New York, United States: The Report on Influenza Diagnostics Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Influenza Diagnostics Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Influenza Diagnostics market gathered revenue around USD 1.9 Billion in 2020 and market is set to grow USD 3.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.0% during the prediction period 2021 to 2027.
Overview of Influenza Diagnostics Market Study
Influenza Diagnostics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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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.
In 2020, test kits and reagents segment accounted for the largest share of the influenza diagnostics market, by product
The influenza diagnostics market is segmented into test kits and reagents, instruments and other products based on product. The test kits and reagents segment accounted for the largest share of the influenza diagnostics market in 2020, mainly due to the increase increasing prevalence of influenza and rising demand of rapid disease diagnosis.
In 2020, molecular diagnostic tests segment accounted for the largest share of the influenza diagnostics market, by test type
The influenza diagnostics market is segmented into molecular diagnostics tests and traditional diagnostic tests based on test type. In 2020, the molecular diagnostic tests segment accounted for the largest share. Factors such as growth in influenza research for diagnostic technologies and increasing prevalence of influenza drive this market.
In 2020, diagnostic laboratories segment accounted for the largest share in the influenza diagnostics market, by end users
The influenza diagnostics market has been segmented into diagnostic laboratories, hospitals and clinics and other end users based on end users. In 2020, the diagnostic laboratories segment accounted for the largest share of the influenza diagnostics market. Increasing prevalence of influenza and rising demand for rapid disease diagnosis is driving the growth of this segment.
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.
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COVID-19 Impact on Influenza Diagnostics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Influenza Diagnostics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Influenza Diagnostics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Influenza Diagnostics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Influenza Diagnostics market include:
Danaher Corporation, Siemens Healthineers, Thermo Fisher Scientific, Inc., F. Hoffmann-LA Roche AG, Abbott Laboratories, Inc., Hologic, Inc., bioMérieux SA, Quidel Corporation, Becton, Dickinson and Company, Meridian Bioscience, GenMark Diagnostics, Inc., Luminex Corporation, Tecan Trading AG, DiaSorin SA, altona Diagnostics GmbH, SEKISUI Diagnostics, SA Scientific Ltd., Coris BioConcept SPRL, ELITech Group, Mast Group Ltd., Genome Diagnostics, Pvt. Ltd.,
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Test Kit and Reagents
- Other Prodcuts
By Test Type
- Molecular Diagnostic Tests
- Polymerase Chain Reaction
- Isothermal Nucleic Acid Amplification Tests
- Transcription-Mediated Amplification-Based Assay
- Loop-Mediated Isothermal Amplification-Based Assay
- Nucleic Acid Sequence-Based Amplification Tests
- Other Isothermal Nucleic Acid Amplification Tests
- Other Molecular Tests
- Traditional Diagnostic Tests
- Rapid Influenza Diagnostic Tests
- Viral Culture Tests
- Direct Fluorescent Antibody Test
- Serological Tests
By End User
- Diagnostic Laboratories
- Hospitals and Clinics
- Other End users
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Why Buy this Report?
The purpose of Nova one advisor’s Influenza Diagnostics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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