New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, "Respiratory Syncytial Virus Market is Segmented by Product (Kits and Reagents, Instruments, and Others), Method (Molecular Diagnostics, Rapid Antigen Detection Tests, Immunoassays, Flow Cytometry, Chromatography), End User (Hospitals and Clinics, Clinical Laboratories, and Others) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) - Global Outlook & Forecast 2023-2030" published by Delvens, the global respiratory syncytial virus market size was estimated at USD 1.05 billion in 2023 and is projected to reach USD 2.2 billion in 2030 at a CAGR of 10.4% during the forecast period 2023-2030.
The Respiratory Syncytial Virus Market research report offers valuable proposals for new development that help organizations optimize their revenue structure and operations. Furthermore, the report also emphasized the issues that influence the global Respiratory Syncytial Virus Market including cost, market share, import, capacity utilization, gross margin, and supply. Moreover, the report also highlights the future scope of the global market for the upcoming period.
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The respiratory virus known as respiratory syncytial virus (RSV) attacks the lungs and bronchioles. The majority of children become unwell from it by the age of two, making it one of the prevalent causes of childhood disease. Adults can also contract RSV. Pneumonia and bronchitis are among the more serious RSV infections. One of the main drivers of market expansion is the rising sickness rate.
Modern technologies like bio- and nanotechnology are helping to develop current RSV detection procedures including the western blot, enzyme-linked immunosorbent test (ELISA), direct immunofluorescence, and real-time polymerase chain reaction (PCR). In addition, government organizations from many nations provide funding for R&D initiatives to create novel treatments. An increase in the number of clinical vaccination studies, an increase in the need for in-vitro diagnostics, an increase in the prevalence of pediatric pneumonia, and an increase in the usage of molecular diagnostics are other factors anticipated to propel the market.
When infants under two years of age experience severe respiratory symptoms, RSV infection is more risky. One of the major drivers propelling market expansion is this, together with parents' increasing attention on providing for the medical needs of their children. Moreover, variables that promote development include the high survival rates following early diagnosis and the accessibility to diagnostic tools. In addition, expanding healthcare infrastructure and favorable newborn hospital reimbursement policies are propelling market expansion.
The prominent players in the Respiratory Syncytial Virus Market are
BIOMERIEUX
Abbott
F. Hoffman La. Roche Ltd
Danaher
Thermo Fisher Scientific Inc.
Luminex Corporation
BioCartis, Hologic, Inc.
Fast Track Diagnostics Luxembourg S.à r.l.
Beckman Coulter Inc.
Ortho-Clinical Diagnostics
Bio-Rad Laboratories Inc.
DiaSorin S.p.A.
Becton, Dickinson and Company
AbbVie, Inc.
AstraZeneca PLC
Atea Pharmaceuticals
Bausch Health Companies Inc.
Celltrion Inc.
Enanta Pharmaceuticals, Inc
In April 2022, Allplex RV Master Assay acquired the European CE-IVD certification and clearance from Australia's Therapeutic Goods Administration, according to a release from Seegene Inc. in April 2022. It can discriminate between two kinds of respiratory syncytial viruses and 21 targets for 19 distinct respiratory viruses.
In March 2022, SARS-CoV-2, influenza A and B, respiratory syncytial virus, and Pandemic Response Lab (PRL), a wholly-owned subsidiary of Opentrons Labworks Inc., introduced a condensed respiratory panel in March 2022. (RSV).
Scope of the Report:
Based on medication type, Synagis held the greatest market share of more than 32% in the global market. A medication called Synagis is used to prevent the severe respiratory syncytial virus in vulnerable children and newborns. Furthermore, throughout the course of the projection period, Virazole is anticipated to see the quickest rate of growth. In the worldwide RSV market, the injectable dosage form category has the biggest market share. Also, during the evaluation period, the oral section is anticipated to increase at the quickest rate.
Throughout the projected period, the category with the strongest growth is anticipated to be antiviral medications. The sector growth is anticipated to be supported by the rising hospitalization rate for RSV as a result of the rising illness prevalence. Based on distribution channel, the hospital pharmacies category has the largest market share globally. Hospital pharmacies are the ideal distribution route since all sorts of pharmaceuticals are easily accessible there.
Throughout the study period, it is anticipated that the increasing product releases, research studies examining the advantages of quick antigen testing over other techniques, and significant government and industry-level initiatives will all contribute to the segment's growth. According to a study published in February 2022 titled "Performance Assessment of a Rapid Molecular Respiratory Syncytial Virus Point-of-Care Test: A Prospective Community Study in Older Adults," the positive percentage agreement of the rapid antigen test Xpert Xpress Flu/RSV compared to standard RT-PCR is high for RSV detection in older people who live at home. At the point of care, the assay is quick and simple to use. These Tremendous benefits will fuel the market's expansion.
The respiratory syncytial virus (RSV) diagnostic market is dominated by North America due to the rise in RSV infections. In the projected period of 2023 to 2030, Asia-Pacific is anticipated to develop at the fastest rate due to rising population densities and an increase in the prevalence of infectious illnesses. Additionally, the respiratory syncytial virus (RSV) diagnostic market is anticipated to rise in the approaching years due to the region's developing healthcare systems and expanding number of government initiatives.
North America to Dominate the Market
The respiratory syncytial virus (RSV) diagnostic market is dominated by North America due to the rise in RSV infections. Also, the region's rising infant mortality rate and expanding number of key alliances.
The respiratory syncytial virus (RSV) diagnostic market will be driven by the region's expanding newborn population as well as the rising number of strategic alliances between pharmaceutical giants and in vitro diagnostic manufacturing firms over the course of the forecast period.
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Respiratory Syncytial Virus Market Table of Contents:
The Respiratory Syncytial Virus Market is segmented into various segments such as Product, Method, End User, Drug type, Dosage Form, Distribution channel, and region:
Based on Product, the respiratory syncytial virus market is segmented into:
Kits and Assays
Instruments
Others
Based on the Method, the respiratory syncytial virus market is segmented into:
Molecular Diagnostics
Rapid Antigen Detection Tests
Immunoassays
Flow Cytometry
Chromatography
Others
Based on the End User, the respiratory syncytial virus market is segmented into:
Hospitals and Clinics
Clinical Laboratories
Others
Based on Drug type, the respiratory syncytial virus market is segmented into:
Ribavirin
Synagis
Virazole
Palivizumab
Riba Tab
Others
Based on Dosage Form, the respiratory syncytial virus market is segmented into:
Oral
Injectable
Inhaler
Other
Based on Distribution Channel, the respiratory syncytial virus market is segmented into:
Hospital pharmacies
Drug Stores
Retail pharmacies
Clinics
Based on region, the respiratory syncytial virus market is segmented into:
Asia Pacific
Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle East & Africa
South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa
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Frequently Asked Questions (FAQs):
What are the years considered to study Respiratory Syncytial Virus Market?
The Respiratory Syncytial Virus Market is studied from 2023-2030.
What is the compound annual growth rate (CAGR) of the Respiratory Syncytial Virus Market?
The Respiratory Syncytial Virus Market is growing at a CAGR of 10. 4% during the forecast period.
Which region holds the largest market share in Respiratory Syncytial Virus Market?
North America holds the highest share in 2022.
Which region is the fastest growing in Respiratory Syncytial Virus Market?
Asia-Pacific region is the fastest growing region in 2022.
Who are the major players in Respiratory Syncytial Virus Market?
BIOMERIEUX; BD; Abbott; F. Hoffman La. Roche Ltd; Danaher; Thermo Fisher Scientific Inc.; Luminex Corporation; BioCartis, Hologic, Inc.; Fast Track Diagnostics Luxembourg S.à r.l.; Beckman Coulter Inc.; Ortho-Clinical Diagnostics; Bio-Rad Laboratories Inc.; DiaSorin S.p.A.; Becton, Dickinson and Company; AbbVie, Inc.; AstraZeneca PLC; Atea Pharmaceuticals; Bausch Health Companies Inc.; Celltrion Inc.; Enanta Pharmaceuticals, Inc; F. Hoffmann-La Roche AG are the major players in Respiratory Syncytial Virus Market.
The Respiratory Syncytial Virus Market study report provides an inclusive breakdown of the Respiratory Syncytial Virus Market size across the world as regional and nation level market size evaluation, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales examination of the financiers. Along with that, the report clarifies the foremost challenges and risks to face in the forecast period. This Respiratory Syncytial Virus Market research report gives a helpful view regarding the economic outlook of the international market. It comprises detailed picture of the segment demonstration of the key universal players working in the market. The research analysis also prepares historical record with profits expectations during the estimate period and, the business producing of the prominent industrialists are also underlined with methodological records in the report.
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