May 24, 2024
Global Rapid Influenza Diagnostic Tests Market

The Global Rapid Influenza Diagnostic Tests Market Is Emerging Due To Increasing Disease Burden Of Influenza

The global rapid influenza diagnostic tests market plays a crucial role in providing timely diagnosis to influenza patients. Rapid influenza diagnostic tests assist in detecting influenza viral antigens or nucleic acids directly from respiratory specimens using techniques such as immunoassays and molecular assays. These tests help in the rapid diagnosis of influenza in 15-30 minutes, which enables early treatment decisions and implementation of public health control measures.

The Global Rapid Influenza Diagnostic Tests Market Size Is Estimated To Be Valued At US$ 1.29 Bn In 2024 And Is Expected To Exhibit A CAGR Of 7.9% Over The Forecast Period 2024-2031.

Key Takeaways

Key players operating in the global rapid influenza diagnostic tests are Quidel Corporation, Becton Dickinson, Thermo Fisher Scientific, Abbott Laboratories, F. Hoffmann-La Roche, DiaSorin, Luminex Corporation, Meridian Bioscience, GenMark Diagnostics, Sekisui Diagnostics, and Virax Biolabs.

Key players are focusing on new product launches and geographical expansion to stay ahead in the competitive market. The growing prevalence of influenza and increased disease burden is a major factor driving the demand for rapid diagnostic tests globally. Additionally, ongoing R&D for developing advanced rapid influenza diagnostic tests with improved accuracy is expected to boost the market growth during the forecast period.

The increasing prevalence of influenza across the globe has boosted the demand for rapid diagnostic tests. As per WHO, there are around 1 billion cases of influenza reported annually worldwide. Rapid diagnostic tests allow physicians to diagnose influenza early and start antiviral treatment within two days of disease onset, reducing clinical progression and risk of hospitalization. Additionally, rapid diagnostic tests help curb over-prescription of antibiotics by providing timely results.

The global expansion of key players through new product launches, geographical expansion, and partnerships with local distributors is also fueling the growth of the global rapid influenza diagnostic tests market. Key players are focusing on emerging markets in Asia Pacific and Latin America owing to high demand and growing healthcare infrastructure.

Market Key Trends

Point-of-care (POC) testing is a key trend in the global rapid influenza diagnostic tests market. POC testing provides results immediately at the site of patient care, allowing clinicians to make faster medical decisions. Many rapid influenza diagnostic tests are designed for use near the patient with little laboratory infrastructure. Growing demand for POC testing for prompt diagnosis and treatment monitoring is expected to propel the demand for POC rapid influenza diagnostic tests during the forecast period.

Porter’s Analysis

Threat Of New Entrants: New companies find it difficult to enter the market due to high initial investment requirement for setting up production facilities and R&D.

Bargaining Power Of Buyers: Large diagnostic laboratories have significant bargaining power over suppliers due to their volume buying abilities.

Bargaining Power Of Suppliers: A few major players dominate the suppliers market, giving them significant influence on pricing and product development.

Threat Of New Substitutes: No major threat as there are limited substitutes available for rapid influenza diagnostic tests.

Competitive Rivalry: Intense competition exists among existing players to launch advanced products and increase their market shares.

Geographical Regions

North America accounts for the largest share of the global rapid influenza diagnostic tests market, in terms of value, owing to high healthcare spending and growing disease prevalence in the region. Asia Pacific is poised to witness the fastest growth during the forecast period driven by rising geriatric population, improving healthcare infrastructure, and increasing disposable incomes in developing countries such as China and India.

What are the key data covered in this Global Rapid Influenza Diagnostic Tests Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Rapid Influenza Diagnostic Tests Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Rapid Influenza Diagnostic Tests  Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- Global Rapid Influenza Diagnostic Tests  Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Rapid Influenza Diagnostic Tests  Market vendors

FAQ’s

Q.1 What are the main factors influencing the Global Rapid Influenza Diagnostic Tests market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Rapid Influenza Diagnostic Tests Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Rapid Influenza Diagnostic Tests market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:

  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it