How Much Revenue Influenza Diagnostics Market Will Generate Globally Till 2030? |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on January 31st, 2023 The global influenza diagnostics market size is expected to reach USD 1.46 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.5% from 2022 to 2030. The increasing surveillance of the infection and the rising prevalence of chronic diseases around the world are contributing to the demand for influenza diagnostics. For instance, in September 2022, National Influenza Centres and other laboratories from 102 countries tested over 112,017 specimens between 22 August 2022 to 04 September 2022. Out of those, 3,879 tested positive for influenza viruses. The increasing involvement of international organizations and regulations, such as WHO and the U.S. Department of Health & Human Services to control the spread of infection. The organizations are indulging in comprehensive research and development of a vaccine for influenza. It has been observed that various companies such as VIDRL, Seqirus, and CDC are developing cell culture-based vaccines. Thus, this strategic initiative is likely to have a positive impact on the market through increasing demand for cell culture technology. For instance, in September 2022, WHO used a certified cell line including NIID-MDCK for isolating the human influenza virus. The organization also performed genetic and antigenic analysis on the cell culture-based candidate vaccine viruses. The vaccine candidates have passed two-way virus neutralization tests or hemagglutination inhibition against the cell culture prototype viruses and match the recommendation by WHO. It is anticipated that cell-culture-derived vaccine candidates will be available for development and production in 2023. During the COVID-19 pandemic, the surveillance to monitor and detect the influenza virus drastically decreased. Similarly, the trend was witnessed in flu-related hospitalization cases between October to April. For instance, from October 2022 to April 2020, approximately 19,299 cases of hospitalization were reported in the U.S. While in the same months in 2020-21, only 232 cases were reported, hence, approximately 98% fall in the cases during the peak of COVID-19. However, WHO recommended countries be ready for the co-circulation of COVID-19 and influenza viruses. This encourages the regional regulations to integrate the surveillance program and step-up vaccination campaigns for flu. The growing availability of point-of-care testing (POCT) in the area of rapid diagnostics of infectious diseases including flu, is expected to increase the demand for influenza diagnostics in developing countries. For instance, a study was conducted in October 2022, to assess the POCT scope for infectious diseases in European countries. As per the study, under surveillance, POCT is widely used for infectious diseases with significant incidence rates, such as HIV and flu. Moreover, at the global level, flu activity is considerably low. As per the September 2022 report by WHO, the South African region has witnessed a significant rise in flu activity in the past few weeks, and majorly with influenza B viruses were reported. However, in regions such as Central Asia and Northern Africa, no detection of flu was reported. Decreasing incidence rates is anticipated to impact the growth of the market through low product development by companies. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/influenza-diagnostics-market/request/rs1 The industry has witnessed constant changes in its trend. Owing to the rising prevalence of chronic diseases, growing geriatric population, increasing initiatives by the government to monitor influenza, and development of technologically advanced influenza diagnostics tests, the demand for flu diagnostics is likely to increase. For instance, in August 2022, SQI Diagnostics Inc. announced its revenue improvement strategy by securing distribution rights for Quidel’s products that can test influenza A and B along with COVID-19 at the same time. The growing government initiatives to counter flu and develop accurate tests will complement the market growth. For instance, in February 2022, Qorvo Biotechnologies was awarded a USD 4.1 million worth contract from the National Institute of Health to speed up the process of developing the COVID-19/Flu Combo assay and its antigen test. The funds will be utilized in clinical trials and market launches of the products. Influenza Diagnostics Market Report Highlights
Following advancements in point-of-care technology that integrates COVID-19 testing and influenza A & B testing is anticipated to surge the market. For instance, in December 2021, Roche announced its intention to introduce a combo influenza A/B and COVID-19 rapid antigen test for professional use. For the same, the company partnered with SD Biosensor, a South Korea-based company. Similarly, the rising base of the geriatric population accelerates the probability of a higher incidence rate of flu. Therefore, one of the WHO’s recommendations to prevent influenza cases is to vaccinate elder individuals (above the age of 65). In 2018-19, around 55% of hospitalization due to the flu was accounted for by the geriatric population, i.e., 65+ years adults. Similarly, 75% of flu-related deaths are among older adults. Hence, the low immune system of older adults makes them more vulnerable to the flu virus. However, the cost of developing tests and devices can hamper the growth of the market. The raw material availability and accessibility constraints inflate the overall cost of the product. The burden of high production costs is passed on to the end-users at high prices. For instance, the Labcorp Seasonal Respiratory Virus RT-PCR DTC Test is an at-home collection kit for multiple respiratory viruses including flu. The test kit cost is around USD 169 at retail and online stores. List of Key Players in the Influenza Diagnostics Market
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