The latest report by Market Research Future (MRFR) states that the Respiratory Syncytial Virus (RSV) market is all set to gain substantial traction by accruing gigantic revenues by 2023. In addition, it is on track to surge at a CAGR of 10.4 % during the forecast period (2020-2027).
Market Drivers and Top Restraints
The document named “Reducing Neonatal Mortality and Morbidity in Latin America And the Caribbean, An Interagency Strategic Consensus” states that almost 400,000 children under the age of five die due to infections that could have been prevented. This has attracted the focus of various health agencies that are striving to get a hold of the issue. For instance, Latin American Center for Perinatology and Pan America Health Organization (PAHO) have diverted their focus in the direction of educating the parents to fight against possible infections, promoting the growth of the RSV diagnostics market in the process.
The boost in the number of product launches across the globe will be one of the primary reasons fueling the growth of the respiratory syncytial virus diagnostics market in the forthcoming years. On that note, various diagnostics companies are keen on expanding their revenue with the development and introduction of the latest RSV Diagnostics Market Size products in the market. These sophisticated diagnostic products are known to be highly efficient and reduce the time needed for the diagnosis.
The rising incidence rate of respiratory infections has done wonders for the market and is bound to surge at a significant rate in the coming years. with the growth in the incidences of chronic diseases around the world, there is bound to be an increase in the case of respiratory infections. This is going to have a definite positive impact on the demand for testing of infectious diseases like RSV. The deaths among neonates owing to these infections can be prevented when timely diagnosis and subsequent treatment is provided. Thus, the growing awareness regarding this factor is set to enhance the growth of the RSV diagnostics market in the years ahead.
The Rising Number of OEMs to be the Key Trend in the Global Market
The growth in the number of original equipment manufacturers (OEMs) is on its way to become a popular trend in the worldwide RSV diagnostics market in the near future. OEMs like Thermo Fisher Scientific and Sekisui Diagnostics are one of the leading manufacturers that offer RSV diagnostics.
There has been a rise in the number of combination products like drug delivery and smart devices, which is prompting the OEMs to work in conjunction with the contract manufacturing organizations (CMOs), making way for a number of new companies to gain entry into the market. As a result, there has been an increase in the product range required for diagnosing RSV.
The global RSV diagnostics market has been segmented based on product, method, and end-user.
Depending on the type of product, the market has been classified into kits and assays, instruments, and other products.
Method-wise, the global RSV diagnostics market has been considered for molecular diagnostics, rapid antigen detection test, gel microdroplets, flow cytometry, and others. Furthermore, the rapid antigen detection tests are sub-segmented into enzyme-linked immunosorbent assays, immunofluorescence assays, and other rapid antigen detection tests. The other type of rapid antigen detection tests can be segmented into chromatographic immunoassays and optical immunoassays.
The end-users mentioned in the report include hospitals and clinics, clinical laboratories, home care, and others.
The global RSV diagnostics market is segmented into the regional markets of the Americas, Asia Pacific, Europe, as well as the Middle East & Africa.
The Americas will be the most lucrative market for RSV diagnostics on account of the rising incidences of RSV, growing healthcare expenditure and technological advancements in molecular diagnostics. As per the Centers for Disease Control and Prevention, over 57,000 children younger than five years old are hospitalized owing to RSV infection every year, in the United States (U.S). In order to bring down this abysmal number, various initiatives and programs are being introduced in the region, which means that the market will be doing excellent business in the region in the years to come.
Meanwhile, Europe has landed the second spot in the global RSV Rapid Antigen Test, with factors like increasing automation in vitro diagnostics, rising occurrence of RSV diseases, and surging funding offered by the government backing the said growth. Considering the current status of the region, the data furnished by the University of Oxford states that more than 30,000 babies and children less than five years of age are expected to be hospitalized every year owing to RSV.
The RSV diagnostics market in Asia Pacific can be broken down into smaller markets in the countries of India, Japan, China, Republic of Korea, Australia and the rest of the region. The regional market is touted to be the fastest-growing globally as a result of the rise in the infectious disease which includes the RSV infection. Also, the increasing healthcare expenditure coupled with the surge in the demand for RSV disease diagnosis has taken the market to higher levels in the past few years. In addition, countries like India, China, and Japan are deemed to be growing at the fastest rate in the region with the expanding healthcare systems along with the growing government initiatives backing up these markets.
Showcasing a rather sluggish growth rate in the global market is the region of the Middle East and Africa, which despite various restraints holds immense potential. The market shows promise, with the support of various factors including the increasing awareness and high investments by private industry participants combined with the increasing incidences of RSV in children in the region.
Bio-Rad Laboratories Inc., Abbott, F. Hoffman-La Roche Ltd., Danaher Corporation, Quest Diagnostics, Biocartis, Luminex, Hologic, Fast Track Diagnostics, Biomerieux, Becton, Dickinson, and Company (BD), Alere, Inc., Quidel Corporation, Thermo Fisher Scientific are among some of the top most companies in the RSV diagnostics market.
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SpeeDx Pty. Ltd. has gotten the clearance from the Australian Therapeutic Goods Administration (TGA) of their PlexPCR RespiVirus test. It makes use of the PlexPCR technology for detecting 11 types of pathogens known for causing viral respiratory-illnesses. In addition, this test also lets the laboratories process a greater number of samples in a limited period of shift compared to a conventional in-house test.
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