April 16, 2024

Influenza Diagnostic Market Size to Rise USD 2.97 Bn by 2033

The global influenza diagnostic market size reached USD 1.69 billion in 2023 and is projected to hit around USD 2.97 billion by 2033, growing at a CAGR of 5.80% from 2024 to 2033.

Key Points

  • North America dominated the market with the highest market share of 34% in 2023.
  • Asia Pacific is observed to be the fastest-growing region in the market during the forecast period.
  • By test type, the RIDT segment has contributed the largest share of 31% in 2023.
  • By end-use, the hospitals segment dominated the market with the major market share of 48% in 2023.

 

Influenza Diagnostic Market Size 2024 to 2033

The Influenza Diagnostic Market refers to the global industry involved in the development, production, and distribution of diagnostic tools and technologies specifically designed for the detection and diagnosis of influenza viruses. Influenza, commonly known as the flu, is a highly contagious respiratory illness caused by influenza viruses, primarily of types A and B. The market for influenza diagnostics encompasses various techniques and products aimed at accurately identifying the presence of influenza viruses in individuals, thereby facilitating prompt medical intervention and public health measures to control the spread of the disease.

Get a Sample: https://www.precedenceresearch.com/sample/3965

Growth Factors:

The growth of the Influenza Diagnostic Market is driven by several factors. Firstly, the seasonal nature of influenza outbreaks contributes significantly to the demand for diagnostic tests during peak flu seasons. As influenza viruses undergo frequent mutations, leading to the emergence of new strains, there is a continuous need for advanced diagnostic solutions capable of detecting these evolving viruses with high sensitivity and specificity. Additionally, the increasing global awareness regarding the importance of early detection and diagnosis of influenza, especially in vulnerable populations such as the elderly and individuals with underlying health conditions, fuels the demand for influenza diagnostic tests.

Region Insights:

The demand for influenza diagnostic products varies across different regions, influenced by factors such as the prevalence of influenza, healthcare infrastructure, regulatory environment, and public health policies. Developed regions such as North America and Europe witness significant demand for influenza diagnostic tests due to well-established healthcare systems, high awareness levels among the population, and robust surveillance programs for influenza. In contrast, emerging economies in Asia-Pacific and Latin America are experiencing a growing burden of influenza and are increasingly investing in healthcare infrastructure and diagnostic capabilities to combat the disease.

Influenza Diagnostic Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 5.80%
Global Market Size in 2023 USD 1.69 Billion
Global Market Size by 2033 USD 2.97 Billion
U.S. Market Size in 2023 USD 400 Million
U.S. Market Size by 2033 USD 710 Million
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Test Type and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Influenza Diagnostic Market Dynamics

Drivers:

Several drivers propel the growth of the Influenza Diagnostic Market. The foremost driver is the rising incidence of influenza worldwide, driven by factors such as population growth, urbanization, international travel, and changing climatic conditions. Furthermore, the increasing adoption of rapid diagnostic tests (RDTs) for influenza detection, which offer quick results and enable timely clinical management decisions, is boosting market growth. Moreover, the emphasis on preventive healthcare measures, including routine influenza vaccination programs, is creating a supportive environment for the uptake of influenza diagnostic tests.

Opportunities:

The Influenza Diagnostic Market presents numerous opportunities for stakeholders across the value chain. With advancements in technology, there is a growing trend towards the development of point-of-care (POC) and molecular diagnostic tests for influenza, offering greater accuracy and faster turnaround times. Additionally, the integration of artificial intelligence (AI) and machine learning algorithms into diagnostic platforms holds promise for enhancing the efficiency and accuracy of influenza diagnosis. Furthermore, strategic collaborations between diagnostic companies, healthcare providers, and public health agencies can facilitate the development of comprehensive influenza surveillance networks and pandemic preparedness strategies.

Challenges:

Despite the promising growth prospects, the Influenza Diagnostic Market faces certain challenges that warrant attention. One of the primary challenges is the variability of influenza viruses, which can pose difficulties in designing diagnostic assays that accurately detect all circulating strains. Additionally, the presence of numerous influenza diagnostic products in the market, each with its unique features and performance characteristics, can lead to confusion among healthcare providers and consumers regarding the selection of appropriate tests. Moreover, regulatory complexities pertaining to the approval and commercialization of influenza diagnostic assays in different regions pose challenges for market players seeking to expand their geographical presence.

Read Also: Mammography Systems Market Size to Rake USD 6.22 Bn by 2033

Recent Developments

  • In May 2023, Hologic Inc. declared that the Panther Fusion assay had received 510(k) clearance from the U.S. Food and Drug Administration (FDA). This assay is a molecular diagnostic test that can identify and distinguish between four common respiratory viruses that can present with similar clinical symptoms: influenza A (flu A), influenza B (flu B), severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) and respiratory syncytial virus (RSV).
  • In January 2023, the healthcare goods and solutions firm 2San released a dual kit for SARS-CoV-2 and Influenza A+B. The OTC kit was introduced to ease the strain on healthcare facilities due to the continued demand on the National Health Service (NHS) following the epidemic.

Influenza Diagnostic Market Companies

  • 3M Company
  • Abbott Laboratories
  • Becton, Dickinson and Company (BD)
  • Meridian Bioscience, Inc.
  • Quidel Corporation
  • SEKISUI Diagnostics
  • Thermo Fisher Scientific, Inc.
  • Hologic, Inc.
  • F. Hoffmann-La Roche Ltd
  • SA Scientific Ltd

Segments Covered in the Report

By Test Type

  • RIDT
  • RT-PCR
  • Cell Culture
  • Others

By End-use

  • Hospitals
  • POCT
  • Laboratories

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/

Leave a Reply

Your email address will not be published. Required fields are marked *