Global Rapid Influenza Diagnostic Tests Market is Estimated to Witness High Growth Owing to Growing Prevalence of Influenza
Market Overview:
Global
Rapid Influenza Diagnostic Tests (RIDTs) are immunoassays used for the rapid detection
of influenza viruses. They detect influenza viral nucleoprotein antigens in
respiratory specimens like nasal swabs. RIDTs provide quick results within
15-30 minutes and are useful for faster clinical diagnosis and treatment
decisions.
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 Size is estimated for 2023 for
the forecast period 2023-2030, as highlighted in a new report published by
CoherentMI. The Global Rapid Influenza Diagnostic Tests market is expected to
witness significant growth over the forecast period owing to the growing
prevalence of influenza. According to the Centers for Disease Control and
Prevention (CDC), on average, 5%–20% of the U.S. population gets infected by
the flu virus annually. In addition, the demand for rapid tests is increasing
due to the development of innovative POC tests with improved sensitivity and
specificity. Further, the ongoing COVID-19 pandemic is driving the need for
rapid diagnosis of influenza for effective differentiation of symptoms from
SARS-CoV-2. Various government initiatives are also fueling the adoption of
rapid tests for improved disease control and management
Growing Demand for Early Influenza Diagnosis
for Rapid Treatment Delivery
The Global
Rapid Influenza Diagnostic Tests (RIDT) market is primarily driven by the
increasing demand for early diagnosis of influenza infections. Rapid diagnosis
allows physicians to determine the appropriate treatment for patients sooner.
This is crucial as influenza can cause serious health issues or even death if
not treated in a timely manner, especially in high-risk groups like older
adults, pregnant women, and young children. RIDTs provide results within 30
minutes, allowing clinicians to start antiviral treatment or make decisions
regarding hospitalization or discharge immediately.
Increasing Prevalence of Influenza Diseases
Globally
Another key
driver for the RIDT market is the growing prevalence of influenza diseases
worldwide. Influenza affects millions of people annually and results in severe
illness and deaths in high-risk groups. According to the World Health
Organization (WHO), seasonal influenza epidemics alone are estimated to result
in about 3-5 million cases of severe illness and between 290,000 to 650,000
respiratory deaths globally each year. The continuous evolution and mutation of
influenza viruses also contribute to the increasing disease incidence. This
rising disease burden increases the need for rapid diagnostic tools to aid
clinical decision making.
High Costs of RIDTs Limiting Widespread
Adoption
One major
restrain facing the RIDT market is the higher costs of these tests compared to
traditional diagnostic techniques like viral culture and immunological assays.
While RIDTs provide results quicker, their costs per test are significantly
higher ranging from $10 to $25 depending on the product. The high costs limit
their use to hospitals, physician offices, urgent care centers and public
health laboratories only. Widespread adoption in point-of-care settings is
restrained as RIDTs may not be affordable or reimbursed fully in certain
regions. However, recent technological advances have lowered costs to some
extent.
Growing Telehealth and Remote Patient
Monitoring during COVID-19
The
COVID-19 pandemic has provided opportunities for growth of telehealth and
remote patient monitoring. With social distancing measures limiting non-urgent
in-person visits, the demand for virtual care services expanded rapidly.
Telehealth allows clinicians to evaluate patients with respiratory illnesses,
evaluate symptoms, order diagnostic tests and review results without an
in-office visit. This reduces disease transmission risk. It also provides
opportunities for remote RIDT sample collection by physicians or at
laboratories with results transmitted to clinicians via telehealth platforms.
This trend of increasing virtual care is expected to continue post pandemic,
driving demand for rapid diagnostics that can aid remote patient management.
Increasing Adoption of Multiplex Testing
One of the
evolving trends in the RIDT market is the introduction of multiplex tests that
can simultaneously detect and differentiate between multiple respiratory
viruses including influenza A, influenza B and SARS-CoV-2. Traditional RIDTs
only detect influenza A&B. However, multiple infections are possible. The
ability to quickly identify co-infections is important for effective treatment
decisions. Multiplex tests are being welcomed by healthcare professionals as
they provide comprehensive results using a single sample. Leading manufacturers
are developing and launching upgraded multiplex RIDT panels to capitalize on
this trend and gain market share.
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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