Instruments Category to Grow the Fastest in the Influenza Diagnostics Market
The worldwide influenza diagnostics industry generated USD 946.9 million in 2023, which is projected to surge to USD 1,603.1 million by 2030, experiencing a 7.9% CAGR during the projection period.
The requirement for influenza analysis solutions is estimated to surge as a outcome of the growing occurrence of chronic illnesses, several of which are deteriorated by the flu; rising aged populace, and growing government initiatives to track the spread of this illness. The growth of technically complex diagnostic tools for contamination is another major propeller for the industry.
An outbreak of flu can also be a global issue. As a result, huge amounts of R&D initiatives are launched for detection and drug improvement. In the majority of cases, the main research focus is the production of tests that can give fast and precise results on flu viruses in the quickest amount of time.
In 2019, the Centres for Collaborative Research on Influenza Vaccine Innovations (CIVICS) program, which is administered by the U.S. National Institute of Allergy and Infectious Diseases (NIAID), was established to finance a variety of research initiatives pertaining to influenza epidemiology. Generously by NIAID (NIMB), the budgeted amount was USD 51 million emerged as the result of the first year of CIVIC’s (Center for Integration of Veterans into the Civic Community) launch.
Key Insights
In 2023, the Test kits and reagent category held a leading market share of 60%.
This is due to the fact that these ailments are currently more common and with a notable rising attention towards early diagnosis.
However, points like ease of access without the necessity of writing a prescription (readily available on the market through pharmacies, retail stores, and online channels), ease of use, quick effect towards weight loss results, and affordable costs result in the growth of this category.
Together with the practical over-the-kit tests, the flu spread can be stopped because the isolated testing can be done without any contact with a suspected carrier.
Point-of-care testing allows people to economize by sending for professionals who are called in to conduct the tests. They also enjoy the tests being easy to conduct by themselves.
In 2023, the traditional category led the industry with a share of 40%.
The category is projected to experience a higher CAGR over the projection period.
Rapid influenza diagnostic tests within this category generated the highest revenue because of their simple use and fast results.
Augmented need for patient handling and surveillance testing for contagions in clinical settings.
Numerous RIDTs are accepted for use at houses and offices, with sanction from CLIA for usage in point-of-care services.
In 2023, the North American region held 65% of the revenue share, because of wide government surveillance, the existence of top companies, and technical improvements.
Well-recognized healthcare infrastructure and helpful reimbursement guidelines propel industry development.
European Union is projected to have a substantial share because of its aging populace, with more than one-fifth being 65 years or more in 2021.
Surging the possibility of flu in elders has led to WHO's recommendation of vaccinating senior people.
SOURCE: P&S Intelligence