Fact.MR’s latest study examines key trends prevalent across the viral disease diagnosis market. It classifies the market in terms of product type, virus, and end use.
Viral Disease Diagnosis Demand to Surge at 8% CAGR amidst Rising Cases of COVID-19 Globally
Fact.MR’s latest study examines key trends prevalent across the viral disease diagnosis market. It classifies the market in terms of product type, virus, and end use. The report is intended at presenting an overview of drivers, restrains, and opportunities expected to affect the growth trajectory of the market through 2031.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per the latest research conducted by the Fact.MR, the global viral disease diagnosis market is projected to exhibit healthy growth, surging at a CAGR of 8% during the forecast period between 2021 and 2031.
Successive outbreaks of various contagious viruses such as Ebola, Influenza A & Influenza B, Hantavirus, Chikungunya, and SARS-CoV virus among others globally have fuelled the demand for viral disease diagnosis.
According to a study by the World Health Organization (WHO), approximately 229,858,719 people across the world were diagnosed with COVID-19, which caused around 4,713,543 deaths as of September 2021. Timely diagnosis has therefore become indispensable to counter to spread of COVID-19. This has in turn fuelled the demand for viral disease diagnosis around the world.
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Regulatory bodies are increasingly examining the effectiveness of novel diagnostic products and authorizing the product use to contain viral diseases. For instance, the U.S. Food and Drug Administration (FDA) provided Emergency Use Authorization (EUA) for rapid diagnosis of COVID-19, Sofia 2 SARS Antigen FIA to Quidel Corporation, a diagnostic healthcare company, in May 2020. These advancements are expected to drive the growth of the market through the forecast period.
North America is projected to emerge as the most remunerative region in the global landscape. Growth in the region will be driven by the large presence of leading market players and the high prevalence of viral diseases in the countries such as the U.S. and Canada.
“Leading players are emphasizing on launching disease-specific diagnostic kits such as influenza A/B combo testing kit using new techniques like microarray to provide improved accuracy for large-scale sample diagnosis,” says a Fact.MR analyst.
Key Takeaways from the Viral Disease Diagnosis Market Survey
- The U.S. is anticipated to account for the dominant share in the North America market, driven by the presence of favorable reimbursement policies.
- The market for viral disease diagnosis in the U.K. is expected to register steady growth, favored by high awareness regarding early diagnosis of chronic ailments and availability of favorable medical reimbursement policies.
- China is projected to lead the Asia Pacific market due to the high prevalence of viral diseases such as Chikungunya, Influenza, and coronavirus in the country.
- Favored by increasing investment in the development of advanced medical healthcare infrastructure, India is expected to emerge as a highly attractive market in Asia Pacific through 2031.
- In terms of end use, hospitals are predicted to account for a significant share in the market, driven by the availability of advanced medical infrastructure and a high number of patients’ visits.
Key Drivers
- Rising prevalence of viral diseases such as Influenza A & B, Ebola, Chikungunya, and others across North America, Latin America, and Asia Pacific is fuelling the demand for viral disease diagnosis.
- Increasing healthcare expenditure and investment towards improving access to advanced healthcare facilities, especially in emerging economies will present a conducive environment for the growth of the market.
Key Restraints
- High cost of viral disease diagnosis such as molecular techniques and viral isolation is affecting the sales across cost-sensitive countries such as India and Brazil.
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Competitive Landscape
Leading players operating in the viral disease diagnosis market are focusing of launching new products and receiving product approvals to expand their market share. Besides this, some of the companies are engaging in collaborations, agreement, merger, and acquisition with other players to increasing their revenue share. For instance,
- In May 2020, ACON Laboratories, a medical diagnostic Manufacturer based in the U.S., announced introducing its new product, Point-of-care SARS-COV-2 IgG/IgM Rapid Test for the identification of IgG and IgM antibodies related to COVID-19.
- In March 2020, Abbott, a multinational medical devices and health care company headquartered in the U.S., announced launching a new diagnostic product, the ID NOW COVID-19 test for rapid assessment of the virus in the U.S.
Some of the leading players in the market profiled by Fact.MR are:
- Thermo Fisher Scientific
- Adaltis S.r.l
- R-Biopharm AG
- Siemens Healthcare Private Limited
- Toronto Bioscience
- Merck KGaA
- Abbott Laboratories
- BioMérieux SA
- Cepheid
- Epitope Diagnostics Inc.
- F. Hoffmann-La Roche Ltd
- Elabscience Biotechnology Inc.
- Mylab Discovery Solutions Pvt. Ltd.
- Altona Diagnostics GmbH
- TIB Molbiol
- Luminex Corporation
- Becton
- Dickinson and Company.
More Valuable Insights on Viral Disease Diagnosis Market
Fact.MR, in its new report, offers an unbiased analysis of the global viral disease diagnosis market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in viral disease diagnosis market with detailed segmentation:
- By Product Type
- Direct specimen examination
- Viral isolation
- Molecular techniques
- Microarray technique
- Serodiagnostic kits
- By End-Use
- Homecare
- Diagnostic Centers
- Nursing homes
- Hospitals
- Clinics
- Laboratories
- By Virus
- HIV infection
- SARS-CoV
- Influenza viruses
- hepatitis C virus
- hepatitis B virus
- hepatitis A virus
- Influenza A and Influenza B viruses
- By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
Key Questions Covered in the Viral Disease Diagnosis Market Report
- The market survey also highlights projected sales growth of the viral disease diagnosis market between 2021 and 2031
- The report offers insight into viral disease diagnosis demand outlook for 2021-2031
- Viral disease diagnosis market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Viral disease diagnosis market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Rapid Medical Diagnostic Kits Market- Infectious disease incidence has been steadily increasing over the last few decades, driving up demand for rapid medical diagnostic kits around the world. The need to detect novel pathogens that cause diseases is propelling the market forward. The low cost of rapid medical diagnostic kits is propelling market growth. Blood glucose testing is in high demand, and it has been growing at the quickest rate of all types of tests across all geographies. Technology advancements and strategic alliances by key market players have paved the way for rapid medical diagnostic kit innovations.
Viral Antigens Market- The use of viral antigens in vaccine development by clinicians and researchers has been rapidly growing. The vaccine development research is being driven by advancements in image analysis software and informatics platforms for viral antigen identification, which is projected to fuel the viral antigens market expansion. ELISAs are frequently used as a reliable method for detecting and diagnosing viral infection. The adoption of ELISA for detecting viral antigens is projected to contribute significantly to the bottom lines of stakeholders.
Influenza A/B Combo Testing Market- The tremendous burden of a viral pandemic is driving the expansion of the global Influenza A/B combo testing market, resulting in a surge in demand for Influenza A/B combo testing. Influenza A/B combo testing accuracy, sensitivity, and advance diagnosis are always being improved by research and healthcare infrastructure. The market is being fueled further by increased awareness of the pandemic and early detection, as well as the government’s proactive aids and programming. The leading players are concentrating their efforts on developing novel Influenza A/B combo testing kits that are quick to diagnose large-scale samples.
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Source: Fact.MR