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Influenza Diagnostic Market Key Trends And Strategies For Expansion 2024-2033
Influenza Diagnostic Market Key Trends
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According to The Business Research Company's, The influenza diagnostic market size has grown strongly in recent years. It will grow from $2.59 billion in 2023 to $2.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to public health concerns, technological advancements, antiviral medications, pandemic preparedness.
The influenza diagnostic market size is expected to see strong growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to continuing seasonal influenza, point-of-care testing, remote and home testing, digital health integration. Major trends in the forecast period include point-of-care testing, molecular diagnostics, antigen-based tests, multiplex assays, automation and robotics.
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Market Drivers and Trends:
Rapid diagnostic tests are expected to propel the growth of the influenza diagnostic market going forward. Diagnostic tests are medical procedures or tools used to confirm or rule out a condition or disease. Rapid influenza diagnostic tests (RIDTs) can detect influenza viral antigens in 10-15 minutes with moderate sensitivity (50-70%). For instance, according to the Centers for Disease Control and Prevention (CDC), a US-based government agency, during September 2020 to May 2021, in the United States, 1,675 (0.2%) of 818,939 respiratory specimens tested by U.S. clinical laboratories were positive for an influenza virus. Thus, rapid diagnostic tests are driving the growth of the influenza diagnostic market.
Major companies operating in the influenza diagnostic market are developing innovative products such as Lucira COVID-19 & Flu Home Test for the simultaneous rapid qualitative detection. The Lucira COVID-19 and Flu Home Test is a single-use at-home test kit that provides results from self-collected nasal swab samples in roughly 30 minutes. For instance, in February 2023, Pfizer Inc., a US-based pharmaceutical industry company received approval for the Lucira by Pfizer COVID-19 & Flu Home Test. The test can detect influenza A and B, commonly known as the flu, and SARS-CoV-2, the virus that causes COVID-19.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Quidel Corporation, Thermo Fisher Scientific Inc., Abbott Laboratories, Hologic Inc., Becton Dickinson and Company, DiaSorin SpA, Luminex Corporation, Meridian Bioscience Inc., GenMark Diagnostics Inc., SA Scientific Ltd., Sekisui Diagnostics LLC, bioMérieux Inc., Danaher Corporation, Siemens Healthineers AG, Coris Bioconcept Sprl, Mast Group, Elitech Technology lnc., Analytik Jena AG, altona Diagnostics GmbH, Tecan Trading AG, Genome Diagnostics Pvt Ltd., Germaine Laboratories Inc., Response Biomedical Corporation, TAUNS Laboratories Inc., TRUPCR Europe Ltd., Quest Diagnostics Inc., Labcorp Employer Services Inc., TotalWellness Ltd., Health Advocate Inc., Optum Global Solutions Private Ltd.
Influenza Diagnostic Market 2024 Key Insights:
• The influenza diagnostic market size is expected to see strong growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rapid Diagnostic Tests Revolutionize Influenza Diagnosis, Fueling Market Growth
• A Breakthrough In Simultaneous Influenza And Covid-19 Detection
• North America was the largest region in the influenza diagnostics market in 2023
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