According to the latest market report published by Credence Research, Inc. “Influenza diagnostics Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” the global Influenza diagnostics market was valued at US$ 541.6 Mn in 2016, and is expected to reach US$ 978.6 Mn by 2025, expanding at a CAGR of 6.5% from 2017 to 2025.
Browse the full report Influenza Diagnostics Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 at https://www.credenceresearch.com/report/influenza-diagnostics-market
According to World Health Organization (WHO) annually influenza epidemics cause 5-15% of the population with upper respiratory tract infections which needs prompt and accurate diagnosis to effectively manage of influenza epidemics. Growing prevalence of influenza worldwide, government initiatives in awareness and diagnostic programs are driving the growth of influenza diagnostics market globally. For the purpose of study, the influenza diagnostics market is segmented on the basis of test type such as rapid influenza diagnostic tests (RIDT), RT-PCR, cell culture and others. In the base year 2016, rapid influenza diagnostic tests (RIDT) was the major revenue generating segment and is expected to show growth during forecast period; as it considered the gold standard in influenza diagnostics, faster onset of result and ease of use are influencing the growth of rapid influenza diagnostic tests (RIDT) market globally. Currently, North America held largest market share due to higher rate of in-vitro diagnostics availability and technologically advanced medical devices which are primarily driving the market growth in North America. Asia Pacific is expected to show highest growth rate during forecast period due to the rising healthcare awareness, higher number of targeted population and increasing demand for advanced diagnostic technologies, fuelling the market growth during forecast period.
Market Competition Assessment:
The influenza diagnostics market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Alere, Becton, Dickinson and Company, Meridian Bioscience, Inc., Princeton BioMedtech corp., Quidel Corporation, Roche Diagnostics, SA Scientific, Inc., Sekisui Diagnostics, Thermo Fisher Scientific and other.
Key Market Movements:
– Factors such as rising prevalence of influenza, upsurge funding by the government for diagnosis and treatment, growing demand for faster diagnosis and control of influenza are expected to drive the growth of influenza market during forecast period.
– Vendors in the market are focusing on innovation and technological advances in developing ideal and cost effective diagnostic devices, this would further assist the growth of influenza diagnostics market globally.
– However, some factors such as lower healthcare awareness in some countries may negatively impacting the growth of influenza diagnostics market globally.