Growing cases of influenza and chronic disorders such as diabetes and cardiovascular diseases will fuel rapid influenza diagnostic tests (RIDT) market share in the coming years. As per the Centers for Disease Control and Prevention (CDC), total cases of deaths in the U.S. due to influenza ranges between 12,000 to 79,000 annually. Additionally, increasing awareness among people regarding various diagnostic tests in order to prevent influenza will further support the product penetration.
According to the World Health Organization (WHO), annual epidemics of influenza is likely to result in over 4 million cases of critical illness and more than 47,000 respiratory deaths globally. Rising number of people suffering from influenza will bolster rapid influenza diagnostic tests industry outlook over the forecasted period.
Technological advancements and innovations in the medical sector along with adequate awareness among the people regarding the treatment of chronic illnesses has steered the global RIDT market.
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Described below are some of the factors outlining rapid influenza diagnostic tests industry forecast over 2019-2025:
- Rising number of admissions in hospitals
In terms of end-use, rapid influenza diagnostic tests market is segmented into diagnostic centers, hospitals and research laboratories. Hospitals are one of the lucrative segments for RIDT due to the presence of advanced facilities coupled with the significant number of trained healthcare professionals to carry out the diagnostic tests.
Reportedly, rapid influenza diagnostic tests industry share from hospitals segment is estimated to grow at about 6.9% over the estimated period. Ease of use, simplified procedures, fast service and reliable results are important factors amplifying rapid influenza diagnostic tests market share from the hospital segment.
Widespread presence of hospitals along with financial benefits offered by health insurance companies is furthermore complementing the product demand.
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- Rising prevalence of pediatric disorders
Surging cases of hospitalization among the children without any underlying health complications is high during the influenza season. Additionally, pediatrics with underlying health conditions are extremely vulnerable to seasonal influenza. In 2018, rapid influenza diagnostic tests industry share from pediatrics segment was recorded at approximately USD 99.5 million.
According to Centers for Diseases Control and Prevention (CDC) in the U.S. a total of 186 child deaths were recorded due to influenza as of April 2019. Surging cases of influenza among children and the need to control its severity will positively influence RIDT industry outlook.
Established and upcoming pediatric care hospitals and clinics to cater to a fast growing population will provide a continuous target base for RIDT providers.
- Technological advancements in U.S. healthcare
Regionally, U.S. is expected to evolve as one of the most significant regional grounds for rapid influenza diagnostic tests market in the coming years. According to reports, in the year 2018, U.S. RIDT industry size was valued at USD 130.5 million.
Research and technological advancements in the field of influenza diagnostics along with the prevalence of state-of-the-art healthcare infrastructure and skilled healthcare professionals will bolster the industry. Moreover, initiatives undertaken by the government to enhance health education and increased manufacturing of advanced medical technologies will magnify rapid influenza diagnostic tests market forecast.
Eminent players comprising the industry’s competitive dynamics include SA Scientific, BD, CorisBioconcep and DiaSorin, among various others.