Demand for Rapid Influenza Diagnostic Tests to Total US$ 2 Bn by 2031

Influenza Diagnostics Demand to Top US$ 4 Bn by 2031, Sales in North America to Contribute Over 37% of Global Demand

The global influenza diagnostics market survey conducted by Fact.MR offers insights into key drivers and upcoming opportunities in the market over the forthcoming decade. The report also highlights key factors influencing influenza diagnostics demand outlook in terms of test and end user through 2031.

Fact.MR – A Market Research and Competitive Intelligence Provider: As per a survey conducted by Fact.MR, the global influenza diagnostics market totaled US$ 2.5 billion in the year 2020, registering growth at a CAGR of 4% between 2016 and 2020.

Owing to the increasing government initiatives and growing awareness regarding importance of early diagnosis of influenza for better treatment, the market for influenza diagnostics is expected to surpass a valuation of US$ 4 billion by 2031. As per Fact.MR, the market is likely to expand at a CAGR of 5% during the forecast period 2021 to 2031.

Rising prevalence of different strains of influenza such as type A, type B, and type C is a primal factor driving the market growth. According to the Centers of Disease Control and Prevention, approximately 740,000 people were hospitalized due to influenza and 62,000 deaths were reported in the U.S. alone in 2020.

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Thus, the demand for effective diagnostics is on the rise to reduce the fatalities due to the influenza virus. This is expected to create lucrative sales opportunities for the market players.

As per Fact.MR, North America is projected to lead the global market for influenza diagnostics. Thanks to the increasing government investments in the healthcare sector and favorable reimbursement policies for diagnostic procedures, the region is anticipated to hold a revenue share of around 37% in 2021.

“Influenza diagnostics market players are increasingly emphasizing on developing innovative diagnostics solutions such as influenza assays and test kits to address the increasing demand from hospitals and clinical laboratories,” says the FMI analyst.

Key Takeaways from Influenza Diagnostics Market Survey

• Owing to the increasing awareness regarding the early diagnosis of the influenza virus, the demand for rapid influenza diagnostic testing (RIDT) is expected to increase at 6% CAGR.
• The U.S. market is expected to total US$ 685 million in 2020, expanding at a CAGR of 6% during the assessment period 2021-2031.
• The market for influenza diagnostics in the U.K. is estimated to grow at a rapid pace owing to increasing favorable reimbursement policies for diagnostic procedures.
• China is expected to emerge as a lucrative market driving by the high prevalence of influenza in the country.
• Based on test, the demand for RT-PCR is projected to expand at a CAGR of 5% over the forecast period.

Key Drivers

• Surging prevalence of influenza across the globe is fueling the demand for influenza diagnostics.
• Increasing government initiatives to spread awareness regarding the benefits of early diagnostics is accelerating the sales of influenza diagnostics.
• Emergence of technologically advanced diagnostics solutions in the industry is driving the growth of the market.

Key Restraints

• Lack of accuracy and precision of diagnostics tests is a factor restraining the market growth.
• Decrease in hospital visits due to the fear of getting infected by COVID-19 is negatively impacting the market growth.

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Competitive Landscape

The market for influenza diagnostics is highly competitive due to presence of large regional and global players in the landscape. Leading players in the market are focusing on developing novel products and receiving approval from regulatory organizations to expand their product portfolio. Besides this, some players are engaging into strategic agreements and partnership with other player to develop new products. For instance,

• In 2016, Roche, a Swiss multinational healthcare company, announced receiving FDA clearance and CLIA waiver for the it’s new product, Cobas Influenza A/B & RSV test. The test assist in molecular testing of influenza A/B, strep A, and RSV, making the company the first manufacturer to broaden the application of the test.

• In 2018, Diassess Inc. and Cue Health, Inc. announced entering into a partnership with the Biomedical Advanced Research and Development Authority (BARDA), to develop new testing kits for influenza diagnosis.

Key players operating in the influenza diagnostics market profiled by Fact.MR are:

• Thermo Fisher Scientific
• Hologic
• Quidel Corporation
• F. Hoffmann-La Roche AG
• Abbott Laboratories
• Becton
• Dickinson and Company
• Danaher Corporation
• Meridian Bioscience
• bioMérieux SA
• Luminex Corporation
• Siemens Healthineers AG
• GenMark Diagnostics
• Sekisui Diagnostics
• LLC altona Diagnostics GmbH
• SA Scientific
• ELITech Group
• Coris Bioconcept SPRL
• Mast Group Ltd.

More Valuable Insights on Influenza Diagnostics Market

Fact.MR, in its new report, offers an unbiased analysis of the global influenza diagnostics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on influenza diagnostics market with detailed segmentation:

• By Test
  • Traditional Influenza Diagnostic Tests
    • Rapid Influenza Diagnostic Tests (RIDTs
    • Direct Fluorescent Antibody (DFA) Tests
    • Viral Culture
    • Serological Assays
  • Molecular Influenza Diagnostic Tests
    • Reverse Transcription Polymerase Chain Reaction (RT-PCR)
    • Isothermal Nucleic Acid Amplification Tests (INAAT)
      • Loop Mediated Isothermal-based Amplification Assays
      • Transcription Mediated Isothermal-based Amplification Assays
      • Transcription Mediated Isothermal-based Amplification Assays
• By End User
  • Influenza Diagnostics at Hospitals & Clinical Laboratories
  • Influenza Diagnostics at Diagnostic Reference Laboratories
  • Influenza Diagnostics at Academic/Research Institutes

Key Questions Covered in the Influenza Diagnostics Market Report

• The report offers insight into influenza diagnostics demand outlook for 2021-2031
• The market survey also highlights projected sales growth for the influenza diagnostics market between 2021 and 2031
• Influenza diagnostics market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Influenza diagnostics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others

Explore Fact.MR’s Coverage on the Healthcare Domain –

Predictive Diagnostics Market- Predictive diagnostics is one strategy that healthcare organizations can use to improve outcomes while lowering costs. The use of predictive diagnostics is predicted to revolutionize the way the healthcare industry works, thanks to improvements in data-based technology and their convergence with healthcare practices. To achieve the highest levels of accuracy in their products, manufacturers are adding new technologies such as Artificial Intelligence (AI), business intelligence (BI), Machine Learning (ML), and advanced data analytics. This indicates that the predictive diagnostics market is expanding positively.

Influenza A/B Combo Testing Market- The tremendous burden of a viral pandemic is driving the expansion of the global Influenza A/B combo testing market, resulting in a surge in demand for Influenza A/B combination testing. Influenza A/B combo testing accuracy, sensitivity, and advance diagnosis are always being improved by research and healthcare infrastructure. The market is being fueled further by increased awareness of the epidemic and early detection, as well as the government’s proactive aids and programming. The leading players are concentrating their efforts on developing novel Influenza A/B combo testing kits that are more efficient and quick to diagnose large-scale samples.

Home Diagnostics Market- With the quick rise in popularity of social media, there has been a surge in health awareness, which has culminated in paranoia as a result of the COVID-19 pandemic. There is a clear shift away from treating diseases and disorders and toward preventing them. As a result, demand for home diagnostic kits is increasing, as they assist the global population in keeping track of their health. In comparison to underdeveloped countries, the United States and other developed countries have led in the adoption of home diagnostics. However, as the pandemic has forced clinics to close on a wide scale, even people in developing nations have begun to use home diagnostics kits.

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Source: Fact.MR