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The Global Influenza Diagnostics Market size is is forecast to increase by USD 466.18 million and estimated to grow at a CAGR of 6.95% between 2023 and 2027. The growth of the market depends on several factors, including the rising incidence of influenza, the growing demand for molecular diagnostics, and supportive government initiatives and funding.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising incidence of influenza is notably driving market growth. Influenza is a common viral infection that affects a significant portion of the global population each year. Increased demand for diagnostic tests in order to detect early and manage appropriately is caused by an increasing number of influenza cases. The market is expanding to meet growing test needs, due to the continued rise in cases of flu. These outbreaks result in a sudden surge in flu cases, creating a heightened demand for diagnostic testing to identify and track the spread of the virus. Diagnostic manufacturers respond to this seasonal demand by supplying healthcare facilities with flu diagnostic kits and assays.
The rising number of cases of epidemic strains in hospitals, clinics, and laboratory systems. Reliable and efficient monitoring are required by healthcare facilities to make sure that they have effective handling of larger numbers of patients during the influenza season. As a result, there is a growing demand for flu identification to aid in patient triage, treatment decisions, and infection control efforts. Such factors are expected to drive the growth of the global market during the forecast period.
The rising adoption of rapid diagnostic products in physician office laboratories is a primary trend inmarket. The market in focus is witnessing the rising focus of manufacturers on offering low-cost and rapid tests based on immunoassays. Moreover, in order to obtain rapid test results and timely diagnosis at the clinical visit of patients, it is possible that these tests are being used widely by medical laboratories across physicians' offices. Owing to benefits from Medicare billing in the US, there has been a consistent rise in the number of physician office laboratories that have been set up.
The promotion of physician office laboratory practices is increasing owing to their support toward value-based care programs and quality payment programs through a reduction in the chances of patients undergoing hospital care. This has largely helped in promoting the adoption of physician office laboratory practices, which is contributing to the demand for epidemic testing products in such laboratories. This has mainly facilitated the adoption of laboratory practices in doctors' offices, which are contributing to the demand for epidemic testing products at these laboratories. Such factors are expected to drive the growth of the global market during the forecast period.
The lack of laboratory infrastructure in developing regions is a major challenge faced by the market. Many developing countries face challenges in establishing and maintaining well-equipped laboratory facilities for epidemics. This limited access to diagnostic facilities hinders the timely and accurate diagnosis of influenza cases. Inadequate infrastructure, lack of trained personnel, and limited availability of diagnostic tools and reagents contribute to the challenge. The lack of laboratory infrastructure often results in limited testing capacity in developing countries.
It can be difficult to set up and maintain consistent laboratory infrastructure in developing countries with large geographical areas as well as remote regions. There is a lack of sufficient lab facilities in remote areas, which means that timely epidemic cure are impossible to obtain particularly in those regions where health systems are not well established. This challenge hampers disease surveillance efforts and the ability to track and respond to flu outbreaks effectively. Such factors are expected to pose a challenge to the growth of the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers called Alinity m Resp 4 Plex test.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative market growth analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hospitals and diagnostic laboratories segment will be significant during the forecast period. The hospital and diagnostic laboratories segment is a significant segment of the global market. These refers to the tests and procedures used to detect and diagnose these infections. The use of flu diagnostic tests in hospital and laboratory settings is the focus of this segment. Millions of people in the world are affected by this epidemic each year, a highly contagious respiratory disease.
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The hospitals and diagnostic laboratories show a gradual increase in the market share of USD 599.07 million in 2017 and continue to grow by 2021. Hospitals and diagnostic laboratories handle a substantial number of cases, requiring efficient and accurate diagnostic tools to identify the virus and determine appropriate treatment strategies. The hospital and diagnostic laboratories shall take the utmost care to provide rapid diagnosis and effective treatment for influenza. Rapid and reliable monitoring, which can help to reduce the spread of influenza in healthcare facilities, enable health professionals to take informed decisions on how patients will be treated, isolation measures, antivirals, or prevention strategies.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is the major revenue contributor to the global market, owing to the growing support from the US FDA in R&D for the development of new test kits and platforms. In North America, influenza is an important public health problem and seasonal flu outbreaks occur every year. Infrastructure is helping to ensure that different instruments are made available. The area is well served by continued technological progress in this field.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027.
The market is witnessing growth due to the demand for rapid disease diagnosis, especially given the prevalence of influenza. The market encompasses various diagnostic technologies including viral culture tests, serology tests, and rapid antigen testing like RT-PCR. These technologies cater to a wide range of healthcare settings, from large hospitals and diagnostic centers to small-scale clinics and research industries.
In response to the evolving landscape, diagnostic solutions are advancing, supported by collaborative efforts such as Collaborative Influenza Vaccine Innovation Centers (CIVICs). Specificity of diagnostic tests is crucial in minimizing false-negative and false-positive results, emphasizing the importance of a robust regulatory framework governing test kits and reagents. The market is witnessing a shift towards molecular diagnostic tests over traditional diagnostic methods, driven by the need for accuracy and efficiency. As diagnostic technologies continue to evolve, the market is poised to play a pivotal role in effective disease management and control, offering timely and accurate diagnoses to healthcare providers and patients alike.
Influenza Diagnostics Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.95% |
Market growth 2023-2027 |
USD 466.18 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.34 |
Regional analysis |
North America, Europe, Asia, and Rest of the World (ROW) |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, Germany, France, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Becton Dickinson and Co., BICO Group AB, Bio Rad Laboratories Inc., Biocartis Group NV, bioMerieux SA, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Hologic Inc., Princeton BioMeditech Corp., QIAGEN NV, Response Biomedical Corp., SA Scientific Ltd., Sd Biosensor Inc., Sekisui Chemical Co. Ltd., Siemens Healthineers AG, Tecan Trading AG, Thermo Fisher Scientific Inc., and Quidelortho Corp. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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