(PharmaNewsWire.Com, December 01, 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%.
The Rising demand for rapid disease diagnosis, increasing prevalence of influenza and growth in influenza research for diagnostic technologies are among the other factors. Emerging economies such as India and Japan are providing lucrative opportunities for the players operating in the market.
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.
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.
Some key players in the influenza diagnostics market (2021- 2026) - Thermo Fisher Scientific, Inc. (US - Becton, Dickinson and Company (US) - F. Hoffmann-LA Roche AG (Switzerland) - Hologic, Inc. (US) - Abbott Laboratories, Inc. (Us)
Recent Developments
In May 2021 Becton, Dickinson and Company (US) received FDA approval for the BD Veritor Plus System, which is used to detect SARS-CoV-2, influenza A, and influenza B.
In March 2021, Abbott Laboratories, Inc. (US) received emergency use authorization (EUA) from the FDA for a laboratory PCR assay that detects and differentiates SARS-COV-2, flu A, flu B, and RSV in one test.
In February 2021, Becton, Dickinson and Company (US) received approval from the FDA for the emergency use authorization (EUA) for a new molecular diagnostic test for both SARS-CoV-2 and influenza A+B.
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