Fact.MR – A Market Research and Competitive Intelligence Provider: The global Respiratory Syncytial Virus Diagnostics market was worth US$ 678 Mn in 2020 and reach US$ 1.3 Bn by the year 2031.
Kits & Assays to lead the Respiratory Syncytial Virus (RSV) Diagnostics market from the front, states Fact.MR
Fact.MR – A Market Research and Competitive Intelligence Provider: The global Respiratory Syncytial Virus (RSV) Diagnostics market was worth US$ 678 Mn in 2020 and reach US$ 1.3 Bn by the year 2031. The market for respiratory syncytial virus diagnostics grew from US$ 575 Mn in 2017 to US$ 678 Mn in 2020, and is anticipated to top US$ 1.3 Bn by 2031.
The report gives an in depth analysis of the RSV diagnostic market. The buyers’ power in this market is high, as there are many suppliers providing diagnostic kits for RSV. The threat of new entrants in the market is low as there are highly differentiated diagnostic kits manufactured by established companies and initial capital investment required is high. The threat of substitutes is low due lack of alternative diagnostic technology for detection of RSV.
RSV is amongst the most prevalent causes of pneumonia and bronchiolitis. It does result in respiratory ailments in adults, and could also result in serious infections that need hospitalization.
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As per the CDC, RSV, every year, results in fatalities of around 14K adults aged 65 and above in the US alone. This factor is likely to put North America on the top pedestal regarding Respiratory Syncytial Virus (RSV) Diagnostics market.
As clinical symptoms pertaining to RSV infections are not distinguishable from the other respiratory infections, there is an increasing need for specific, rapid, and sensitive diagnostic techniques. Technological advancements like filament-based antibody detection assays, multiplex virus testing, and thin layer-based amperometric EIA (enzyme immunoassay) are at the last stage of development.
Key Takeaways from Market Study
- China is expected to be worth US$ 253 Mn in the Respiratory Syncytial Virus (RSV) Diagnostics market by the year 2031.
- Kits & assays contribute for over 36% of the Respiratory Syncytial Virus (RSV) Diagnostics market and the scenario is expected to remain the same even going forward.
- The global Respiratory Syncytial Virus (RSV) Diagnostics market is expected to witness a CAGR of 9% between 2020 and 2031.
“Rapid Antigen Diagnostic Test (RADT) is expected to witness stellar growth in the near future, backed by eliminating ancillary testing and early diagnosis and implementation of the treatment.” says a Fact.MR analyst.
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Market Developments
The key participants in Respiratory Syncytial Virus (RSV) Diagnostics market include Quidel Corporation, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Hoffmann La Roche Limited, Alere Inc., Fast-track Diagnostics, Orrtho Clinical Diagnostics, Novartis Diagnostics, Becton, Dickinson and Company, DiaSorin SPA, BioMerieux, EMD Millipore, and Quest Diagnostics.
Impact of COVID-19 on RSV Diagnostics?
The spread of COVID-19 has risen demand for rapid testing kits worldwide. As the novel coronavirus impacts the respiratory system, several companies are offering respiratory syncytial diagnostic test kits for testing COVID-19.
For instance, the U.S. FDA recently approved the use of Mesa Biotech’s Accula device for COVID-19, which gives results in around 30 minutes.
Use of such RSV diagnostic products for COVID-19 testing is expected to fuel the growth of the market substantially.
Key Market Segments Covered in Respiratory Syncytial Virus Diagnostics Industry Research
- By Technology
- RSV Molecular Diagnostics
- RSV Monoclonal Antibodies
- Immunoassays
- Differential Light Scattering
- Artificial Intelligence
- Liposomes
- Flow Cytometry
- Chromatography
- Diagnostic Imaging
- Gel Microdroplets
- By End Users
- Respiratory Syncytial Virus Diagnostics at Hospitals
- Respiratory Syncytial Virus Diagnostics at Nursing Homes
- Respiratory Syncytial Virus Diagnostics at Commercial Laboratories
- Respiratory Syncytial Virus Diagnostics at Public Health Laboratories
The objectives of this study are as follows:
- To define, describe, and forecast the global RSV diagnostics market by product, methods, end user, and region
- To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities and threats)
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, APAC, and the Rest of the World (RoW)
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze competitive developments such as product launches, agreements, expansions, acquisitions, and other developments in the global RSV diagnostics market
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Respiratory Syncytial Virus (RSV) Diagnostics market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by technology (RSV molecular diagnostics, RSV monoclonal antibodies, immunoassays, differential light scattering, artificial intelligence, liposomes, flow cytometry, chromatography, diagnostic imaging, and gel microdroplets), by end-user (hospitals, bursing homes, commercial laboratories, and public health laboratories), and by region (North America, LATAM, Europe, East Asia, South Asia & Oceania, and MEA).
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