by The global rapid influenza diagnostic tests market comprises point-of-care tests that provide fast and accurate results for the diagnosis of influenza.
Rapid Influenza Diagnostic Tests are convenient alternatives to conventional lab tests as they can detect influenza viruses from various specimen types like nasal or throat swabs within 15-30 minutes. These tests help physicians prescribe effective antiviral treatment at an early stage and reduce unnecessary antibiotic usage.
The global rapid influenza diagnostic tests market is estimated to be valued at US$ 1.29 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the global rapid influenza diagnostic tests market are 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. Key players dominate the market with their strong brand presence and distribution networks worldwide.
The market provides ample opportunities for players to expand their product portfolios and geographical footprint through mergers & acquisitions. Viral pathogens are constantly mutating, requiring diagnostic tests to be regularly updated. This further drives R&D investments in rapid molecular diagnostic technologies.
Globally, the demand is expected to increase in Asia Pacific and Latin America driven by rising incidences of influenza, growing public health awareness, and increasing healthcare expenditures. Key players are focusing their efforts on expanding operations in developing nations to tap unmet needs.
Market Drivers
The high incidence of influenza infections is a major growth driver for this market. As per the World Health Organization (WHO), annual epidemics result in severe illnesses in millions globally with 3-5 million cases of severe illness. Rapid diagnostic tests aid in prompt treatment initiation and limit the spread of the virus. Favorable government support through funding for infectious disease control programs also boosts the adoption of these tests globally.
PEST Analysis
Political: The market is governed by regulations determined by organizations like the CDC and FDA. Changes in guidelines could impact product adoption.
Economic: Changes in global economic conditions influence healthcare spending and demand for rapid diagnostics. Recession may negatively impact the market.
Social: Increasing awareness about influenza,Its severity and need for early diagnosis drives demand. Availability of convenient point-of-care tests address patient needs.
Technological: The market is driven by the development and commercialization of new diagnostic platforms that offer faster, more accurate and convenient testing capabilities. Advances in molecular biology and automation improve existing products.
Geographical Concentration
North America accounts for the largest share of the market currently due to user-friendly regulations, advanced healthcare infrastructure and greater affordability of rapid tests. High disease prevalence and adoption of point-of-care tests by hospitals and clinics sustains demand.
Fastest Growing Region
Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditure, increasing focus on disease containment and expanding medical tourism industry. Population growth, disease awareness campaigns and growing accessibility of diagnostics will support regional market growth.
What Are The Key Data Covered In This Global Rapid Influenza Diagnostic Tests Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Rapid Influenza Diagnostic Tests’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Rapid Influenza Diagnostic Tests and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Rapid Influenza Diagnostic Tests Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Rapid Influenza Diagnostic Tests vendors
FAQ’s
Q.1 What are the main factors influencing the Global Rapid Influenza Diagnostic Tests?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Rapid Influenza Diagnostic Tests companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Rapid Influenza Diagnostic Tests’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
