Global Influenza Diagnostics Market 2019-2023 | 9% CAGR Projection over 5 Years
Posted by sarahbennu on November 28th, 2019
The global influenza diagnostics market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio. A key factor driving the growth of the global influenza diagnostics market size is the increasing demand for point-of-care diagnostics. The lack of healthcare infrastructure in developing regions has become a major threat to initiatives taken by various authorities to strengthen influenza surveillance and increase the capabilities of laboratories for influenza diagnosis. Thus, to overcome infrastructure-related issues, diagnostic kit manufacturers are offering antigen detection-based RIDT kits. These kits enable healthcare practitioners to perform influenza diagnosis in merely 15-30 minutes and deliver timely treatment to patients. This is expected to fuel the influenza diagnostics market growth during the forecast period.
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Global Influenza Diagnostics Market: Rise In Approvals of Influenza Diagnostic Products by Regulatory Authorities
Manufacturers in the market are constantly focusing on developing and upgrading their diagnostics product portfolio to meet the compliance standards mandated by regulatory agencies such as ECDC, CFDA, and the US FDA. This has led to the approval of an increasing number of influenza diagnostic products in the market. The increase in approvals for new products by regulatory authorities is expected to stimulate the growth of the influenza diagnostics market.
“Apart from the increase in approvals of influenza diagnostic products, other factors such as the rising adoption of rapid diagnostic products in physician office laboratories, and a surge in number of genetic characterization studies on influenza virus will have a significant impact on the influenza diagnostics market growth during the forecast period,” says a senior analyst at Technavio.
Global Influenza Diagnostics Market: Segmentation Analysis
This market research report segments the global influenza diagnostics market by product (point-of-care testing, immunodiagnostics, and molecular diagnostics), and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the influenza diagnostics market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the influenza diagnostics market in North America can be attributed to factors such as the presence of many key market vendors, launch of new products, rising healthcare expenditure, and the presence of healthcare reimbursement schemes.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
• Market ecosystem
• Market characteristics
• Market segmentation analysis
• Market definition
• Market size and forecast
Five Forces Analysis
• Regional comparison
• Key leading countries
• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario
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