Global Rapid Influenza Diagnostic Tests Market is Estimated to Witness High Growth

Global Rapid Influenza Diagnostic Tests Market is Estimated to Witness High Growth

Market Overview:

Global Rapid Influenza Diagnostic Tests aid in the immediate diagnosis of influenza infection within 15-30 minutes directly from respiratory samples like throat swabs. These tests help physicians make quick clinical decisions to treat patients accordingly.

The Global Rapid Influenza Diagnostic Tests Market was valued at US$ US$ 1.29 Billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 - 2033, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The Global Rapid Influenza Diagnostic Tests market is expected to witness significant growth over the forecast period owing to two major drivers. Firstly, the increasing disease burden of influenza globally is prompting demand for rapid diagnostic tools for timely detection and management. As per WHO estimates, there are 1 billion cases of influenza reported annually across the world, out of which 3-5 million cases result in severe illness and 290,000-650,000 influenza-related respiratory deaths. Secondly, the technological advancements in rapid diagnostic platforms allowing detection of multiple respiratory viruses simultaneously including influenza, COVID-19, RSV etc. in a single test is further fueling adoption. The new generation rapid tests provide faster, easy-to-use and multiplexed detection capabilities.

Increased prevalence of influenza drives demand for Global Rapid Influenza Diagnostic Tests

The Global Rapid Influenza Diagnostic Tests market has seen significant growth in recent years due to the increased prevalence of influenza across the globe. Influenza, commonly known as flu, is a contagious respiratory illness caused by influenza viruses that infect the nose, throat, and lungs. According to the World Health Organization, influenza epidemics result in about 3 to 5 million cases of severe illness and about 290,000 to 650,000 respiratory deaths globally every year. The increasing risk of influenza infection has driven greater demand for rapid diagnostic tests that can accurately detect the presence of influenza with faster turnaround times compared to traditional diagnostic methods. Rapid diagnostic tests that can provide results within 30 minutes play a crucial role in the clinical management of patients by enabling timely treatment decisions.

Emergence of antiviral drug resistance strains increases utility of rapid diagnostic tests

The emergence of antiviral drug resistance influenza strains globally is another major driver for the Global Rapid Influenza Diagnostic Tests market. Traditional diagnostic methods that require laboratory culture techniques are ineffective in detecting mutations resulting from antiviral resistance. Rapid diagnostic tests that can identify influenza virus subtypes and determine antiviral susceptibility directly from patient specimens have significantly higher clinical value. They help guide appropriate antiviral treatment selection and reduce the risk of ineffective therapy due to undetected resistance. This rising importance of differentiating antiviral susceptibility is boosting the demand for rapid tests in clinical settings.

Lack of standardization poses challenge for technology adoption

Despite the advantages, one key restrain impeding the growth of the Global Rapid Influenza Diagnostic Tests market is the lack of standardization and guidelines for the use of these tests. Since there are multiple companies offering a wide range of rapid influenza diagnostic device platforms, there is no universally accepted standard protocol for performing and interpreting the test results. This leads to variability and inconsistencies in test performance across different product brands. The lack of standardized performance validation and result reporting criteria has led to reluctance among clinicians to fully rely on rapid test findings in certain clinical scenarios. Overcoming this challenge through coordinated efforts toward standardization will help advance technology adoption.

Opportunity to expand applications into influenza surveillance programs

The Global Rapid Influenza Diagnostic Tests Market Size is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

The increasing role of rapid diagnostic tests in influenza surveillance programs across both developed and developing countries presents a major market opportunity. Traditionally, epidemiological surveillance of influenza has relied heavily on laboratory-based diagnostic methods like RT-PCR and cell culture techniques. However, these approaches have limitations like delayed turnover of results. Rapid diagnostic tests that allow near real-time detection of influenza viruses from community samples offer surveillance agencies and public health authorities the ability to monitor circulating strains and outbreak trends more effectively. This valuable application potential of rapid tests in supporting timely surveillance-based interventions and policies has room for further uptake worldwide.

Emergence of combination respiratory panels drives technology convergence trend

A notable trend in the Global Rapid Influenza Diagnostic Tests market is the shift towards combination respiratory pathogen panels that can detect multiple respiratory viruses simultaneously. Traditionally, diagnostic tests have focused on detecting a single target like influenza A, B or RSV individually. However, the growing recognition that respiratory illnesses can be caused by a diverse range of viral and bacterial pathogens has driven demand for tests with expanded respiratory syndromic panels. This has accelerated the development of multiplex immunoassays and molecular assays that can identify both influenza viruses as well as other common causes of respiratory infections like adenovirus, coronavirus, parainfluenza, rhinovirus, etc. from a single specimen. The trend of technology convergence through combination panels is expected to continue shaping the market landscape in the coming years.

Objectives of the Report:

1) Investigate and forecast the value and volume of the Global Rapid Influenza Diagnostic Tests market.

2) Estimate market shares for major Global Rapid Influenza Diagnostic Tests segments.

3) To demonstrate how the market for Global Rapid Influenza Diagnostic Tests is evolving in various parts of the world.

4) Research and analyze micro markets in terms of their contributions to the Global Rapid Influenza Diagnostic Tests market, as well as their prospects and individual growth patterns.

5) To provide precise and useful information on the factors influencing the rise of Global Rapid Influenza Diagnostic Tests.

6) To provide an in-depth analysis of key business strategies used by major companies in the Global Rapid Influenza Diagnostic Tests market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.

FAQ’s

Q.1 What are the main factors influencing the Global Rapid Influenza Diagnostic Tests market?

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 Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Global Rapid Influenza Diagnostic Tests market’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?

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