The global market for influenza diagnostics is slated to expand at a promising pace in the next few years as the incidences of influence are rising at a massive pace on the globe front.
The global market for influenza diagnostics is slated to expand at a promising pace in the next few years as the incidences of influence are rising at a massive pace on the globe front. A common illness of the respiratory system, the condition is responsible for between 250,000 to 500,000 deaths across the globe every year. As the virulent spread of the condition creates increased concerns across the world, government bodies, medical organizations, and pharmaceutical companies are all focusing on the introduction of effective measures for the diagnosis and treatment of the condition.
In the next few years, the market will be driven by the increased efforts of governments across emerging economies put more focus on the development of healthcare infrastructures in general, increased awareness among the global population about available diagnostic methods, and rising expenditure on healthcare. The intense level of competition in the healthcare and pharmaceutical industries is also compelling companies to become more aggressive in the areas of research and development and the introduction of more effective, innovative interventions to attract new consumers. This trend could also prove to be important for the overall development of the global influenza diagnostics market.
Global Influenza Diagnostics Market: Overview
As the frequency of outbreaks of influenza increases globally, the global market for influenza diagnostics is likely to soar. Commonly known as flu, influenza is an illness of the respiratory system caused by viruses. According to the World Health Organization (WHO), influenza is responsible for 250,000 to 500,000 deaths worldwide, making it the second leading disease resulting in mortality, after acquired immune deficiency syndrome (AIDS).
Types of influenza include pandemic, avian, seasonal, and swine (variant) flu. Numerous tests aid in the diagnosis and treatment of influenza. Some of these available diagnostic tests are serology, viral culture, rapid molecular assays, reverse transcription polymerase chain reaction (RT-PCR), and immunofluorescence assays.
Global Influenza Diagnostics Market: Key Trends
The increasing incidence of various forms of influenza across the globe, growing investments in research and development, rising pediatric focus, and encouraging policies of the government are driving the global market for influenza diagnostics. As faster and more accurate diagnostic tests are increasingly sought after, a number of market players have undertaken the development of more efficient tests that give quicker results.
Conversely, stringent regulatory frameworks, delays in the approval process of new tests, and limited infrastructure (in developing nations in particular), might emerge as the key deterrents of the global market for influenza diagnostics. Nevertheless, technological advancement in the domain of influenza diagnostics can offer extensive opportunities for growth.
Global Influenza Diagnostics Market: Market Potential
As the virulent spread of influenza across numerous regions of the world has created concern across countries. Considering the spread of influenza governments, pharmaceutical companies, and medical organizations are striving to introduce effective diagnostics and medications. As of March 2017, 16 from North Carolina, 3 in Delaware, 7 in San Diego died of influenza. Almost 4,000 residents of Arizona suffered from influenza during February 2017. Likewise, in Malaysian state Perak around 273 school children were found to suffer from influenza-like illness during the same month.
Consequently, in March 2017, GlaxoSmithKline plc, a leading market player, announced its submission of an application to the FDA for obtaining approval to expand its label of an influenza vaccine, Fluarix Quadrivalent, for children aged six months and older. Presently, the vaccine is administered to patients aged three and above. It is an active immunization against type A and type B influenza viruses.
The fifth wave of H7N9 in China resulted in 1,223 cases, with 380 fatalities, according to the WHO. Consequently, growing concerns pertaining to the avian influenza led to the announcement of the development of two novel pandemic vaccines by Protein Sciences Corporation. The announcement was made following a request for the same by the Biomedical Advanced Research and Development Authority (BARDA), a division of the U.S. Department of Health and Human Services. The company boasts owning the single FDA approved technology for fast production of influenza vaccines.
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Global Influenza Diagnostics Market: Regional Outlook
Based on geography, the global market for influenza diagnostics can be segmented into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. As countries such as Australia, the U.S., Greece, China, Spain, India, and Malaysia have been witnessing outbreaks of influenza, the demand from these regions will mount up to a great degree.
The influenza diagnostics market in Asia Pacific is slated for significant growth over the forecast period, propelled by the increasing healthcare spending, favorable government initiatives, greater demand for cutting-edge diagnostics technologies, and expanding disposable incomes of the middle class populace in the region.
Global Influenza Diagnostics Market: Competitive Analysis
Some of the major companies operating in the global market for influenza diagnostics are Becton, Dickinson and Company, Luminex Corporation, Thermo Fisher Scientific, Alere Inc., GlaxoSmithKline plc, DiaSorin, Roche Diagnostics, SA Scientific, and Quidel Corporation.
Product development is a key business strategy of market players. For instance, Becton, Dickinson and Company recently announced FDA approval for its new digital immunoassay, BD Veritor™ System Flu A+B, which is able to rapidly detect influenza.
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