The growing incidence of influenza and the increasing need for rapid and accurate testing is propelling the market demand.
New York City, United States – May 16, 2020 /MarketersMedia/ —
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 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.
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Companies considered and profiled in the market study
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.
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
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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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Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
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