As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global influenza diagnostics market is anticipated to top US$ 4 Bn by 2031, and is expected to progress at a CAGR of 5% over the next ten years.
Influenza, also known as flu, is an infectious disease caused due to the influenza virus. It affects the upper respiratory tract in humans. Influenza is common in children and the elderly population (aged 65 years and above). Three types of the influenza virus are type A, type B, and type C.
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Increasing prevalence of influenza, emergence of technologically advanced influenza diagnostics, and growth in research funding for influenza diagnostics are expected to drive the market over the predicted years.
Demand for RIDT (rapid influenza diagnostic testing) is predicted to be significant over the coming years due to rising adoption of cost-effective and faster RIDT as a first line of diagnosis.
Key Takeaways from Market Study
- The market for influenza diagnostics to grow 1.6X in value by 2031-end.
- North America accounts for 37% global revenue share for influenza diagnostics.
- Increasing prevalence of influenza and growing awareness for early detection using specific diagnostic tests are driving demand for influenza diagnostics.
- Among the types of tests, rapid diagnostics influenza testing holds the largest revenue share.
- Demand for RT-PCR tests is expected to expand at a CAGR of 5% over the assessment period.
“Increasing technological advancements in influenza diagnostics and growing awareness towards the benefits of early-stage detection of influenza will nudge the sales of influenza diagnostic products over the coming years,” says a Fact.MR analyst.
Winning Strategy
The market for influenza diagnostics projects a highly competitive scenario. Major players are focusing on new and advanced product launches that are user friendly and easily available over the counter.
Major players are also adopting various growth strategies such as mergers & acquisitions, product expansions, agreements, partnerships, and others to strengthen their position in this market.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the influenza diagnostics market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of test (traditional diagnostic tests and molecular diagnostic tests) and end user (hospitals & clinical laboratories, diagnostic reference laboratories, and academic/research institutes), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
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Research Insight: https://www.factmr.com/report/influenza-diagnostics-market
Press Release: https://www.factmr.com/media-release/2147/global-influenza-diagnostics-trends
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