Influenza Diagnostics Market Forecast to Accrue USD 1.15 Billion by 2027 | Increasing Need For Rapid And Accurate Testing will be the Major Factor Driving the Industry Growth, says Reports and Data

Key industry participants include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Diasorin SA, Becton Dickinson Company, Hologic Inc., Siemens Healthineers, Meridian Bioscience, Luminex Corporation, Genmark Diagnostics, Inc., and Danaher Corporation.

/EIN News/ -- New york, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The global influenza diagnostics market is predicted to accrue nearly USD 1.15 Billion by 2027, registering a significant CAGR of 7.7%. Revenue from this market is expected to grow at a substantial pace over the forecast period, owing to various factors, such as the growing prevalence of influenza worldwide, surging occurrences of chronic diseases, and a boom in the global geriatric population. The emergence of cutting-edge diagnostic technologies, development of advanced therapies, rising demand for more rapid tests, and augmented government funding for research & development activities associated with influenza diagnostics are other indispensable factors bolstering the growth of this market. However, complex regulatory frameworks hindering the approval of new influenza diagnostic tests, variability in the sensitivity and specificity of these tests, and increasing costs of healthcare services are the key factors likely to limit the growth of the global influenza diagnostics market.
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The global influenza diagnostics market has gained immense traction since the COVID-19 outbreak. The demand for rapid influenza tests registered massive growth during the peak of the pandemic, with numerous healthcare companies across the world developing advanced influenza diagnostic approaches. For instance, in October 2020, Iceni Diagnostics, the renowned U.K.-based biotechnology company, appointed BBI Solutions, a leader in immunoassay development, to produce the clinical trial batches for its new SARS-COV-2/influenza virus diagnosis test. The new test leverages Iceni’s proprietary Host-Pathogen Glycan Recognition (HPGR) technology for the detection of the SARS-COV-2/influenza virus in non-invasive samples in less than 15 minutes. Later that month, PerkinElmer, the leading American diagnostics company, received the CE-IVD mark for its in-vitro diagnostic (IVD) device, called PKamp Respiratory SARS-CoV-2 RT-PCR Panel, in over 30 countries. The new test kit, which later received the U.S. FDA EUA (Emergency Use Authorization), met the European In-Vitro Diagnostic Directive (IVDD) norms. The multi-analyte panel is designed to detect and distinguish between the SARS-CoV-2 (the novel coronavirus infection), respiratory syncytial virus (RSV), and influenza A and B viruses in a single test.

Key findings from report:

• Based on the flu type, the Type A flu sub-segment is projected to emerge as the leading market segment over the forecast period. The virus, which is comparatively more common among humans, is also capable of infecting animals and has led to severe flu epidemics. Usually, various kinds of wild birds act as a host for the Type A virus. The segment held a sizable market share of 39.6% in 2019.
• Among the various test types, the rapid influenza diagnostic test (RIDT) sub-segment dominates the global influenza diagnostics market in terms of revenue generation. These are the most commonly performed tests and can produce results within just 15 minutes. Many of these are at-home diagnostic products and point-of-care testing kits.
• The hospitals sub-segment, which accounted for the largest market share of 41.9% in 2019, is the leading end-user segment in the global influenza diagnostics market. Extensive use of influenza diagnostics across hospitals and rapidly increasing hospital admissions due to the disease are key factors boosting the growth of this segment.
• Key industry participants include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Diasorin SA, Becton Dickinson Company, Hologic Inc., Siemens Healthineers, Meridian Bioscience, Luminex Corporation, Genmark Diagnostics, Inc., and Danaher Corporation.

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For the purpose of this report, the Global Influenza Diagnostics Market has been segmented based on flu type, test type, end-use, and region:

Flu Type Outlook (Revenue, USD Million; 2017-2027)

• Type A
• Type B
• Type C

Test Type Outlook (Revenue, USD Million; 2017-2027)

• Traditional Diagnostic Tests

• RIDT (Rapid influenza diagnostic test)
• Viral Culture
• DFA
• Serological assays

• Molecular Diagnostic Tests

• RT-PCR
• INNAT
• Others

End-Use Outlook (Revenue, USD Million; 2017-2027)

• Hospitals
• Point of Care Testing
• Clinical Laboratories

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Regional Outlook (Revenue, USD Million; 2017-2027)

• North America
  • U.S.
• Europe
  • U.K.
  • France
• Asia Pacific
  • India
  • Japan
  • China
• Latin America
  • Brazil
• Middle East & Africa

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