Rising burden of RSV Infections, growing demand of PoC molecular diagnostic tests for the diagnosis of RSV infections, increasing approval of RSV diagnostic kits and assays, increasing incidences of childhood pneumonia, increase chances of RSV infection due to crowded population and unhygienic environment are key factors contributing to high CAGR of Respiratory Syncytial Virus Diagnostic during forecast period.
According to the current analysis of Reports and Data, the global Respiratory Syncytial Virus Diagnostic market was valued at USD 12.21 billion in 2018 and is expected to reach USD 21.48 billion by year 2026, at a CAGR of 7.3 %. The study discusses the increased adoption of the diagnosis of respiratory syncytial virus, due to the significant increase in the number of RSV infections, with the increasing demand for molecular diagnostic tests for PoC for the diagnosis of infections. Demand for Respiratory Syncytial Virus Diagnostic is fueled by increase in demand of minimal to completely invasive testing technique, and increasing approval of RSV kits and diagnostic tests. Unpredicted climate changes as well as polluted climate has increased the incidences of pulmonary diseases such as pneumonia, bronchiolitis etc. These factors are expected to stimulate market demand for infectious disease testing such as Respiratory Syncytial Virus Diagnostic. A wide range of diagnostic tests for Respiratory Syncytial Virus are available, including molecular diagnostic tests, viral culture tests, rapid tests, serological tests and rapid immunological tests. Various players are majorly focused on combining these technologies and rapid immunoassays to develop the best approach to diagnose RSV infections. It is also anticipated that the increasing incidence of pneumonia in children will stimulate the demand for RSV testing.
The most commonly used mechanism for the molecular diagnosis of RSV is the reverse transcriptase polymerase chain reaction (RT-PCR) and the multiplexed nucleic acid amplification. The RSV market is expected to grow profitably, as home health care is a cost-effective alternative while in hospital. The availability of qualified and skilled home care staff should support the growth of home care in the RSV diagnostic market. To prevent increasing number of RSV infections, organizations such as WHO, CDC, PAHO and the Healthy Newborn Network are working to educate parents about possible disorders and their diagnostic procedures. Suppliers are developing new RSV diagnostic products with greater efficiency. These launches will contribute to business income, which will boost the market. These advanced product launches will make products accessible to end-users and reduce the time needed for diagnosis. However, shortage of specific treatments and lack of awareness is expected to hinder the market growth.
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Further key findings from the report suggest
- Immunoassay type of diagnostic technology is expected to grow at the highest CAGR of 7.8% and accounted 29.3% of the global market share in 2018
- Home care end use is expected to achieve great growth in the market as the facility provide convenience and reduces the visiting fees to the hospital
- According to statistics provided by WHO, about 120 million cases of pneumonia in children are expected to be diagnosed every year among that around 10% faces severe stage of childhood pneumonia.
- According to the global population indicator, more than 88 billion births were reported in 2015, or about 250 births per minute. Of these, more than 2.8 million babies die in the first month due to infection and lack of detection of babies in such conditions.
- According to the article published in the Journal of Pediatrics, each of the three cases of lower respiratory infection is caused by RSV, which generates an incidence rate of infection of about 30.0% in the Columbia region.
- North America dominated the respiratory syncytial virus diagnosis market in 2018 accounted for 43.4% of the global respiratory syncytial virus market, due to the increasing incidence of respiratory infections and increased infant population during the prognosis period.
- The diagnostic market for Respiratory Syncytial Respiratory Virus in Asia-Pacific is expected to experience the most substantial growth over the forecast period due to the high density population and the rapid rise in the prevalence of infectious diseases. China, India, Japan and Malaysia are expected to be the most dynamic markets in the region.
- Various market players of the market are engaged in producing of more efficient and less time consuming diagnostics products, this is expected to generate good amount of revenue for the companies
- In November 2015, Merck KGaA completed the acquisition of Sigma-Aldrich and associated it with EMD Millipore. Clubbing should expand the diagnostic capabilities for RSV.
- According to the US Center for Disease Control and Prevention (CDC). In the US, RSV is the common cause of bronchiolitis or pneumonia in children under one year of age. Each year, between 75,000 and 125,000 children get hospitalized due to RSV infection.
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For the purpose of this report, Reports and Data has segmented the Respiratory Syncytial Virus Diagnostic market on the basis of Diagnostic Technology, end users and region:
Diagnostic Technology (Revenue, USD Million; 2018–2026)
- Kits and Assays
Diagnostic Technology (Revenue, USD Million; 2018–2026)
- Molecular Diagnostic
- Monoclonal Antibodies
- Flow Cytometry
- Diagnostic Imaging
- Gel Microdroplets
End Users (Revenue, USD Million; 2018–2026)
- Physician Office
- Commercial Laboratories
- Nursing Homes
Regional Outlook (Revenue in USD Million; 2018–2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America
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Benefits of Respiratory Syncytial Virus Diagnostic Market Report:
- Panoramic overview of the opportunities and risks in the Respiratory Syncytial Virus Diagnostic sector
- Study of recent innovations and developments in the industry
- Comprehensive study of the growth pattern of the Respiratory Syncytial Virus Diagnostic industry
- In-depth assessment of the competitive landscape of the key players of the Respiratory Syncytial Virus Diagnostic industry
- Analysis of the Respiratory Syncytial Virus Diagnostic market drivers, constraints, and opportunities
- Assessment of technological developments and latest trends of the industry
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