by Market Overview:
Rapid influenza diagnostic tests (RIDTs) are point-of-care diagnostic tests that provide fast screening and detection of influenza virus strains such as influenza A and influenza B within 30 minutes. RIDTs rely on rapid immunochromatographic techniques that detect influenza viral nucleoprotein antigens in respiratory specimens such as nasal or throat swabs. The growing demand for quick diagnosis of influenza infections to help determine appropriate treatment plans and infection control measures is boosting the demand for rapid influenza diagnostic tests in hospitals, clinics, and home care settings.
The global Rapid Influenza Diagnostic Tests Market was valued at US$ 1.29 Bn or Billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the key trends in the rapid influenza diagnostic tests market is the development of innovative RIDTs with improved accuracy and faster turnaround time. For instance, Roche Diagnostics launched a novel digital RIDT called Sofia that provides results in just 15 minutes with improved sensitivity compared to conventional lateral flow RIDTs. Moreover, the rising use of rapid testing methods to curb the spread of influenza virus during outbreaks and seasonal epidemics is expected to drive the market growth over the forecast period. Testing ability to differentiate between influenza A and B subtypes will further aid healthcare professionals in selecting appropriate antiviral medications.
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
Porter’s Analysis
Threat of New Entrants: The rapid influenza diagnostic tests market requires high R&D investment and stringent regulatory approvals which makes the entry difficult for new players.
Bargaining Power of Buyers: The presence of several established players in the market increases competition and provides buyers with varied options at competitive prices.
Bargaining Power of Suppliers: The key raw materials required are standard products available with many suppliers at competitive prices globally hence suppliers have low bargaining power.
Threat of New Substitutes: There are limited substitutes for rapid influenza diagnostic tests due to complex diagnostics process involved. However advancements may lead to new substitutes.
Competitive Rivalry: The rapid influenza diagnostic tests market is competitive with major global players operating worldwide.
Key Takeaways
The global Rapid Influenza Diagnostic Tests Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing government initiatives for influenza diagnosis.
The North America region is expected to dominate the global rapid influenza diagnostic tests market over the forecast period owing to high prevalence of influenza and rising healthcare expenditure. However, Asia Pacific region is anticipated to exhibit the highest growth rate over the coming years due to increasing patient awareness and improving healthcare infrastructure in emerging economies such as India and China.
Key players operating in the 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. Major players are focusing on new product launches, strategic collaborations, and geographical expansion to strengthen their market presence.
Reasons to Purchase Rapid Influenza Diagnostic Tests Market Report:
1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
2. Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.
3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Rapid Influenza Diagnostic Tests Market.
FAQ’s
Q.1 What will the market development pace of the Rapid Influenza Diagnostic Tests Market?
Q.2 What are the sales, revenue, and price analysis of the top players of the Rapid Influenza Diagnostic Tests Market?
Q.3 What are the market opportunities and threats faced by the vendors in the Rapid Influenza Diagnostic Tests Market?
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
