(PharmaNewsWire.Com, November 09, 2021 ) According to the new market research report "Influenza Diagnostics Market by Product (Test Kits, Instruments), Test Type (Traditional (RIDT, Viral Culture, Serological), Molecular (PCR, INAAT- NASBAT, TMABAS)), End User (Diagnostic Laboratories, Hospitals, Clinics), Region-Global Forecast to 2026", published by MarketsandMarkets™, the global Influenza Diagnostics Market is projected to reach USD 1.1 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 7.7%.
Driver: Growth in influenza research for diagnostic technologies
The rising prevalence of influenza across the globe has increased R&D efforts towards its effective detection and diagnosis. Most research activity focuses on developing faster and more accurate diagnostic solutions for influenza viruses leading to market growth.
Opportunity: Advancements in genomic and proteomic technologies
The Human Genome Project and advances in molecular and biomedical technologies have generated a vast amount of data, which have resulted in the development of a multitude of assays and technologies useful for the diagnosis and management of influenza infections. These new technologies, based on genomic techniques (such as PCR-based) and proteomics (such as microarray-based detection), help discover new influenza viruses. They also enable better surveillance and rapid diagnosis of infectious diseases which serves as an opportunity for the market.
Restraint: Variabilities in test sensitivity and specificity
Sensitivity and specificity are the major factors that impact the results of influenza diagnostic tests. The antigenic variation of influenza viruses is the main reason behind the complexity of these tests. As a result, variabilities exist in the sensitivity and specificity of influenza diagnostic tests, which can impact the final test results. Due to this factor, false-negative results are more common than false-positive results, especially during peak influenza season which is a major factor restraining the growth of the influenza diagnostics market.
Challenge: Stringent regulatory framework
A major challenge that most diagnostic companies face in commercializing their tests is getting Medicare and private health insurers to pay for them. This is important not only to help the decision-making process of physicians within the practice of evidence-based medicine but also to achieve regulatory approvals and reimbursements for the tests. Regulatory approvals for influenza tests have become more stringent in recent years to ensure their efficiency in detecting all types of influenza viruses.
In 2020, test kits and reagents segment accounted for the largest share of the Influenza Diagnostics Market, by product
The influenza diagnostics market is segmented into test kits and reagents, instruments and other products based on product. The test kits and reagents segment accounted for the largest share of the influenza diagnostics market in 2020, mainly due to the increase increasing prevalence of influenza and rising demand of rapid disease diagnosis.
In 2020, molecular diagnostic tests segment accounted for the largest share of the influenza diagnostics market, by test type
The influenza diagnostics market is segmented into molecular diagnostics tests and traditional diagnostic tests based on test type. In 2020, the molecular diagnostic tests segment accounted for the largest share. Factors such as growth in influenza research for diagnostic technologies and increasing prevalence of influenza drive this market.
In 2020, diagnostic laboratories segment accounted for the largest share in the influenza diagnostics market, by end users
The influenza diagnostics market has been segmented into diagnostic laboratories, hospitals and clinics and other end users based on end users. In 2020, the diagnostic laboratories segment accounted for the largest share of the influenza diagnostics market. Increasing prevalence of influenza and rising demand for rapid disease diagnosis is driving the growth of this segment.
North America is the largest regional market for influenza diagnostics market
The global influenza diagnostics market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global influenza diagnostics market. The North American influenza diagnostics market's growth can be attributed to the growth in influenza research for diagnostic technologies and increasing prevalence of influenza.
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