Selbyville, Delaware, Aug. 05, 2019 (GLOBE NEWSWIRE) --
China influenza diagnostic tests market is expected to witness significant growth at 9.4% in the influenza diagnostic tests market during the analysis period. High growth is attributed to increasing prevalence of influenza in various parts of China. As per the World Health Organization (WHO), China is among the major countries to be infected with the avian influenza A(H7N9) virus, thus augmenting market growth across the forecast timeframe.
Influenza diagnostic tests for Type A Flu was valued at USD 779.4 million in the year 2018. Increasing incidence of influenza worldwide will impact the market growth. Influenza A is a prevalent and communicable respiratory disease. Influenza A is caused by infection with a virus and is often known as avian flu or bird flu. It is more serious than influenza B and C and known to cause prevalent epidemics. Hence, growing influenza prevalence will augment the influenza diagnostic tests market growth.
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Influenza diagnostic tests using traditional diagnostic method is estimated to grow at 7.1% over the estimation period. The Rapid Influenza Diagnostic Test (RIDT) segment is expected to witness substantial growth over the forecast period. Traditional diagnostic tests are gaining popularity around the world. These tests help in detecting the presence of influenza A and B viral antigens in respiratory samples and display the results in a qualitative format. Rapid Influenza Diagnostic Tests (RIDT) can yield results in a clinically relevant time slot of less than 15 minutes. Hence, advantages of RIDTs includes point of care testing and appropriate results in relevant time frame thus, leading to market growth.
Global Influenza Diagnostic Tests Market is poised to surpass USD 1.5 billion by 2025; according to a new research study published by Global Market Insights, Inc. The global market is estimated to witness considerable growth over the forth coming years. High growth is attributed to increasing prevalence of influenza and related chronic diseases. As per the Centers for Disease Control and Prevention (CDC), influenza causes 12,000 to 79,000 deaths annually in the U.S. Moreover, increasing awareness among the population about several diagnostic tests for the early detection and prevention of influenza will further augment market growth.
Growing research funding for influenza diagnostic tests is a major growth driver. For instance, Diassess Inc., a next generation infectious disease testing company received USD 21.9 million in government funding for developing its breakthrough flu diagnostic technology to use in physician’s offices and eventually in consumer’s home. Hence, increasing government initiatives for influenza diagnostic testing will propel market growth.
Browse key industry insights spread across 250 pages with 440 market data tables & 9 figures & charts from the report, “Influenza Diagnostic Tests Market Size By Influenza Type (Type A Flu, Type B Flu), By Test Type (Traditional Diagnostic Test {Rapid Influenza Diagnostic Test (RIDT), Direct Fluorescent Antibody Test (DFAT), Viral Culture, Serological Assay}, Molecular Diagnostic Assay {RT-PCR, Loop-mediated Isothermal Amplification-based Assay (LAMP), Nucleic Acid Sequence-based Amplification Test (NASBAT), Simple Amplification-based Assay (SAMBA)}), By Patient (Pediatric {0 to 4 years, 5 to 17 years}, Adult {18 to 49 years, 50 to 64 years, 65+ years}), By End-use (Hospitals, Diagnostics Centers, Research Laboratories) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/influenza-diagnostic-tests-market
However, presence of a stringent regulatory framework for the approval of new diagnostic tests and variability in specificity and sensitivity among influenza diagnostic tests will obstruct the growth of influenza diagnostics tests market. Moreover, increasing healthcare cost is another major growth restricting factor.
Influenza diagnostic tests in pediatric was valued at around USD 220.2 million in the year 2018. The rate of hospitalization in young children without any underlying health conditions are high in the influenza season that occurs during winter in the Northern hemisphere. Children with underlying health conditions are more susceptible to seasonal influenza. According to the Centers for Disease Control and Prevention, as of April 2019, total 186 pediatric deaths have been reported due to influenza. Hence, growing influenza prevalence in children will augment the market growth.
The hospital segment is expected to significant share of revenue and grow at 7.0% over the forecast period. Hospitals offer state-of-the-art facilities for appropriate influenza diagnostic tests at an affordable rate. Moreover, influenza testing is recommended for hospitalized patients with suspected influenza. Molecular diagnostic tests such as RT-PCR and Nucleic Acid Sequence-based Amplification (NASBA) tests are mostly performed in hospitals owing to availability of desired healthcare settings. Additionally, increasing preference of people for hospitals in developing economies over other medical facilities due to affordability will further augment market growth.
The U.S. influenza diagnostic tests market was valued at USD 287 million in 2018 and is expected to witness substantial growth over the forecast period owing to presence of well-developed healthcare infrastructure, skilled professionals and technological advancements. Furthermore, increasing prevalence of influenza in the U.S. will further propel market growth. Additionally, rising initiatives by the government to manufacture advanced technologies with the aim to deliver efficient results for influenza testing is another major reason to escalate market growth.
Some of the key industry players operating in influenza diagnostic tests market include Stryker Corporation, Arthrex Inc., Zimmer Biomet Holdings Inc., Smith & Nephew Plc, Wright Medical Technology Inc., Integra LifeSciences Holdings Corporation, Acumed LLC., Extremity Medical LLC., and Tornier N.V. Key strategies adopted by industry players include strategic collaborations, partnerships, mergers, and innovative product launch to expand their business product portfolio.
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