Respiratory Syncytial Virus Diagnostic Testing Market - Forecast(2024 - 2030)
Respiratory Syncytial Virus Diagnostic
Testing Market Overview
Respiratory Syncytial Virus Diagnostic Testing Market size was valued at $14.2 billion by 2020, and is anticipated to grow at a CAGR of 10.8% during the forecast period 2021-2026. The Respiratory Syncytial Virus Diagnostic Testing Industry growth rate is attributed to the increased RSV infection burden, increased demand for Point-of-Care(POC) molecular diagnostic tests to diagnose RSV infections, and increased approval of diagnostic kits and assays for RSV are anticipated to bring new opportunities. A virus that commonly causes infection of the lower respiratory tract is the Respiratory Syncytial Virus (RSV). Respiratory Syncytial Virus Diagnostics Market include direct fluorescent antibody (DFA) method, rapid antigen diagnostic test (RADTs), molecular diagnostics, chromatographic immunoassay, diagnostic imaging, gel microdroplets, flow cytometry, and others. In premature babies and children up to five years of age, RSV is an important cause of severe respiratory illness. Its symptoms can range from bronchiolitis and pneumonia to a mild cold-like illness. According to the U.S. Centre for Disease Control and Prevention (CDC), RSV is the common cause of bronchiolitis or pneumonia in the children under one year of age in the United States. Each year 75,000 to 125,000 children are hospitalized due to RSV infections. In addition, there is a growing need for fast, specific and sensitive diagnostic techniques as the clinical symptoms of RSV infections are indistinguishable from other respiratory infections. The current shortage of specific treatment options and the future development of RSV vaccines are the main constraints facing this market.
Respiratory Syncytial Virus Diagnostic Testing Market Report Coverage
The report: “Respiratory Syncytial Virus Diagnostic Testing Market Forecast (2021-2026)”,
by Industry ARC, covers an in-depth analysis of the following segments of the Fruit Pomace Utilisation Market:
By Product Type: Kits and Assays, Instruments and Others.
By Diagnostic Technology: Direct Fluorescent Antibody (DFA) Method,
Rapid Antigen Diagnostic Test (RADTS), Molecular Diagnostics, Chromatographic
Immunoassay, Diagnostic Imaging, Gel Micro-droplets, Flow Cytometry and Others.
By End Use: Hospitals and Clinics, Clinical Laboratories, Home Care
and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany,
UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, Australia
and Others), and RoW (Middle East, South America and Africa).
Key Takeaways
- North America dominated the Respiratory Syncytial Virus Diagnostic Testing Market with a share of 42.2% in the year 2020.
- The factors such as increasing incidence rate of respiratory infections; rising neonatal population base, increasing demand for in-vitro diagnostics, and increasing demand for point of care facilities are amongst the major factor projected to impel growth of Respiratory Syncytial Virus Diagnostic Testing Market.
- With rising incidences of chronic conditions worldwide, cases of respiratory infections are anticipated to increase is the key factors owing the growth in the segment during forecast period 2021-2026.
Respiratory Syncytial Virus Diagnostic Testing Market Segment Analysis - By Diagnostic Technology
On the basis of diagnostic technology, molecular
diagnostics segment held the highest segmental revenue share in 2020. This can
be attributed to the fact that high accuracy of molecular methods over other
methods. Furthermore, this method is a gold standard for RSV diagnosis, as it
is the most accurate method.
On the contrary, Rapid Antigen Diagnostic Test (RADT) segment is anticipated to witness significant growth along the forecast period 2021-2026 owing to advantages such as quick result time, elimination of ancillary testing, early diagnostic and implementation of treatment, and improving antibiotic stewardship. Moreover, this test detects infected patients early in the course of action, which leaves a positive impact on clinical decisions.
Respiratory Syncytial Virus Diagnostic Testing Market Segment Analysis - By End-Use
On
the basis of end-use, hospitals and clinics segment accounted for the largest
segmental revenue of the Respiratory Syncytial Virus Diagnostic Testing market
in 2020 as the occurrence of RSV infection is prominent in neonates and
infants, the treatment for these demographics has to be controlled with
round-the-clock monitoring. Hence there is high hospitalization in case of
RSV infection and is anticipated to stimulate market growth during the forecast
period 2021-2026.
However, home care is poised
to hold the highest growth rate with a CAGR of 10.9 %over the forecast period
2021-2026. This is owing to the facts that home healthcare is a cost-effective
alternative over the hospital stay. Moreover, the availability of adequate trained
staff for home healthcare is expected to support the growth of home healthcare
in the RSV diagnostics market.
Respiratory Syncytial Virus Diagnostic Testing Market Segment Analysis - By Geography
North America is the major region dominating the Respiratory
Syncytial Virus Diagnostic Testing market with a market share of 42.16% in the
year 2020. This can be attributed to the rising incidences of these infections
and an increasing infant population over the forecast period 2021-2026. In
order to produce companion diagnostics, increasing the number of strategic
partnerships between pharmaceutical majors and in vitro diagnostic
manufacturing companies are anticipated to make this a lucrative segment by
signaling tremendous potential that could also be responsible for fueling the
global RSV diagnostic testing market in the region.
However, Asia Pacific is projected to be the significant-growing
market during the forecast period 2021-2026 owing to the high population density and rapidly
increasing prevalence of infectious diseases. Strong demand for automated
healthcare testing for accurate and faster diagnosis of the diseases is poised
to boost the market growth in the region. China, India, Japan, and Malaysia are
expected to be the fastest-growing markets in the region due to the developing
healthcare systems and growing numbers of government initiatives. Furthermore, the rising
infant population is anticipated to propel the growth of the market.
Respiratory Syncytial Virus Diagnostic Testing Market Drivers
Increasing Burden of Respiratory Syncytial Virus (RSV) Infections
The RSV diagnostic testing market is poised to receive an upswing owing to rising
incidences of childhood pneumonia are also predicted to propel the demand for
RSV testing. According to statistics provided by the WHO, about 151.8 million
cases of childhood pneumonia were recorded in 2001 in developing countries such
as Latin America. It also estimated that about 1.9 million of these cases led
to death.
Respiratory Syncytial Virus Diagnostic Testing Market Challenges
COVID-19 Related Production and Supply Chain Disruptions
Despite several drivers, the
impacts of COVID-19 are fast-moving in the food processing industry in general
and in the RSV testing market in particular. This market is a linked network of
production of kits, assays, instruments, and others. The domino effect of the
global pandemic's factory closures and logistical delays reveal the fragility of
access to RSV diagnostic products which in turn is poised to impact the revenue
growth in 2020.
Respiratory Syncytial Virus Diagnostic Testing Industry Outlook
Product launches, mergers, and acquisitions,
joint ventures and geographical expansions are key strategies adopted by players
in the Respiratory Syncytial Virus Diagnostic Testing Market. In 2020, Respiratory
Syncytial Virus Diagnostic Testing Market share is fragmented by the top ten players
present in the market. Respiratory Syncytial Virus Diagnostic Testing Market top
10 companies are F. Hoffmann La-Roche AG , Becton, Dickinson and Company,
Novartis AG, Abbott Laboratories, Ortho Clinical Diagnostics, Thermo Fisher
Scientific Inc., Bio-Rad Laboratories Inc., BioMerieux, DiaSorin SPA,
Millipore-sigma, Quidel Corporation, Alere Inc., Coris BoConcept, Fast-track Diagnostics
and others.
Acquisitions/Product Launches
- In May 2019, QIAGEN N.V. received 510 (k) clearance from the US Food and Drug Administration (FDA) for its QIAstat-Dx syndromic testing system.
Relevant Reports:
Respiratory Disease Testing/Diagnostics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 – 2025.
https://www.industryarc.com/Research/Respiratory-Disease-Testing-Diagnostics-Market-Research-503770
Respiratory Devices
Market - Forecast(2021 - 2026)
https://www.industryarc.com/Report/16227/respiratory-devices-market.html
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