Influenza Diagnostics Market Growth, Development and Demand Forecast to 2030

NEW YORK - July 25, 2024 - PRLog -- The global influenza diagnostics market generated USD 946.9 million in 2023 and is expected to reach USD 1,603.1 million by 2030, growing at a 7.9% CAGR during the forecast period.

The increasing prevalence of chronic illnesses, many exacerbated by the flu, along with a rising elderly population and expanding government efforts to monitor the spread of influenza, are driving the demand for influenza diagnostic solutions. Additionally, the development of advanced diagnostic tools for infections is a significant industry driver.

Flu outbreaks can have global repercussions, prompting substantial R&D efforts for detection and treatment advancements. Research often focuses on creating tests that provide rapid and accurate flu virus results in the shortest time possible.

In 2019, the U.S. National Institute of Allergy and Infectious Diseases (NIAID) launched the Centres for Collaborative Research on Influenza Vaccine Innovations (CIVICS) program, with an initial budget of USD 51 million, to support various research projects related to influenza epidemiology.

Browse detailed report analysis on "Influenza Diagnostics Market Share and Trends Report, 2030 (https://www.psmarketresearch.com/market-analysis/influenz...)"

Key Insights

• In 2023, the test kits and reagents category dominated the market with a 60% share, driven by the increasing prevalence of flu and the emphasis on early diagnosis.
• The accessibility of test kits without prescriptions, available through pharmacies, retail stores, and online channels, along with their ease of use, quick results, and affordability, contribute to this category's growth.
• Point-of-care testing is cost-effective and convenient, allowing individuals to perform tests themselves without professional assistance.
• The traditional category held a 40% market share in 2023 and is expected to grow at a higher CAGR during the forecast period, with rapid influenza diagnostic tests generating the highest revenue due to their simplicity and quick results.
• The demand for patient management and surveillance testing for infections in clinical settings is increasing.
• Numerous rapid influenza diagnostic tests (RIDTs) are approved for home and office use, with CLIA authorization for point-of-care services.
• In 2023, North America accounted for 65% of the revenue share, driven by extensive government surveillance, the presence of leading companies, and technological advancements.
• The region's well-established healthcare infrastructure and favorable reimbursement policies further support industry growth.
• The European Union is expected to hold a significant market share due to its aging population, with over one-fifth aged 65 or older in 2021.
• The increasing risk of flu among the elderly has led to WHO's recommendation for vaccinating senior citizens.

h    240
w    540

240

540

8

8

8

8

h    117
w    523

117

523

13

13

h     78
w    523

78

523

13

13