Global Rapid Influenza Diagnostic Tests (RIDTs) Market, By Product (RIDT for Influenza A, RIDT for Influenza B), Patient (Pediatric, Adult), End-use (Hospitals, Diagnostics Centers, Research Laboratories), Type (Digital RIDTs, Conventional RIDT) – Industry Trends and Forecast to 2029
Rapid Influenza Diagnostic Tests (RIDTs) Market Analysis and Size
According to the World Health Organization (WHO) studies, seasonal influenza result in around 3 - 5 million cases of severe illness across the globe every year. Rapid influenza diagnostic tests (RIDT) market was valued at around USD 1 billion in 2021. Growing adoption of novel influenza diagnostic techniques and the launch of innovative rapid influenza tests by major market players are creating lucrative opportunities for the market.
Data Bridge Market Research analyses that the rapid influenza diagnostic tests (RIDTs) market which was USD 1 billion in 2021, would rocket up to USD 1.51 million by 2029, and is expected to undergo a CAGR of 5.25% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Rapid Influenza Diagnostic Tests (RIDTs) Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (RIDT for Influenza A, RIDT for Influenza B), Patient (Pediatric, Adult), End-use (Hospitals, Diagnostics Centers, Research Laboratories), Type (Digital RIDTs, Conventional RIDT)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Siemens (Germany), Hologic, Inc. (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Abbott (U.S.), BD (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), NeuroLogica Corp. (U.S.), Shimadzu Medical (India) pvt. Ltd. (Japan), GENERAL ELECTRIC (U.S.), Quest Diagnostics Incorporated (U.S.), Sysmex India Pvt. Ltd. (Japan), Hitachi, Ltd. (Japan), Canon Inc. (Japan), FUJIFILM Holdings Corporation (U.K.)
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Market Opportunities
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Market Definition
Rapid diagnostic testing for influenza is a molecular assay that operates more rapidly than usual and provides high accuracy, high sensitivity, and high specificity. The simplicity of use, speed of results, high accuracy, and specificity of the results all contribute to the continued reliability of RIDT as a tool for influenza diagnostics, which explains the rise in its use in clinical decision-making for diagnosis and treatment. In the near future, a sizable number of diagnostic centres and laboratory testing units will also register substantial uptake, while hospitals are anticipated to remain the main client segment.
Rapid Influenza Diagnostic Tests (RIDTs) Market Dynamics
Drivers
- Rise in chronic diseases
In the forecast period of 2022–2029, a number of factors are expected to contribute to the growth of the market for rapid influenza diagnostic tests (RIDTs), including the increasing number of government initiatives taken to combat influenza outbreaks, the growing geriatric population worldwide, the advancement of advanced technology, and the rise in cardiovascular diseases and diabetes. The market for rapid influenza diagnostic tests (RIDTs) will expand over the aforementioned projected period as a result of increasing healthcare spending, rising research and development, and a number of other favourable factors.
- Rise in prevalence of influenza
The global market for rapid influenza diagnostic tests (RIDT) is anticipated to grow as influenza prevalence rises. The centers for disease control and prevention (CDC) predicts that influenza causes somewhere between 12,000 and 79,000 fatalities annually in the United States. The market is also anticipated to develop throughout the forecast period as awareness of the value of early identification and prevention of diseases like influenza increases.
Opportunities
- Increase in the number of research and development activities
It is anticipated that increasing R&D spending will boost the global adoption rates of these diagnostic tests by providing technologically sophisticated solutions to identify influenza. The widespread use of quick influenza diagnostic testing and the rising influenza prevalence will drive the market revenue for these tests in the upcoming years.
Restraints/Challenges
- Unskilled professionals
On the other hand, the lack of skilled and professional personal along with unstable regulatory framework of new diagnostic test approval will obstruct the market's growth rate. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the market.
- Modern infrastructure in low-resource settings
However, the adoption of influenza testing in developing nations like India, China, and Mexico among others is hampered by the absence of skilled specialists and modern infrastructure in low-resource settings such as distant places, rural areas, and urban slums. Due to a lack of transportation and communication, access to high-quality healthcare is challenging to maintain in isolated and rural locations.
This rapid influenza diagnostic tests (RIDTs) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the rapid influenza diagnostic tests (RIDTs) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Rapid Influenza Diagnostic Tests (RIDTs) Market
Recently, the problem has become more urgent due to the COVID-19 epidemic. Flu testing has increased dramatically across the US. Patients continue to report mixing up the flu with COVID-19 since both of these first symptoms are similar. However, the two viruses' sequential intervals and related fatality rates are different. Rapid influenza diagnostic testing has increased along with COVID-19 tests due to the epidemic.
Recent Development
- In April 2021, The acquisition of Luminex Corporation, a business involved in the development of diagnostic tools for infectious diseases, was announced by DiaSorin SpA. This acquisition aimed to increase the diagnostic goods available in the United States, including those for the diagnosis of influenza. This tactical choice helped the business grow its clientele and strengthen its position in the market.
Global Rapid Influenza Diagnostic Tests (RIDTs) Market Scope
The rapid influenza diagnostic tests (RIDTs) market is segmented on the basis of product, patient, type and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- RIDT for Influenza A
- RIDT for Influenza B
Patient
- Pediatric
- Adult
End-use
- Hospitals
- Diagnostics Centers
- Research Laboratories
Type
- Digital RIDTs
- Conventional RIDT
Rapid Influenza Diagnostic Tests (RIDTs) Market Regional Analysis/Insights
The rapid influenza diagnostic tests (RIDTs) market is analysed and market size insights and trends are provided by country, product, patient, type and end use as referenced above.
The countries covered in the rapid influenza diagnostic tests (RIDTs) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the rapid influenza diagnostic tests (RIDTs) market due to the high occurrences of influenza, rising hospitalisation, and growing patient population.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the growing geriatric population, rising health awareness among the people, and rising healthcare expenditure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The rapid influenza diagnostic tests (RIDTs) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for rapid influenza diagnostic tests (RIDTs) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the rapid influenza diagnostic tests (RIDTs) market. The data is available for historic period 2010-2020.
Competitive Landscape and Rapid Influenza Diagnostic Tests (RIDTs) Market Share Analysis
The rapid influenza diagnostic tests (RIDTs) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to rapid influenza diagnostic tests (RIDTs) market.
Some of the major players operating in the rapid influenza diagnostic tests (RIDTs) market are:
- Siemens (Germany)
- Hologic, Inc. (U.S.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- Abbott (U.S.)
- BD (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- NeuroLogica Corp.(U.S.)
- Shimadzu Medical (India) pvt. Ltd. (Japan)
- GENERAL ELECTRIC (U.S.)
- Quest Diagnostics Incorporated (U.S.)
- Sysmex India Pvt. Ltd. (Japan)
- Hitachi, Ltd. (Japan)
- Canon Inc. (Japan)
- FUJIFILM Holdings Corporation (U.K.)
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