The global influenza diagnostics market is expected to witness significant growth in the coming years, driven by the increasing prevalence of influenza and growing awareness about the disease. Influenza is a highly contagious virus that can cause severe respiratory illness in humans. Diagnostic methods for influenza have advanced significantly in the last few years, and the market for influenza diagnostics is expected to grow rapidly over the forecast period.
Currently, Influenza Diagnostics Market is projected to reach USD 1.1 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 7.7%. Rising demand for rapid disease diagnosis, increasing prevalence of influenza and growth in influenza research for diagnostic technologies are among the other factors. Emerging economies such as India and Japan are providing lucrative opportunities for the players operating in the influenza diagnostics market.
The market for influenza diagnostics is mainly driven by the increasing prevalence of the disease across the globe. According to the World Health Organization (WHO), influenza is one of the leading causes of death and illness worldwide, accounting for an estimated 290,000 to 650,000 deaths each year. The increase in the number of cases is attributed to the emergence of new influenza strains and the increasing prevalence of the disease in developing countries. In addition, increasing awareness about the disease and the availability of advanced diagnostic methods are also key factors driving the growth of the influenza diagnostics market.
The market is further driven by the increasing demand for rapid diagnosis of influenza. Rapid diagnostic tests can help diagnose the virus within minutes and facilitate timely treatment. Moreover, the availability of technologically advanced diagnostics, such as PCR-based assays and next-generation sequencing, is also driving the growth of the market.
However, the high cost of diagnostic tests, inadequate reimbursement policies, and lack of access to healthcare facilities in low-income countries are some of the factors restraining the growth of the influenza diagnostics market.
Overall, the growing prevalence of influenza, increasing awareness about the disease, and the availability of advanced diagnostic tests are expected to drive the growth of the influenza diagnostics market in the coming years.
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Molecular Diagnostic Tests segment to register the highest growth rate during the forecast period.
The influenza diagnostics market is segmented into traditional diagnostic test (rapid influenza diagnostic tests, viral culture tests, direct fluorescent antibody test, serological tests) and molecular diagnostic tests (polymerase chain reaction, isothermal nucleic acid amplification tests(transcription-mediated amplification-based assay, loop-mediated isothermal amplification-based assay, nucleic acid sequence-based amplification tests, other isothermal nucleic acid amplification tests) and other molecular diagnostic tests. In 2020, the molecular diagnostic tests segment accounted for the highest growth rate. Factors such as the rising demand for rapid disease diagnosis drive this market and growth in influenza research for diagnostic technologies.
The diagnostic laboratories segment accounted for the largest share of the influenza diagnostics market, by end user segment, in 2020
Based on end user, the influenza diagnostics market has been segmented into diagnostic laboratories, hospitals and clinics and other end users. In 2020, the diagnostic laboratories segment accounted for the largest share of the influenza diagnostics market. Increasing prevalence of influenza and rising demand for rapid disease diagnosis is driving this segments growth.
North America is the largest regional market for influenza diagnostics market
The global influenza diagnostics market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the influenza diagnostics market. The large share of this region can be attributed to growth in influenza research for diagnostic technologies and rising demand for rapid disease diagnosis.
The influenza diagnostics market is expected to witness a significant growth over the forecast period owing to the rising prevalence of influenza and the increasing demand for rapid and accurate diagnosis. Factors such as the growing awareness among people, availability of advanced testing systems, and increasing government initiatives are some of the major drivers of the market. Additionally, technological advancements in the field of diagnostics and increasing investments in research and development activities are expected to boost the market growth.
However, the lack of skilled professionals and the high cost of diagnostic tests may hinder the growth of the market. Nevertheless, the growing demand for point-of-care testing and the introduction of advanced testing systems are expected to create lucrative opportunities for the market players.
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In May 2021 Becton, Dickinson and Company (US) received FDA approval for the BD Veritor Plus System, which is used to detect SARS-CoV-2, influenza A, and influenza B.
In March 2021, Abbott Laboratories, Inc. (US) received emergency use authorization (EUA) from the FDA for a laboratory PCR assay that detects and differentiates SARS-COV-2, flu A, flu B, and RSV in one test.
In February 2021, Becton, Dickinson and Company (US) received approval from the FDA for the emergency use authorization (EUA) for a new molecular diagnostic test for both SARS-CoV-2 and influenza A+B.