May 12, 2021
According to the research report titled ‘Rapid Influenza Diagnostic Tests (RIDT) Market Size By Product, By Patient (Pediatric, Adult), By End-use (Hospitals, Diagnostics Centers, Research Laboratories) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, rapid influenza diagnostic tests market is estimated to cross USD 689 million by the year 2025.
Rising prevalence of viral and infectious diseases, coupled with ability of the product to precisely diagnose & detect flu and other infections are spurring the growth of global rapid influenza diagnostic tests (RIDT) market.
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Additionally, surge in geriatric population who are more susceptible to these infections due to weaken immunity is further stimulating the demand for rapid influenza diagnostic tests. However, strict regulatory guidelines for approval of new kits is hampering the market outlook.
Speaking of product terrain, RIDT for influenza A market segment was worth USD 352.5 million in 2018 and is poised to grow significantly over the analysis timeframe.
Based on patient class, rapid influenza diagnostic tests market share from pediatric segment is slated to grow with a CAGR of 7.5% through 2025. Influenza severely impacts the health of children, leading to frequent hospitalizations, hence cognizance of early diagnosis in pediatrics in boosting the demand for RIDT kits.
Considering the end-user scope, diagnostic centers segment in global rapid influenza diagnostic tests industry accounted for USD 171.5 million in 2018 and is slated to grow further, owing to patient preference for diagnostic centers for diagnosis as well as treatment of flues and infections. Also, available of specialized services and advanced infrastructure in these facilities will aid segmental growth.
From the regional point of view, rapid influenza diagnostic tests industry size in Canada is estimated to record a y-o-y growth rate of 7.3% through 2025, creditable to improved awareness regarding the infections, in tandem with increased spending on diagnosis & treatment of influenza.
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India market, on the other hand, was valued at USD 15.1 million in 2018 and is touted to record significant growth over 2019-2025, cites the report.