Influenza Diagnostic Tests Market size to exceed $3.5bn by 2028

Influenza Diagnostic Tests Market size is set to surpass USD 3.5 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The increasing prevalence of influenza along with the rapidly growing elderly population across the globe is anticipated to drive market expansion. Elderly people are more susceptible to influenza owing to their immune systems that have trouble detecting new viral strains. As a result, the growing need for early-stage disease diagnosis is propelling the product demand for precise influenza diagnostic tests to suggest appropriate treatment for optimum outcomes.
 

Rise in demand for rapid diagnostic tests is expected to propel the influenza diagnostic tests market outlook

The incremental demand for rapid influenza diagnostic tests (RIDT) is increasing owing to a host of factors such as the rise in the prevalence of influenza, growing regulatory approvals for advanced tests, technological advancements, and the surged application of home-based rapid diagnostic tests. In recent years, the majority of immunochemistry and clinical chemistry are performed incorporating high throughput screening that features sophisticated automation. The increased automation and rapid results have promoted the demand for novel rapid influenza diagnostic testing solutions, thereby fueling the market revenue.
 

Recently, rapid influenza diagnostic tests have gained acceptance due to cost-benefits, especially in resource-poor countries, wherein these testing solutions aid in delivering advanced testing for influenza. Rapid influenza diagnostic testing is increasingly used for rapid analysis of influenza A and B viral nucleoprotein antigens in respiratory specimens. Currently, these rapid influenza diagnostic devices are highly employed for diagnostic and treatment decisions for patients in hospitals, clinical settings, etc. All the afore-mentioned factors are set to cumulatively augment the business statistics.
 

Growing adoption of molecular influenza diagnostic assays approach across the globe will spur the business landscape

Influenza diagnostic tests market from molecular diagnostic assays segment is projected to grow at 8.5% CAGR from 2022 to 2028. This is attributed to a significant increase in the preference for advanced molecular influenza diagnostic tests, especially Real-Time PCR tests, and the enhanced accuracy provided by these tests. These molecular diagnostic assays have demonstrated accurate diagnosis of influenza infection and deliver optimum sensitivity & specificity under standardized conditions. The molecular diagnostic assays are highly preferred owing to allowing detection of lower amounts of infectious agents, minimizing the risk of acquired infections, etc.
 

In addition to diagnosis, the molecular diagnostic assay is now also used in treatment guidance and monitoring. RT PCR delivers an efficient yet simple tool to detect the efficacy of therapy and modify treatment as per requirement. The nucleic acid sequence-based amplification test (NASBAT) is also highly employed to identify and differentiate specific influenza viral strains. Thus, high preference and precision in disease diagnosis provided by molecular influenza diagnostic assays are set to accelerate the industry trends.
 

Browse key industry insights spread across 120 pages with 233 market data tables & 14 figures & charts from the report, “Influenza Diagnostic Tests Market Analysis By Test Type (Traditional Diagnostic Test {Rapid Influenza Diagnostic Test (RIDT), Direct Fluorescent Antibody Test (DFAT), Viral Culture, Serological Assay}, Molecular Diagnostic Assay {RT-PCR, Loop-mediated Isothermal Amplification-based Assay (LAMP), Nucleic Acid Sequence-based Amplification Test (NASBAT), Simple Amplification-based Assay (SAMBA)}), End-use (Hospitals, Diagnostics Centers, Research Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/influenza-diagnostic-tests-market
 

Emerging number of hospitals offering early influenza diagnosis and treatment will fuel the market share

Influenza diagnostic tests market from hospital segment is poised to expand at 7.4% CAGR from 2022 to 2028. This is owing to the rising use of novel influenza diagnostic tests in hospital & clinics settings offering rapid and precise results that are predicted to increase the patient preference for these healthcare facilities. The availability of a broad spectrum of kits for performing these tests with proven accuracy is likely to drive product preference in hospitals.
 

Growing admissions with influenza infection and rising disease screening programmes coupled with the accessibility to board-certified healthcare professionals are some other variables that are augmenting the market growth positively. Additionally, the increasing disease burden in developed nations with enhanced healthcare infrastructure is projected to stimulate the diagnosis & treatment rate at hospitals.
 

Growing demand for advanced influenza diagnostic tests in Germany is expected to boost the business outlook

Germany influenza diagnostic tests market was valued at more than USD 114 million in 2021. This is attributed to the rising demand and increasing awareness related to extensive advantages delivered by the influenza diagnostic tests, surging demand for early diagnosis & control of influenza, and increase in R&D activities. Moreover, continuous innovations and breakthroughs in influenza diagnostic tests by various market players across the country have augmented the regional market opportunities.
 

Companies are focusing on strategies and launch of innovative products to expand customer base

Some of the major companies operating in the influenza diagnostic tests industry are Quidel Corporation, Abbott, DiaSorin SpA, Thermo Fischer Scientific Inc., Becton, Dickinson & Company, Meridian Bioscience Inc., and F. Hoffmann-La Roche Ltd. These market leaders are involved in partnerships, agreements, and acquisitions to gain an edge over their competitors.
 

For instance, in March 2021, Abbott Laboratories announced the U.S. FDA Emergency Use Authorization (EUA) to Alinity m Resp-4-Plex molecular assay. This diagnostic test spot and distinguish SARS-CoV-2, influenza A, and influenza B in one test. This approval strengthened the company’s market presence, making it the significant provider of molecular influenza diagnostic tests for detecting influenza.