Dublin, Oct. 24, 2022 (GLOBE NEWSWIRE) -- The "Infectious Respiratory Disease Diagnostics Market Size, Share & Trends Analysis by Product Type (Instruments, Services), by Sample Type (Blood, NPS), by Application, by Technology, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global infectious respiratory disease diagnostics market size is expected to reach USD 43.6 billion by 2030, registering a CAGR of -1.8%
The decline in market size is majorly attributed to the decline in COVID-19 testing. However, the market without the impact of COVID-19 is expected to grow over the forecast years.
The growth can be attributed to an increase in the prevalence of infectious respiratory diseases and initiatives taken by governments & nonprofit organizations to introduce novel & innovative products to address the increasing demand. For instance, the global investment in tuberculosis R&D reached USD 915 million, and around USD 401 million was spent by the U.S. government on TB research in 2020.
During the forecast period, the global industry is expected to be driven by the rising incidence of infectious respiratory disorders, such as tuberculosis, RSV, and influenza. According to the UN, pneumonia affects around 4.2 million people every year. Key players are developing innovative techniques to improve production for meeting the growing demand in diagnostics and consumables for the diagnosis of infectious diseases.
For instance, OPT Industries Inc. has introduced InstaSwab by utilizing the 3D printing system to address supply shortages of sample collection kits due to the COVID-19 pandemic. These swabs are made of woven lattices to absorb and release more fluid than conventional swabs. Companies are advancing their diagnosis products by using new techniques to gain target-specific and accurate results.
Canon Inc. announced the development of a built-in AEC assistance for digital X-rays in March 2021. The X-ray image sensor enables users to perform picture production and real-time detection of images corresponding to emitted X-rays. Furthermore, in May 2021, the University of California developed an ultrasensitive molecular test to identify the presence of SARS-CoV-2 and influenza A antigens using chip technology.
In addition, companies are also launching multiplex tests for the simultaneous diagnosis of RSV, influenza, and COVID-19 respiratory diseases. RT-PCR tests are considered the gold standard for the diagnosis of COVID-19 in patients. However, high prices associated with molecular tests are one of the major factors impeding this market.
The lack of comparable products is another reason for hiked prices. This problem is further compounded by the significant variations in prices for different applications of each molecular diagnostic product. Companies are adopting strategies, such as new product launches and partnerships, to increase the penetration of infectious respiratory disease diagnostics products.
For instance, in August 2021, Thermo Fisher Scientific Inc. received EUA for the introduction of two COVID-19 diagnostic products, TaqPath COVID-19 RNase P Combo Kit and TaqPath COVID-19 Fast PCR Combo Kit, in the U.S. market.
Infectious Respiratory Disease Diagnostics Market Report Highlights
- In 2021, the consumables segment accounted for the largest revenue share and is anticipated to maintain its dominance over the forecast period owing to high testing rates for the diagnosis of COVID-19 and the commercialization of multiple assays in recent years
- Molecular diagnostics accounted for the highest revenue share in 2021, owing to the increasing use of PCR technology for COVID-19 diagnosis
- The nasopharyngeal swabs sample type segment accounted for the highest revenue share in 2021 owing to high usage in COVID-19 diagnosis
- The COVID-19 application segment led the industry in 2021 due to factors, such as high incidence rate, increasing product approvals, and high R&D initiatives for launching innovative products
- Tuberculosis is expected to exhibit the fastest CAGR over the forecast period owing to increasing government focus and R&D funding for the development of diagnostics
- Asia Pacific is expected to experience the fastest growth over the forecast period owing to an increase in penetration of IVD products, rise in disposable income, and high prevalence of tuberculosis in underdeveloped countries
Company Profiles
- Abbott
- Thermo Fisher Scientific, Inc.
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Biomerieux Sa
- Bio-Rad Laboratories, Inc.
- Quidel Corporation
- Cepheid (Danaher)
- Qiagen
- Siemens Healthcare Gmbh
Infectious Respiratory Disease Diagnostics Market Variables, Trends, and Scope
Market Driver analysis
- High Prevalence Of Infectious Respiratory Diseases Globally
- Technological Advancement In Respiratory Disease Testing
- Rising R&D Investments In Respiratory Disease Testing
Market Restraint Analysis
- High Prices Of Diagnostic Products
- Presence Of Ambiguous Regulatory Framework
Market Opportunity Analysis
- Increasing Adoption Of Self-Testing Products And Point-Of-Care Products
- Increasing Focus On Introducing Multiplex Pcr
Covid Impact Analysis
SWOT Analysis, By Factor (Political & Legal, Economic, and Technological)
Industry Analysis - Porter's
Multiplex testing in infectious respiratory disease testing, market opportunity
For more information about this report visit https://www.researchandmarkets.com/r/tgfudh
