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.
Influenza Diagnostics Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
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 AB 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.
Top Companies Profiled in the Report Include:
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.
Additionally, the report consists a detailed analysis of the segmentation of the PTA Balloon Cathetery tests Market based on product types and end-use/application offered in the PTA Balloon Cathetery tests Market –
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
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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