capable of infecting animals, although it is more common for people to suffer from the ailment associated with the flu. Wild birds commonly act as a host for this virus. This virus is the one responsible for large flu epidemics. The segment held a market share of 39.6% in the year 2019.
Hospitals are the largest end users of the market product. The treatment of the disease is done mainly in the hospitals owing to its complex nature and technologically advanced product. It held the largest market share of 41.9% in the year 2019.
Fast Track Diagnostics Ltd. in the year 2018 was acquired by Siemens Healthineers. This acquisition will help Siemens in further investing in precision medicine and better patient experience via solutions that do not need repeat diagnostic testing, improve patient outcomes, and reduced time.
In March 2018, Sekisui Diagnostics announced the launch of the Silaris™ Influenza A&B Test. The test was developed by the Mesa Biotech, and it utilizes an affordable, polymerase chain reaction testing platform specifically for point of care infections disease diagnosis.
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For the purpose of this report, Reports and Data have segmented into the global Influenza Diagnostics market on the basis of flu type, test type, end use, and region:
Flu Type Outlook (Revenue, USD Million; 2017-2027)
Type A
Type B
Type C
Test Type Outlook (Revenue, USD Million; 2017-2027)
Traditional Diagnostic Tests
Molecular Diagnostic Tests
End Use Outlook (Revenue, USD Million; 2017-2027)
Hospitals
Clinical Laboratories
Point of Care Testing
Regional Outlook (Revenue, USD Million; 2017-2027)
North America
U.S
Europe
U.K
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Influenza Diagnostics Market Segmentation & Impact Analysis
4.1. Influenza Diagnostics Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increase in geriatric population
4.2.2.2. Growing government initiatives to control influenza
4.2.2.3. Emergence of advanced technologies for testing
4.2.3. Market restraints analysis
4.2.3.1. High cost of development
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Continued……………
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Influenza Diagnostics Market Size, Share, Industry Growth, Trend, Business Opportunities, Challenges, Drivers and Restraint Research Report by 2027
The growing incidence of influenza and the increasing need for rapid and accurate testing is propelling the market demand.