Wilmington, Delaware, United States,, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Rapidly increasing utilization of laboratory-based tests to diagnose respiratory syncytial virus (RSV) infection among people of all groups is propelling the Respiratory Syncytial Virus Diagnostic Testing Market. The surge in awareness about the health burden of acute respiratory infection due to respiratory syncytial virus is expected to broaden the commercialization scope of rapid antigen tests and molecular tests. The global respiratory syncytial virus diagnostic testing market is projected to expand at a CAGR of 8.8% from 2023 to 2031 to reach US$ 1.9 Bn by 2031.
Prominent healthcare companies are keen on developing a point-of-care test for the respiratory syncytial virus to tap into the unmet need for quick testing methods. Rapid antigen detection tests (RADTs) have gained popularity, as these are easy to use, provide quick results, and are suitable for point-of-care use. These companies strive to enhance the diagnostic accuracy of the currently available RADTs in order to gain a competitive edge in the respiratory syncytial virus diagnostic testing market. The adoption of rapid antigen detection tests is likely to increase in clinical laboratories.
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Key Findings of Study
- Demand for Tests in Independent Diagnostic Laboratories: In terms of end-user, the independent diagnostic laboratory segment is expected to account for leading market share during the forecast period. Independent diagnostic laboratories are equipped to provide specific tests to detect RSV infections. Demand for affordable tests with high diagnostic accuracy is expected to fuel business opportunities in the segment in the near future. These laboratories are adopting next-generation diagnostic tools and technologically advanced equipment to deliver quick results. An instance is the trend of independent diagnostic laboratories incorporating antigen detection tests.
- Surge in Demand for Kits and Assays to Bolster Market Size: Demand for kits and assays is increasing globally. Assays that are highly accurate and easy to use are expected to be widely adopted by patients to reduce the burden of RSV-related diseases. An example is popularity of highly accurate rapid molecular assays. The kits & assays segment is projected to hold dominant share of the global respiratory syncytial virus diagnostic testing market during the forecast period.
- Advancement in Antigen Detection Technology to Create Revenue: Rapid diagnosis of RSV in adults has catalyzed advancement in antigen detection technology. Rapid antigen detection test for respiratory syncytial virus is an important diagnostic tool used in early detection of infections. Clinical studies in the past few years have focused on enhancing the sensitivity of the antigen detection technology.
Key Drivers
- Rise in prevalence of respiratory syncytial virus infections and increase in burden on young children & adults are propelling demand for reliable and accurate diagnostic tests. Especially in children, RSV infections have led to high emergency department visits and hospitalizations in numerous countries.
- Increase in R&D activities has enabled companies in the industry to develop and launch kits and assays with significant diagnostic accuracy (that is, high sensitivity and specificity). Commercialization of these products is, therefore, likely to broaden the respiratory syncytial virus diagnostic testing market outlook.
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Regional Growth Dynamics
- North America is anticipated to account for the leading market share during the forecast period. Rapid adoption of advanced diagnostic tests (accuracy and quick results) is expected to augment market growth in the region. Europe is also a lucrative region. Considerable healthcare burden of respiratory syncytial virus infection in developed countries in Europe and North America is likely to bolster market size in these regions.
- The market in Asia Pacific is anticipated to grow at a rapid pace from 2023 to 2031. Increase in prevalence of RSV infections and rise in awareness about the morbidity of the disease in developing countries are likely to drive market growth. Companies in the global respiratory syncytial virus diagnostic testing industry are launching new tests to tap into the extensive product demand in Asia Pacific.
Competition Landscape
Key players are focusing on product innovation in order to consolidate their positions in the respiratory syncytial virus diagnostic testing market. Most companies are focusing on organic as well as inorganic growth strategies to expand customer base in the next few years.
Prominent players operating in the market are
- F. Hoffmann La Roche,
- Abbott,
- Thermo Fisher Scientific,
- QuidelOrtho,
- Hologic, Inc.,
- Luminex Corporation,
- Agilent,
- DiaSorin, and Becton Dickinson (BD).
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Respiratory Syncytial Virus Diagnostic Testing Market Segmentation
Test Type
- Antigen Diagnostic Test
- Molecular Diagnostic Test
- Direct Fluorescent Antibody Test
- Diagnostic Imaging
- Others
Products
- Kits and Assays
- Instruments/Devices
End-user
- Hospital-attached Laboratories
- Independent Diagnostic Laboratories
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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- Micro-RNA Market
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