Rapid Influenza Diagnostic Tests Market will touch $689 million by 2025
Research led by Global Market Insights, Inc., estimates that the rapid influenza diagnostic tests market might touch USD 689 million by the year 2025. The rapid influenza diagnostic test (RIDT) market is predicted to record noteworthy growth on account of the increasing occurrence of viral infections and infectious diseases across the world. These tests are usually used for treating and diagnosing highly infectious diseases spread through physical contact or airborne route.
RIDT offers various benefits like accurate diagnosis and detection of viral infections including flu. Surging cases of common & severe flu and viral infections could massively boost the demand for rapid influenza diagnostic test kits.
Increasing awareness regarding flu among elderly populations could enhance the RIDT market outlook. As per the Centers for Disease Control and Prevention (CDC), nearly 9.3 million to 49 million people in the US suffer from influenza each year. Seasonal viral infection and flu are named as one of the most common diseases among women and men across the nation. This could scale the demand for advanced diagnostic and treatment, in turn advancing the adoption of rapid influenza diagnostic test kits.
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Top 3 trends fostering the growth of rapid influenza diagnostic tests market through 2025
Mentioned below are some of the ongoing trends stimulating the demand for RIDT kits across the world:
Proliferating demand from Canada-
Canada is renowned for its exceptional healthcare facilities and is recognized for high hospitalization rate, which could massively benefit the regional RIDT industry. Estimates claim that the region is likely to expand at 7.3% throughout the predicted timeframe. As per the Infection Control and Prevention Canada, roughly 55,000 patients had influenza back in 2018. Given to this, the government is venturing a substantial amount of funds on spreading awareness regarding the diagnosis and treatment of influenza.
Promising opportunities across India-
Growing cases of influenza patients could play a crucial role in accelerating the demand for RIDT kits across India. Earlier in 2018, the region was valued at USD 15.1 million and is expected to observe exponential growth over the forthcoming years.
The National Centre for Biotechnology Information suggests that nearly 30,000 patients were diagnosed for influenza in 2015. Growing prevalence of influenza in India might positively impact the adoption rate of these test kits within the forecasted timeframe.
Adoption of lucrative business strategies-
Companies operating in the rapid influenza diagnostic tests market are undertaking several strategies like product development & innovation, strategic collaboration, and acquisition to expand their market and geographical reach.
Citing an instance, in 2020, Sekisui Diagnostics revealed that it has attained the US FDA 510(k) approval and CLIA Waiver for its OSOM® Ultra Plus Flu A&B Test, which uses traditional lateral flow solution to diagnose symptoms. Evidently, the test will enhance the performance of the company’s flu portfolio while allowing it to offer improved and accurate rapid influenza test kits.