Influenza Diagnostics Market to Grow 1.6X: Exclusive Research by Fact.MR

The influenza diagnostics market is predicted to achieve a worth of US$ 4 billion by 2031, thanks to increased government initiatives and growing awareness about the necessity of early diagnosis of influenza for improved treatment. According to Fact.MR, during the projected period of 2021 to 2031, the market is expected to grow at a CAGR of 5%.

Rising prevalence of different strains of influenza such as type A, type B, and type C is a primal factor driving the market growth. According to the Centers of Disease Control and Prevention, approximately 740,000 people were hospitalized due to influenza and 62,000 deaths were reported in the U.S. alone in 2020.

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As a result, the demand for effective diagnostics is increasing in order to prevent influenza-related deaths. Market participants might expect attractive sales prospects as a result of this.

According to Fact.MR, the global market for influenza diagnostics is expected to be led by North America. The region is expected to have a revenue share of roughly 37% in 2021, thanks to increased government investments in the healthcare industry and attractive reimbursement policies for diagnostic procedures.

“Increasing technological advancements in influenza diagnostics and growing awareness towards the benefits of early-stage detection of influenza will nudge the sales of influenza diagnostic products over the coming years,” says a Fact.MR analyst.

Key Takeaways from Influenza Diagnostics Market Survey

• By the end of 2031, the market for influenza diagnostics will have grown 1.6X in value.
• For influenza diagnostics, North America contributes for 37% of global sales.
• Influenza is becoming more common, and people are becoming more aware of the importance of early detection with precise diagnostic procedures. This is boosting demand for influenza diagnostics.
• Rapid diagnostics influenza testing has the highest revenue share of all types of tests.
• Over the assessment period, demand for RT-PCR testing is estimated to grow at a CAGR of 5%.

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Key Drivers       

• The rising global prevalence of influenza is driving up demand for influenza diagnostics.
• Increased government activities to raise awareness about the benefits of early diagnosis are boosting influenza diagnostic sales.
• The market is growing due to the emergence of technologically improved diagnostics solutions in the sector.

Key Restraints

• A factor limiting market expansion is the lack of accuracy and precision of diagnostic testing.
• The market's growth is being hampered by a decrease in hospital visits due to the concern of contracting COVID-19.

Competitive Landscape

The market for influenza diagnostics is highly competitive due to presence of large regional and global players in the landscape. Leading players in the market are focusing on developing novel products and receiving approval from regulatory organizations to expand their product portfolio. Besides this, some players are engaging into strategic agreements and partnership with other player to develop new products. For instance,

• In 2016, Roche, a Swiss multinational healthcare company, announced receiving FDA clearance and CLIA waiver for it’s new product, Cobas Influenza A/B & RSV test. The test assist in molecular testing of influenza A/B, strep A, and RSV, making the company the first manufacturer to broaden the application of the test.

• In 2018, Diassess Inc. and Cue Health, Inc. announced entering into a partnership with the Biomedical Advanced Research and Development Authority (BARDA), to develop new testing kits for influenza diagnosis.

Key players operating in the influenza diagnostics market profiled by Fact.MR are:

• Thermo Fisher Scientific
•  Hologic
• Quidel Corporation
• F. Hoffmann-La Roche AG
• Abbott Laboratories
• Becton
• Dickinson and Company
• Danaher Corporation
• Meridian Bioscience 
• bioMérieux SA
• Luminex Corporation
• Siemens Healthineers AG
• GenMark Diagnostics
• Sekisui Diagnostics
• LLC altona Diagnostics GmbH
• SA Scientific
• ELITech Group
• Coris Bioconcept SPRL
• Mast Group Ltd.

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More Valuable Insights on Influenza Diagnostics Market

Fact.MR, in its new report, offers an unbiased analysis of the global influenza diagnostics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on influenza diagnostics market with detailed segmentation:

• By Test
  • Traditional Influenza Diagnostic Tests
    • Rapid Influenza Diagnostic Tests (RIDTs
    • Direct Fluorescent Antibody (DFA) Tests
    • Viral Culture
    • Serological Assays
  • Molecular Influenza Diagnostic Tests
    • Reverse Transcription Polymerase Chain Reaction (RT-PCR)
    • Isothermal Nucleic Acid Amplification Tests (INAAT)
      • Loop Mediated Isothermal-based Amplification Assays
      • Transcription Mediated Isothermal-based Amplification Assays
      • Transcription Mediated Isothermal-based Amplification Assays
• By End User
  • Influenza Diagnostics at Hospitals & Clinical Laboratories
  • Influenza Diagnostics at Diagnostic Reference Laboratories
  • Influenza Diagnostics at Academic/Research Institutes

Key Questions Covered in the Influenza Diagnostics Market Report 

• The report offers insight into influenza diagnostics demand outlook for 2021-2031
• The market survey also highlights projected sales growth for the influenza diagnostics market between 2021 and 2031
• Influenza diagnostics market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 
• Influenza diagnostics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others 

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