"Demand created for the need of influenza diagnostics in the flu season to drives the market growth"
The global influenza diagnostics market accounted for USD 1.9 billion in 2015 and is anticipated to exhibit a growth rate of 6.4% over the forecast period. Influenza, commonly referred to as "the flu" is a disease of the upper respiratory tract and is caused by the influenza virus which are of three types: Type A, B, and C. Influenza outbreak occurs annually and has significant socioeconomic impacts that reflect as loss of productivity, death, and high medical expenditure. Geriatric population (aged 65 years or older) and children below 5 years of age form the high-risk group. The WHO, CDC, and the European Centre for Disease Prevention and Control are actively involved in recording data pertaining to influenza virus annually in order to counter the disease in a systematic manner.
Growing government initiatives to counter influenza also play an important role in driving growth. For instance, CDC annually conducts a surveillance study of vaccination coverage amongst the adult U.S. population. The government is focused on achieving 90% pneumococcal vaccination coverage for the older population. These drivers are expected to ensure strong and dynamic growth for the influenza diagnostics market in the coming future; however, the growth is expected to be restrained by factors such as high cost of the RIDTs.
Global Influenza Diagnostics Market, 2014 - 2024 (USD Million)
"RIDT segment dominated in 2015"
RIDT held the highest market share in 2015. RIDTs are considered as the gold standard in influenza diagnostics. RIDTs take lesser time in delivering results. These tests are efficient diagnosis tools and are easy to perform.
Reverse Transcription Polymerase Chain Reaction (RT-PCR) holds the second highest share. RT-PCR is a type of molecular assay and is widely performed in laboratory settings. Culture, serology, and immunofluorescence tests are the other types of tests that are performed to diagnose influenza.
"Hospitals held the largest revenue share in the industry"
Hospitals are anticipated to hold the largest share in 2015. However, Point-of-Care Testing (POCT), which is also known as bedside testing, is expected to gradually capture the market in the upcoming future. POCT is being widely used in outpatient clinics, hospitals, physician's office, and homes. The fast results and the ease of use of the POCT devices are expected to be the factors responsible for the growth of the segment.
"North America holds the significant market share in the industry"
North America held a significant market share, owing to a strong focus of the U.S. CDC on controlling the disease rates. In addition, high technological advancements in the region coupled with increasing healthcare spending are expected to drive the growth of the market.
Asia Pacific region is expected to be the fastest growing region due to various factors such as high target population density and significant disease burden in the region.
"Manufacturing technologically advanced products is the key strategy adopted by major industry players"
Some of the key players in this industry include Becton, Dickinson and Company, Roche Diagnostics, Alere, Quidel Corporation, and Thermo Fisher Scientific.
The companies constantly focus on the development of devices that are cost-effective and technologically advanced in order to initiate effective treatment. For instance, Alere received clearance from the FDA for the Alere i Influenza A & B test. This is a quick test and has the capability of identifying the influenza A and B viruses in a duration of less than 15 minutes.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.