Growth in the influenza market can be attributed to the rising prevalence of influenza, growth in research funding for influenza diagnostics, and rising demand for faster diagnosis and control of influenza. Advancements in technologies such as PCR and proteomics and significant growth prospects in developing countries are also expected to offer growth opportunities for players in the influenza diagnostics market
Key Factors Driving Market Growth:
Growth in this market is primarily driven by the increasing global prevalence of infectious diseases, shift in focus from centralized laboratories to decentralized point-of-care testing, and growth in funding for research on infectious disease diagnostics.
Expected Revenue Growth:[170 Pages Report]The global infectious disease diagnostics market was valued at USD 13.93 Billion in 2016 and projected to reach USD 19.35 Billion in 2022, at a CAGR of 5.6%. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2022.
Accessories to Fuel the Growth of Infectious Disease Diagnostics Market :
Hepatitis diagnostics market formed the largest share. Around 70% to 90% of the people in these regions (below 40 years of age) are reportedly suffering from the disease and around 8% to 20% are carriers of this virus. Another factor contributing to the growth of this market is the increasing adoption of advanced technologies for the diagnosis of hepatitis B.
The TB diagnostics market is primarily driven by the increased burden of this disease across the globe. In 2016, the highest number of new TB cases (45%) were reported in Asia, followed by 25% of new cases in Africa. Some of the most highly affected countries are China, Nigeria, Philippines, South Africa, India and Indonesia.
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By product and service, assays, kits and reagents segment to record the highest CAGR during the forecast period
Increased accessibility and the increasing number of IDD tests conducted are the key drivers for this segment. Globally, the volume of IDD tests is increasing mainly due to the rising geriatric population; increasing prevalence of infectious diseases; increased variety of reagents available and analytical techniques employed; and the continuous launch of newer, faster, and more reliable products.
Roche, Bio-Rad, and bioMérieux are some of the major players in the infectious disease diagnostics market for assays, kits, & reagents.
By technology, DNA sequencing & next-generation sequencing (NGS) segment to record the highest CAGR during the forecast period
Factors such as advancements in sequencing technologies, increasing awareness and acceptance of personalized medicine (in which this technology has significant applications), and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing are expected to boost the growth of this technology in the future.
North America to account for the largest market size during the forecast period.
North America accounted for the largest share of the global infectious disease diagnostics market. The large share of this region is mainly attributed to the presence of a highly developed healthcare system, increasing prevalence of infectious diseases, the presence of a large number of leading national clinical laboratories, and easy accessibility to technologically advanced instruments in the region.
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Key Market Players
Abbott Laboratories, Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Danaher Corporation, Diasorin, Luminex, Meridian Bioscience, Quidel, Roche Diagnostics, Siemens AG, Thermo Fisher Scientific