Rapid Influenza Diagnostic Tests Market share research by applications and regions for 2019-2025
Ocean View, DE -- (SBWIRE) -- 04/05/2020 -- Rapid Influenza Diagnostic Tests Market will exceed USD 689.0 million by 2025; as per a new research report.
Growing number of infectious diseases and viral infections across the world will boost the global rapid influenza diagnostic test market growth over forecast period. Rapid influenza diagnostic test (RIDT) are used for diagnosis and treatment of highly contagious diseases caused due to airborne route and physical contact. RIDT provides several advantages such as accurate detection and diagnosis of flu and other viral infections. Thus, increasing rate of viral infections and flu will significantly escalate the rapid influenza diagnostic tests market growth over the forecast timeframe.
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Rise in global awareness of flu among geriatric population will result into lucrative growth of rapid influenza diagnostic tests market. According to the Centre for Disease Control and Prevention (CDC), around 9.3 to 49 million people suffer from influenza in the U.S. each year. Moreover, flu and seasonal viral infection are one of the most common disorders among men and women across the country, resulting in higher demand for better diagnostic and treatment, thereby boosting rapid influenza diagnostic tests market growth in the upcoming years.
However, stringent regulatory guideline for approval of new kits may act as restraint, thereby negatively impacting rapid influenza diagnostic test market growth in forthcoming years.
RIDT for influenza A segment held significant revenue size and was valued at USD 352.5 million in the year 2018 and is estimated to show similar trend over the forecast period. Increasing geriatric population coupled with rising prevalence of flu and infectious diseases will significantly impact the market growth. According to the World Health Organization (WHO), around 7 million adults suffered from influenza in 2018. Furthermore, increasing prevalence of diagnosis and treatment for influenza will impact the segmental growth during the forecast period.
Rapid influenza diagnostic tests for pediatric is estimated to grow at 7.5% in upcoming years. Increasing incidence of influenza among pediatric population will stimulate the industry growth in the upcoming years. According to the NSW Government, 192 per 100,000 children aged between 0-5 months require hospitalization every month. The severity of influenza in pediatric patients is more and results in high frequent hospitalizations as compared to the adults and geriatric population. Hence, growing influenza prevalence in pediatric patients will boost the rapid influenza diagnostic tests market growth in the forthcoming years.
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Use of rapid influenza diagnostic tests in diagnostic centers held significant market share and was valued at USD 171.5 million in the year 2018. The market is estimated to grow at rapid rate owing to the rise in number of influenza testing among geriatric population and children. Rise in patient preference in diagnostic centers to undergo different pathological tests due to better diagnosis and convenience for treatment of flues and viral infections will augment the demand for rapid influenza diagnostic tests. In addition, advantages such as specialized services, and hospitalized infrastructure will further increase the demand for RIDT procedures in diagnostic centers, thereby enhancing the segmental growth over the upcoming years.
Canada rapid influenza diagnostic tests market is projected to expand at 7.3% over the forecast period due to increasing awareness and high hospitalization rate in the country. According to the Infection Control and Prevention Canada, approximately 55,000 patients suffered from influenza in year 2018. Thus, increasing awareness about prevention of flue, contagious diseases and common cold among the Canadian population along with robust spending on diagnosis and treatment of influenza will propel rapid influenza diagnostic tests market growth in the country.
India rapid influenza diagnostic test market held significant market share and was valued at USD 15.1 million in the year 2018 and is anticipated to foresees lucrative growth over the upcoming period owing to growing number of patients suffering from influenza. According to the National Centre for Biotechnology Information, approximately 30,000 patients suffered from influenza in year 2015. Hence, increase in prevalence of influenza in the country will boost the demand and adoption rate of rapid influenza diagnostic test, fueling the market growth over projected timeframe.
Some of the major market players involved in rapid influenza diagnostic tests market includes DiaSorin S.p, BD, SA Scientific, CorisBioconcep among other players. These market players implement several strategic initiatives such as partnerships, mergers, acquisitions, partnerships and new product launch in order to expand the geographic reach and sales of the company.