(PharmaNewsWire.Com, August 19, 2020 ) Market growth is largely driven by factors such as the increasing prevalence of influenza, growth in research funding for influenza diagnostics, and the rising demand for faster diagnosis are the major factors that are expected to drive the growth of this market in the coming years. However, variability in sensitivity and specificity among influenza diagnostic tests, the presence of a complex regulatory framework for the approval of new diagnostic tests, and rising healthcare costs are expected to restrain the growth of this market to a certain extent in the coming years.
Influenza Diagnostics Market by Test type (Molecular (RT-PCR,LAMP, NASBA), Traditional (Viral Culture, Direct Fluorescent Antibody, Rapid Influenza Detection Tests, Serological Assays)), End user (Hospital, Clinical Laboratories) - Global Forecast to 2025
[127 Pages Report] The global influenza diagnostic market is projected to reach USD 1,012 million in 2025 from USD 695 million in 2020, at a CAGR of 7.8% during the forecast period.
North America accounted for the largest share of the market.
The influenza diagnostics market is divided into four major regions-North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the global influenza diagnostic market, closely followed by Europe. Factors such as the increasing prevalence of influenza and increasing number of influenza screening test performed in this region are driving the growth of the North American market during the forecast period.
Key Market Players
The major companies in the influenza diagnostic market include Hoffmann-La Roche AG (Switzerland), Quidel Corporation (US), Thermo Fisher Scientific Inc. (US), Abbott Laboratories, Inc. (US), and Hologic Inc. (US).
Hoffmann-La Roche AG (Switzerland) dominated the global influenza diagnostics market in 2019. The company operates in the influenza diagnostics market by providing molecular diagnostic kits for the detection of various strains of infection-causing agents. The company’s strategic initiatives, such as obtaining CLIA waiver approvals for its influenza assays and test kits, will help it in establishing its presence in various international markets. Also, its strong distribution network and geographic presence will result in growth opportunities for the company during the forecast period.
In 2018, Siemens Healthineers acquired Fast Track Diagnostics Ltd., a manufacturer of a broad range of CE-marked infectious disease detection tests and syndromic panels. Through this acquisition, Siemens Healthineers expanded its molecular diagnostics portfolio for infectious diseases. In 2018, Quidel Corporation (US) got approval for QuickVue Influenza A+B Test product. In 2018,Abbott Laboratories (US) got approval for ID NOW Influenza A & B 2 Assay product In 2017, Becton Dickinson, and Company got approval for BD Veritor System Flu A+B product.
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