Kenneth Research, in its repository of market research reports, have recently added a report on Global Influenza Diagnostics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Influenza Diagnostics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Influenza Diagnostics Market is valued approximately at USD 646.5 million in 2019 and is anticipated to grow with a growth rate of more than 7.8% over the forecast period 2020-2026. Influenza is an infectious respiratory infection caused via flu viruses. Each year seasonal influenza affects millions of people leading thousands of hospitalizations and flu-related deaths. As per the World Health Organization report 2019, every year there are an estimated 1 billion cases Influenza, about 3-5 million severe cases of influenza, and 290 000-650 000 influenza-associated respiratory deaths worldwide. Influenza outbreaks have encouraged healthcare authorities across the world to upsurge the capacity of influenza diagnosis, which is further contributing towards the adoption of influenza diagnostics. Global influenza diagnostic market growth is mainly driven by aspects such as the growing incidence of influenza, growing in research funding for influenza diagnostics, and the growing demand for faster diagnosis. Furthermore, the increasing approvals of influenza diagnostic products by governing authorities is expected to create significant growth opportunity for the market over the forecast period. For instance, Abbott Laboratories received FDA clearance for ID NOW Influenza A & B 2 Assay product in 2018. Similarly, Quidel Corporation received FDA clearance for QuickVue Influenza A+B Test product. However, complex regulatory framework for the approval of new diagnostic tests impedes the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Influenza Diagnostics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to increasing prevalence of influenza and advanced healthcare facilities in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as developing healthcare infrastructure, increasing prevalence of diseases would create lucrative growth prospects for the Influenza Diagnostics market across Asia-Pacific region.
Major market player included in this report are:
F. Hoffmann-La Roche AG
Thermo Fisher Scientific
Becton, Dickinson, and Company
Meridian Bioscience Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Test type:
Traditional Diagnostic Tests
Molecular Diagnostic Tests
By End user:
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Influenza Diagnostics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
About Kenneth Research
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