Influenza Diagnostics Market To Generate $1,603.1 Million Revenue by 2030
- Published: January 2024
The global influenza diagnostics market revenue is expected to reach USD 1,603.1 million by 2030, exhibiting a CAGR of 7.9% during 2024–2030. This can be ascribed to the high frequency of chronic diseases, such as respiratory, heart, and blood disorders, all of which can be worsened by the flu; and the growing acceptance of in vitro diagnostic testing.
Other than offering technologically advanced ways to identify influenza, the rising R&D spending will increase the rates at which these in vitro diagnostic tests are performed globally. Essentially, the market revenue for these tests in the coming years will be driven by the widespread usage of fast influenza diagnostic testing and the increasing prevalence of this infection.
The flu is a seasonal condition, and its burden surges significantly during winters in certain countries. Moreover, as per the CDC, people over the age of 85 are significantly more likely to require hospitalization, and their chances of mortality due to this infection are also high. Additionally, it is a major cause of the disease burden in children, as they are the most likely to fall sick due to it. Through the U.S. influenza surveillance system, the CDC keeps tabs on the progression of the illness and the death rate and hospitalizations due to it.
Additionally, the leading players have consistently introduced various cutting-edge products over time, with the regulatory approvals for them allowing them to maintain their competitive edge. Moreover, many players have created lucrative opportunities for themselves through alliances and partnerships. For instance, in May 2021, the FDA approved the BD Veritor Plus System of Becton, Dickinson and Company to identify SARS-CoV-2, influenza A, and influenza B.
Furthermore, in order to reinforce the frail health systems in sub-Saharan Africa, Siemens Healthineers and UNICEF, in February 2022, collaborated to increase access to diagnostics and care.
Hospitals Category Dominates Industry
In 2023, the hospitals category accounts for 40% of the total revenue globally. Hospitalizations are common throughout the flu season and draw attention to the disease's potential severity. Since influenza can sometimes exacerbate pre-existing medical disorders or cause new problems that necessitate hospitalization, the staff here remains on its toes.
The rising number of hospitals, increasing knowledge of influenza diagnostics, and patients' surging demand for one-on-one conversations with clinicians to discuss the best course of treatment have been the main driving forces. Moreover, the presence of underlying conditions, such as high blood pressure and autoimmune disorders, with the flu makes it necessary for patients to seek hospital care.
It is believed that newly developed flu tests, such as those that incorporate point-of-care technology (POCT), will make it easier to monitor the older population. Furthermore, POCT is expected to boost flu testing in the Asia-Pacific regions' rural areas, where access to healthcare is scarce.
In addition, the laboratories category is set to hold a significant share, driven by an increase in the influenza prevalence and the demand for quick diagnoses, as a result. Additionally, laboratories nowadays utilize technologically advanced instruments and employ highly trained technicians.
APAC Market To Witness Considerable Growth Rate
The APAC market is expected to grow at a rate of 8.5% over the forecast period. This can be linked to the huge patient population ailing from chronic illnesses, the increase in investments in R&D on the flu, and the expansion of the healthcare infrastructure.
Additionally, the region is seeing an increase in the presence of major companies and investments from new businesses. This has a favorable effect on the field of research and development, enabling the creation of cutting-edge technologies.
Key players in the industry include 3M Company, Abbott Laboratories Inc., Becton, Dickinson and Company, Meridian Bioscience Inc., QuidelOrtho Corporation, F. Hoffmann-La Roche Ltd., SA Scientific Ltd., Sekisui Diagnostics LLC, Thermo Fisher Scientific Inc., and Hologic Inc.