Global Rapid Influenza Diagnostic Tests Market to Surpass $2.20 Billion by 2030 - CoherentMI

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Dec 06, 2023, 13:30 ET

BURLINGAME, Calif, Dec. 6, 2023 /PRNewswire/ -- According to CoherentMI, The global rapid influenza diagnostic tests market was valued at US$ 1.29 Bn in 2023 and is anticipated to reach a value of US$ 2.20 Bn by 2030 at a CAGR of 7.9% during forecast period 2023 and 2030.

Market Dynamics:

The global rapid influenza diagnostic tests market is driven by two primary factors. Firstly, the increasing prevalence of influenza worldwide is resulting in a growing demand for rapid diagnostic tests. Influenza is a highly contagious respiratory illness that affects millions of people annually. The rapid diagnosis of influenza is crucial for effective treatment and containment of the virus. Hence, the demand for rapid influenza diagnostic tests is rapidly increasing.

Secondly, advancements in technology have led to the development of innovative rapid diagnostic tests for influenza. These tests offer quick and accurate results, enabling healthcare professionals to provide timely treatment and prevent the spread of the virus. The introduction of point-of-care rapid diagnostic tests has further fueled the market growth as these tests can be conducted in non-laboratory settings, providing convenient and faster results.

Market Trends:

Two key trends can be observed in the global rapid influenza diagnostic tests market. Firstly, there is an increasing adoption of molecular diagnostic tests for influenza. These tests use nucleic acid amplification techniques to detect the presence of the influenza virus. Molecular tests offer high sensitivity and specificity, providing accurate results in a short period. The growing preference for molecular diagnostic tests is expected to drive market growth.

Secondly, there is a rising demand for rapid influenza diagnostic tests in homecare settings. With the increasing trend of self-care and telemedicine, patients are seeking convenient and accessible diagnostic options. Rapid influenza tests that can be conducted at home enable early detection and timely treatment, reducing the burden on healthcare facilities. This trend is expected to drive the demand for home-based rapid diagnostic tests.

Recent development:

In November 2022, Virax Biolabs announced the release of an RSV-Influenza-COVID Triple Virus Antigen Rapid Test Kits in CE-market regions such as European Union.
In June 2021, PerkinElmer, a prominent producer of life science antibodies and reagents, acquired PerkinElmer for US$ 5.25 billion to expand its offerings of discovery and diagnostic solutions.

Market Opportunities:

Increasing demand for rapid influenza diagnostic tests: The global rapid influenza diagnostic tests market is anticipated to witness significant growth during the forecast period of 2023-2030. This is primarily due to the increasing demand for rapid influenza diagnostic tests. These tests provide quick and accurate results, allowing for timely diagnosis and treatment of influenza.

Rapid Molecular Assays dominate the Test Type segment: In the segment of test types, rapid molecular assays are expected to hold a dominant position. This is because rapid molecular assays offer high sensitivity and specificity in detecting the influenza virus. They also provide results in a shorter time compared to other test types, making them highly preferred by healthcare professionals.

Influenza type A dominates the Influenza Type segment: Among the different types of influenza, influenza type A is expected to dominate the market. Influenza type A is known to cause more severe symptoms and is responsible for the majority of influenza outbreaks. This drives the demand for rapid influenza diagnostic tests that specifically target and detect influenza type A.

Nasopharyngeal swab dominates the Specimen Type segment: The nasopharyngeal swab is expected to hold a dominant position in the specimen type segment. Nasopharyngeal swabs are widely used in respiratory tract infections as they provide better sample collection for accurate detection of influenza viruses. They are considered the gold standard specimen type for influenza testing.

Diagnostic laboratories dominate the End User segment: The end user segment is dominated by diagnostic laboratories. Diagnostic laboratories have the necessary infrastructure and expertise to perform rapid influenza diagnostic tests. They also handle a large volume of patient samples, making them a key end user in the market.

Market Takeaways:

The global rapid influenza diagnostic tests market is anticipated to witness a CAGR of 7.9% during the forecast period 2023-2030, owing to the increasing demand for quick and accurate diagnosis of influenza.

On the basis of test type, rapid molecular assays are expected to hold a dominant position, owing to their high sensitivity and specificity in detecting the influenza virus.

Influenza type A is expected to dominate the market, as it causes more severe symptoms and is responsible for the majority of influenza outbreaks.

Nasopharyngeal swab is expected to hold a dominant position in the specimen type segment, due to its better sample collection for accurate detection of influenza viruses.

Diagnostic laboratories are expected to dominate the end user segment, as they have the necessary infrastructure and expertise to perform rapid influenza diagnostic tests.

North America is expected to hold a dominant position in the market over the forecast period, due to the presence of key players and high healthcare expenditure in the region.

Read complete market research report, "Global Rapid Influenza Diagnostic Tests Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.

Key players operating in the global rapid influenza diagnostic tests market include Quidel Corporation, Becton Dickinson, Thermo Fisher Scientific, Abbott Laboratories, F. Hoffmann-La Roche, DiaSorin, Luminex Corporation, Meridian Bioscience, GenMark Diagnostics, Sekisui Diagnostics, and Virax Biolabs. These players contribute to the market growth through product development, strategic collaborations, and mergers and acquisitions.

In conclusion, the global rapid influenza diagnostic tests market is expected to witness significant growth due to the increasing demand for quick and accurate diagnosis of influenza. Rapid molecular assays, influenza type A, nasopharyngeal swabs, and diagnostic laboratories are the key segments driving market growth. North America is the dominant region, and key players play a crucial role in shaping the market through innovation and strategic partnerships.

Global Rapid Influenza Diagnostic Tests Market Segmentation:

By Test Type

Rapid Molecular Assays
Rapid Immunoassays
Others

By Influenza Type

Influenza type A
Influenza type B
Influenza type C
Others

By Specimen Type

Nasopharyngeal swab
Nasal swab
Throat swab
Others

By End User

Diagnostic Laboratories
Hospitals & Clinics
Research Institutes
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East
Africa

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At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.

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