Influenza Diagnostics Market Is Estimated To Reach A Valuation Of USD 3.3 Billion By 2024: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to new report published by Grand View Research, the global influenza diagnostics market will reach USD 3.3 billion by 2024. Growing cases of influenza among geriatric population owing to weak immunity are anticipated to fuel demand for influenza diagnostics during the forecast period.

According to a report by Grand View Research, Inc., the global influenza diagnostics market is projected to reach a valuation of USD 3.3 billion by 2024. Growing cases of influenza among geriatric population owing to weak immunity are anticipated to fuel demand for influenza diagnostics during the forecast period (2016 to 2024).

Emergence of technologically advanced diagnostic tests with less turnaround time is expected to stimulate market growth. Supportive initiatives by regulatory bodies to prevent and control seasonal influenza can escalate the growth of the market. High demand for advanced diagnostic techniques for influenza during flu season is likely to provide a fillip to the market.

The global influenza diagnostic market can be segmented on the basis of test type, end-use, and region. Based on test type, the market can be classified into reverse transcription polymerase chain reaction (RT-PCR), rapid influenza diagnostic tests (RIDT), cell culture, and others. In 2015, the RIDT segment dominated the market. Such tests can be used to detect the presence of type A and type B in specimens.

The others segment, which comprises of serology and immunofluorescence, was the second largest segment in the same year. Precision and accuracy offered by these tests are contributing to their high demand. These tests are capable of negating false positives, which is estimated to boost their demand among medical personnel.

Full Research Report On Influenza Diagnostics Market Analysis:

U.S. influenza diagnostics market size by test type, 2013-2024 (USD Million)

The cell culture segment is poised to be considered as reference method and can be used to test prevalence rate of the disease. It can offer accurate statistics and can easily distinguish between different types of influenza viruses. Such tests are generally performed in laboratories and their results can take three to ten days depending on various conditions.

RT-PCR tests have the ability to deliver results in twenty minutes to less than two hours. Such tests can detect both nonviable and viable influenza viruses. Less possibility of false-positive results with these tests is projected to stir up their demand over the coming years in the forthcoming years.     

Based on end use, the market can be divided into point-of-care testing (POCT), hospital, and laboratories. In 2015, the hospital segment represented the largest share in the market. It is anticipated to register sluggish CAGR over the forecast period owing to presence of point-of-care testing (POCT) labs offering accurate results.

On the contrary, the POCT segment is expected to post a remarkable CAGR during the same period owing to ease of usability without any expertise. In addition, a significant increase in reliance of physicians and public on these tests is benefitting the growth of the segment. Moreover, technological advancements in POC test kits offering shorter turnaround time and error-free results can augment the market.

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U.S. influenza diagnostics market share, by end-use, 2015(%)

Limited usage of laboratories to diagnose influenza as compared to POCT and hospitals is likely to hamper growth prospects of this segment in the forthcoming years.

In terms of geography, the market can be fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2015, North America dominated the market owing to strong focus of the Center for Disease Control and Prevention (CDC) in the U.S. to control disease rates. In addition, increasing investments in the healthcare sector coupled with continuous technological advancements are supplementing the growth of the regional market. Moreover, availability of different kinds of diagnostic procedures coupled with public awareness is poised to trigger the growth of the market in the region.

In Asia Pacific, the market is projected to experience tremendous growth during the forecast period. Growing awareness among the populace and rising adoption of new technology can augur well for the regional market. Apart from this, increasing concerns regarding human infection with influenza A (H5NI) that can result in influenza pandemic are anticipated to bolster the growth of the market in APAC.   

Some of the leading companies offering influenza diagnostics solutions are Roche Diagnostics, Luminex Corporation, Becton Dickinson, Thermo Fisher Scientific, Alere, and Quidel Corporation. Most companies are focusing on R&D activities to develop innovative products for better diagnostic results.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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