Influenza Diagnostics Market size to reach USD 1.56 Billion in 2032 -Emergen Research

The influenza diagnostics market refers to the diagnostic tests and devices used for the detection and diagnosis of influenza viruses. Influenza is a viral respiratory illness that can cause severe illness and even death. The global influenza diagnostics market size was USD 1.09 Billion in 2022 and is expected to register a steady revenue CAGR of 3.6% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of influenza and Research & Development (R&D), technological advancements, and rising demand for rapid diagnostic tests are major factors driving market revenue growth. One of the key drivers of the influenza diagnostics market is the increasing prevalence of influenza viruses. According to the World Health Organization (WHO), influenza viruses are responsible for causing approximately 290,000 to 650,000 deaths each year worldwide. The rising prevalence of influenza viruses has led to a surge in demand for effective and efficient diagnostic tests and devices, thereby driving the growth of the market.

Another key driver of the market is the increasing awareness about the importance of early diagnosis and treatment of influenza. Governments and healthcare organizations are actively promoting awareness campaigns to educate people about the risks associated with influenza and the importance of timely diagnosis and treatment. This has resulted in an increased demand for influenza diagnostic tests and devices, thereby propelling the growth of the market.

However, the market growth is restrained by certain factors such as the high cost of diagnostic tests and devices. The cost of diagnostic tests and devices can be a significant burden for patients and healthcare providers, especially in developing countries with limited healthcare resources. Additionally, the lack of skilled healthcare professionals to operate and interpret the results of the diagnostic tests can also act as a restraint for the growth of the market.

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Despite these restraints, the market is expected to grow at a significant rate in the coming years owing to various growth factors. One such factor is the increasing adoption of point-of-care testing (POCT) for influenza diagnosis. POCT offers several advantages such as rapid and accurate diagnosis, reduced turnaround time, and improved patient outcomes. As a result, the demand for POCT devices is expected to increase, thereby driving the growth of the market.

Furthermore, the growing trend of personalized medicine is also expected to contribute to the growth of the market. Personalized medicine involves tailoring the treatment and management of diseases based on an individual's unique genetic makeup, lifestyle, and other factors. Influenza diagnostic tests and devices play a crucial role in the personalized management of the disease, thereby driving the growth of the market.

Major Companies and Competitive Landscape:

The global influenza diagnostics market is highly competitive and fragmented with the presence of several established players as well as new entrants. Some of the key players in the market include 3M, Abbott, BD., Meridian Bioscience Inc, Quidel Corporation, F. Hoffmann-La Roche Ltd, SA Scientific Ltd, Sekisui Diagnostics, Thermo Fisher Scientific, Hologic, Inc.
These players are focusing on various strategies such as mergers and acquisitions, collaborations, and partnerships to expand their market presence and strengthen their product portfolio. For instance, in January 2021, Quidel Corporation acquired the remaining 80.1% ownership interest in AdenoPlus, a point-of-care diagnostic test used for the diagnosis of adenoviral conjunctivitis. The acquisition is expected to strengthen Quidel's product portfolio and enhance its market presence.

Moreover, the players are also investing heavily in research and development activities to develop new and innovative diagnostic tests and devices for the effective diagnosis and management of influenza viruses. For instance, in February 2021, Thermo Fisher Scientific Inc. launched the Applied Biosystems TaqPath COVID-19, Flu A, Flu B Combo Kit, which is a multiplex real-time PCR test used for the simultaneous detection of SARS-CoV-2, influenza A, and influenza B viruses.

The market players are also expanding their geographic presence by entering into new markets and expanding their distribution channels. For instance, in June 2020, Becton, Dickinson and Company announced the expansion of its COVID-19 diagnostic capabilities in the United States by launching a new antigen test that can detect the presence of SARS-CoV-2 antigens in 15 minutes.

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Segmentation Insights for Influenza Diagnostics Market Report:

The global influenza diagnostics market has been segmented by Emergen Research based on test type, end-use, and region. Based on test type, the market is further segmented into traditional diagnostic test, rapid influenza diagnostic test (RIDT), viral culture, direct fluorescent antibody (DFA) test, serological assay, and molecular diagnostic assay. The molecular diagnostic assay segment is further divided into several sub-segments such as RT-PCR, nucleic acid sequence-based amplification (NASBA) test, loop-mediated isothermal amplification-based assay (LAMP), simple amplification-based assay (SAMBA), and other molecular diagnostic assays.

Based on end-use, the market is segmented into hospitals, diagnostic centers, and other end-use. Hospitals are expected to hold a significant share in the market due to the increasing incidence of influenza and the growing demand for accurate and timely diagnosis. Diagnostic centers are also expected to witness significant growth during the forecast period due to the increasing demand for point-of-care testing and the availability of advanced diagnostic technologies.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to dominate the market due to the presence of a large number of key players, high healthcare expenditure, and the growing awareness about the importance of early diagnosis and treatment. Europe is also expected to witness significant growth during the forecast period due to the increasing prevalence of influenza and the growing demand for advanced diagnostic technologies.

The Asia Pacific region is expected to witness rapid growth during the forecast period due to the increasing healthcare expenditure, the rising incidence of influenza, and the growing demand for point-of-care testing. Latin America and the Middle East and Africa are also expected to witness significant growth during the forecast period due to the increasing government initiatives to improve healthcare infrastructure and the growing awareness about the importance of early diagnosis and treatment.

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