Market Highlights
The
latest report by Market Research Future (MRFR) states that the Respiratory
Syncytial Virus (RSV) market share is all set to gain substantial traction by
accruing gigantic revenues by 2023. In addition, it is on track to surge at a
CAGR of 10.7 % during the forecast period (2020–2030).
Market Drivers and Top Restraints
The
document named “Reducing Neonatal Mortality and Morbidity in Latin America And the
Caribbean, An Interagency Strategic Consensus” states that almost 400,000
children under the age of five die due to infections that could have been prevented.
This has attracted the focus of various health agencies that are striving to
get a hold of the issue. For instance, Latin American Center for Perinatology and
Pan America Health Organization (PAHO) have diverted their focus in the
direction of educating the parents to fight against possible infections,
promoting the growth of the RSV diagnostics market in the process.
The
rising incidence rate of respiratory infections has done wonders for the market
and is bound to surge at a significant rate in the coming years. with the
growth in the incidences of chronic diseases around the world, there is bound to
be an increase in the case of respiratory infections. This is going to have a
definite positive impact on the demand for testing of infectious diseases like RSV.
The deaths among neonates owing to these infections can be prevented when timely
diagnosis and subsequent treatment is provided. Thus, the growing awareness
regarding this factor is set to enhance the growth of the RSV diagnostics
market in the years ahead.
Key Vendors
Global
RSV diagnostics market players are Bio-Rad Laboratories Inc., Abbott, F.
Hoffman-La Roche Ltd., Danaher Corporation, Quest Diagnostics, Biocartis,
Luminex, Hologic, Fast Track Diagnostics, Biomerieux, Becton, Dickinson, and
Company (BD), Alere, Inc., Quidel Corporation, Thermo Fisher Scientific are
among some of the top most companies in the RSV diagnostics market.
Market Segmentation
The
global RSV
diagnostics market overview has been segmented based on product, method,
and end-user.
Depending
on the type of product, the market has been classified into kits and assays,
instruments, and other products.
Method-wise,
the global RSV diagnostics market has been considered for molecular
diagnostics, rapid antigen detection test, gel microdroplets, flow cytometry,
and others. Furthermore, the rapid antigen detection tests are sub-segmented
into enzyme-linked immunosorbent assays, immunofluorescence assays, and other
rapid antigen detection tests. The other type of rapid antigen detection tests can
be segmented into chromatographic immunoassays and optical immunoassays.
The
end-users mentioned in the report include hospitals and clinics, clinical
laboratories, home care, and others.
The Rising Number of OEMs to be the Key
Trend in the Global Market
The
growth in the number of original equipment manufacturers (OEMs) is on its way
to become a popular trend in the worldwide RSV diagnostics market in the near
future. OEMs like Thermo Fisher Scientific and Sekisui Diagnostics are one of
the leading manufacturers that offer RSV diagnostics.
There
has been a rise in the number of combination products like drug delivery and
smart devices, which is prompting the OEMs to work in conjunction with the contract
manufacturing organizations (CMOs), making way for a number of new companies to
gain entry into the market. As a result, there has been an increase in the product
range required for diagnosing RSV.
Regional Outlook
The
global RSV
diagnostics market report is segmented into the regional markets of the Americas,
Asia Pacific, Europe, as well as the Middle East & Africa.
The
Americas will be the most lucrative market for RSV diagnostics on account of
the rising incidences of RSV, growing healthcare expenditure and technological advancements
in molecular diagnostics. As per the Centers for Disease Control and
Prevention, over 57,000 children younger than five years old are hospitalized owing
to RSV infection every year, in the United States (U.S). In order to bring down
this abysmal number, various initiatives and programs are being introduced in
the region, which means that the market will be doing excellent business in the
region in the years to come.
Meanwhile,
Europe has landed the second spot in the global RSV diagnostics market, with
factors like increasing automation in vitro diagnostics, rising occurrence of
RSV diseases, and surging funding offered by the government backing the said
growth. Considering the current status of the region, the data furnished by the
University of Oxford states that more than 30,000 babies and children less than
five years of age are expected to be hospitalized every year owing to RSV.
The
RSV diagnostics market in Asia Pacific can be broken down into smaller markets
in the countries of India, Japan, China, Republic of Korea, Australia and the
rest of the region. The regional market is touted to be the fastest-growing globally
as a result of the rise in the infectious disease which includes the RSV
infection. Also, the increasing healthcare expenditure coupled with the surge
in the demand for RSV disease diagnosis has taken the market to higher levels
in the past few years. In addition, countries like India, China, and Japan are deemed
to be growing at the fastest rate in the region with the expanding healthcare
systems along with the growing government initiatives backing up these markets.
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