Wilmington, Delaware, United States, March 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Influenza Diagnostics Market size was valued at US$ 1.6 Bn in 2022. Expanding at a CAGR of 6.1% between 2023 and 2031, the global market is expected to surpass a value of US$ 3.1 Bn by 2031. An increase in the occurrence of influenza, demand for rapid, reliable diagnostic tests, and government efforts in the arena of influenza vaccine and control programs are all projected to contribute to the steady growth of the global influenza diagnostics market. Additionally, as more sophisticated diagnostic methods become easily available, the global market is likely to observe considerable growth.
The development of new, specific, and highly sensitive diagnostic tests and an increase in the utilization of point-of-care testing are anticipated to boost market development. Major players are developing improved diagnostic kits for the convenience of patients. This factor is estimated to increase the market value of the influenza diagnostics industry from 2023 to 2031. Eminent manufacturers are observing the existing influenza diagnostics market trends in order to diversify their revenue sources.
Development of faster, more precise, and improved diagnostic tests is likely to influence the dynamics of the global industry. For instance, next-generation sequencing technologies as well as other molecular diagnostic procedures such as real-time PCR are utilized to diagnose influenza. This is due to their remarkable specificity and sensitivity. These tests can promptly determine whether the influenza virus is present in a patient's specimen, preventing transmission of the illness, and enabling timely treatment. A surge in the adoption of point-of-care (POC) testing is likely to emerge as one of the key market trends. POC tests are suitable to be used in locations other than standard laboratories, such as in clinics, medical offices, and other healthcare institutions. These tests are simple to use and give quick results. They are perfect for determining whether a patient has influenza since they give results in a couple of minutes. Adoption of POC tests is therefore anticipated to translate into business opportunities in the future.
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Key Findings of Market Report
- Based on type, the type A segment held a high market share in 2022. Most flu outbreaks are caused by influenza A, a particular type of virus. It is a serious respiratory disease that spreads easily and can result in moderate to severe symptoms, which include cough, exhaustion, body pain, sore throat, fever, and occasionally pneumonia. An increase in the prevalence of influenza caused by type A is likely to drive the segment in the near future.
- Based on test type, it is predicted that the antigen detection assays segment would lead in the next few years. Rapid influenza diagnostic tests (RIDTs), a type of antigen detection assays, are fast, point-of-care tests that can identify influenza A or B antigens in respiratory samples. It takes only 15 minutes to complete these tests, and they yield results quickly. IFAs (immunofluorescence assays) are lab-based procedures that make use of fluorescent dyes to find antigens of the influenza virus in respiratory samples. IFAs have higher sensitivity and specificity than RIDTs and are able to detect a greater variety of influenza viruses.
- Based on product type market segmentation, the test kits segment is predicted to lead the global influenza diagnostics market in 2022. At diagnostic centres and hospitals, test kits are widely used to make an influenza diagnosis, which is anticipated to drive market demand.
- Based on end-user, the hospital's segment led the global influenza diagnostics market in 2022. It is anticipated to continue to dominate the global industry from 2023 to 2031. Hospitals perform the majority of the diagnostic testing for influenza, which is anticipated to boost the segment.
Global Influenza Diagnostics Market: Growth Drivers
- Novel diagnostic tests for influenza as well as other illnesses need to be regulated and approved by government bodies such as the EMA (European Medicines Agency) and FDA (Food and Drug Administration). Prior to being made available to the general public, these organizations guarantee the safety, accuracy, and effectiveness of diagnostic tests. In addition to outlining the requirements for test accuracy, performance, and clinical relevance, government organizations play a vital role in developing guidelines for diagnostic procedures. These guidelines guarantee the uniformity as well as the comparability of diagnostic test findings across various tests and laboratories.
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Global Influenza Diagnostics Market: Regional Landscape
- North America held a sizable share of the influenza diagnostics market in 2022 and is likely to continue to dominate the global market in the coming years. The North American market is predicted to expand due to the expansion of the healthcare industry and rapid penetration of the latest products and technologies for diagnosing influenza. Technological advances are also anticipated to favorably affect the North American influenza diagnostics market.
- In 2022, Asia Pacific accounted for the second-largest share of the global market. The market is anticipated to expand quickly between 2023 and 2031 due to a rise in awareness and adoption of influenza diagnostic kits in the Asia Pacific. Also, the market for influenza diagnostics is expanding due to growing government support for the approval of novel diagnostic tests for the disease.
Global Influenza Diagnostics Market: Key Players
Some of the key players in the global influenza diagnostics market are:
- GenMark Diagnostics, Inc.
- Thermo Fisher Scientific Inc.
- Meridian Bioscience, Inc.
- Becton, Dickinson, and Company
- Agilent Technologies, Inc.
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Global Influenza Diagnostics Market: Segmentation
Type
- Type A
- Type B
- Others
Test Type
- Molecular Assays
- Antigen Detection Assays
Product Type
- Test Kits
- Reagents
- Instruments
- Others
End-user
- Hospitals
- Diagnostic Centers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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