Respiratory Syncytial Virus Diagnostic Testing Market
Number of pages: 100 | Report Format: PDF | Published date: April 17, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 929.1 million |
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Market Size Value in 2031 |
US$ 2,001.3 million |
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CAGR |
8.9% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Type, Product, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global respiratory syncytial virus diagnostic testing market was valued at US$ 929.1 million in 2022 and is expected to register a revenue CAGR of 8.9% to reach US$ 2,001.3 million by 2031.
Respiratory Syncytial Virus Diagnostic Testing Market Fundamentals
The respiratory syncytial virus (RSV) is a common infection that causes respiratory illnesses and affects the nose, throat, lungs, and breathing passages. The respiratory syncytial virus is extremely contagious and can result in life-threatening respiratory infections, particularly in newborns, young children, and older adults with compromised immune systems. Coughing, wheezing, fever, and breathing problems are among the respiratory syncytial virus symptoms. Historically, the gold standard for laboratory diagnosis of most viral respiratory infections has been virus isolation from respiratory secretions and culture testing because of its high specificity. Traditional respiratory syncytial virus diagnostic tests in clinical laboratories, including assays for quickly detecting viral antigens or antiviral antibodies, are frequently utilized. New diagnostic approaches, such as multiplex nucleic acid amplification and microarray-based assays, are emerging with the advancement of contemporary technologies. By enhancing the speed and accuracy of diagnosis, these new techniques have made it possible to identify and treat viral infections earlier. They can identify several diseases concurrently, making them useful instruments in outbreak investigations.
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Respiratory Syncytial Virus Diagnostic Testing Market Dynamics
An increased disease prevalence drives the revenue growth of global respiratory syncytial virus diagnostic testing. Therefore, a noticeable increase in respiratory syncytial virus diagnostic testing demand will likely occur in the upcoming years. The rising geriatric population and the prevalence of chronic respiratory conditions are the factors responsible for the revenue growth in RSV infections. Due to the rise in demand for early detection and precise diagnosis of the disease, the significant increase in respiratory syncytial virus diagnostic testing market revenue. The World Health Organization (WHO) estimates that globally respiratory syncytial virus is responsible for 33.8 million new cases of acute lower respiratory infections in children under five. The prevalence of RSV is predicted to rise, increasing the need for reliable detection tools that support the respiratory syncytial virus diagnostic testing industry trends.
Moreover, due to technological advancements, the global respiratory syncytial virus diagnostic testing market revenue is expected to increase during the forecast period from 2023 to 2031. The efficiency and accuracy of RSV diagnosis have increased owing to the development of new and cutting-edge diagnostic tools. Advanced diagnostic techniques, including RT-PCR and ELISA, have greatly enhanced the early identification of RSV. The introduction of more sensitive and precise RSV test kits can find smaller and early viral loads within a smaller timespan. The global respiratory syncytial virus diagnostic testing market dynamics are also being enhanced by creating novel and creative RSV rapid test kits to identify disease quickly. The development of new technologies, including multiplex viral testing, thin layer-based amperometric enzyme immunoassays (EIA), and filament-based antibody detection tests, is nearly complete. Also, loop-mediated isothermal and nucleic acid amplification techniques will soon be compatible with PoC devices. This will make it possible to conduct testing using a one-step kit that only includes a patient sample.
Additionally, the nanoparticle technology, which could increase viral detection by four times over RT-PCR (the current gold standard), is in the process of being developed. Also, technology developers continue to be drawn to point-of-care testing for healthcare, as they are keen to build on decades of investment and major advancements in underlying technologies to manufacture clinically viable POC diagnostics. POC diagnostic testing has several advantages, such as quicker diagnosis, better patient outcomes, and lower healthcare expenditures. The market revenue for respiratory syncytial virus diagnostic testing is expected to develop due to the rising need for point-of-care testing.
However, these diagnostic tests may have limitations in terms of sensitivity and specificity and should be interpreted alongside clinical symptoms and other laboratory findings. Therefore, lack of sensitivity and accuracy are the most important factors hindering the revenue growth of the global RSV diagnostic testing market.
Respiratory Syncytial Virus Diagnostic Testing Market Ecosystem
This report provides the global respiratory syncytial virus diagnostic testing market analysis regarding revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global respiratory syncytial virus diagnostic testing market is analyzed from four perspectives: type, product, end-user, and region.
Respiratory Syncytial Virus Diagnostic Testing Market by Type
Based on the types, the global respiratory syncytial virus diagnostic testing market is segmented into antigen detection tests, molecular diagnostic tests, direct fluorescent antibody tests, diagnostic imaging, chromatographic immunoassay, and others.
According to the recent respiratory syncytial virus diagnostic testing market trends, the antigen detection test segment accounted for the largest revenue share of the global respiratory syncytial virus diagnostic testing market in 2022. This results from its high precision, rapid turnaround, and economic nature. Due to their high sensitivity, quick turnaround times, and capacity to identify the respiratory syncytial virus in its early stages of infection, antigen detection tests are widely used. Antigen detection tests are a convenient and affordable choice for patients and medical professionals. Results from rapid antigen detection kits can be obtained in 15 minutes. Numerous investigations have shown that antigen detection assays are reliable for identifying respiratory syncytial viruses.
Respiratory Syncytial Virus Diagnostic Testing Market by Product
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Based on the products, the global respiratory syncytial virus diagnostic testing market is segmented into kits & assays and devices.
The kits and assays segment accounted for the largest revenue share of the global respiratory syncytial virus diagnostic testing market in 2022. The clinical laboratory has relied heavily on various fast antigen test kits and assays to identify respiratory syncytial virus infection. Several set-ups are available for quickly identifying and even subtyping the most common respiratory viruses, such as the flu and the respiratory syncytial virus, with immunofluorescent antibody assay (IFA), direct fluorescent antibody assay (DFA), and enzyme immunoassay (EIA) taking the lead. These tests have demonstrated their efficacy and dependability in diagnosing respiratory syncytial virus infection, particularly in clinical settings where prompt diagnosis is essential. These tests can also aid in lowering needless hospital stays and antibiotic use and facilitate effective infection control efforts to prevent the virus from spreading further. It is crucial to remember that these tests may have sensitivity and specificity restrictions and should be interpreted in conjunction with clinical symptoms and other diagnostic resources.
Respiratory Syncytial Virus Diagnostic Testing Market by End User
Based on the end users, the global respiratory syncytial virus diagnostic testing market is segmented into hospitals, diagnostic laboratories, and others.
The hospital segment accounted for a significant revenue share of the global respiratory syncytial virus diagnostic testing market. Due to the prevalence of RSV infection in neonates and infants, treatment for these populations must be regulated with 24-hour surveillance, which leads to a high hospitalization rate in cases of RSV infection. Therefore, early detection and timely treatment are essential in hospital emergency care for treating RSV infection. Therefore, increased hospital admission, sufficient funds, and subsidized kits support hospitals' RSV diagnostic testing market revenue growth.
The diagnostic laboratories are also expected to influence respiratory syncytial virus diagnostic testing market revenue share. The segment is expected to grow shortly due to an increase in the prevalence of respiratory illnesses and the demand for precise and dependable diagnostic tests. Diagnostic centers have become a popular option for many people and healthcare professionals due to the most recent diagnostic tools and methods available. This enables them to deliver precise results with a quick turnaround.
Respiratory Syncytial Virus Diagnostic Testing Market by Region
Based on the region, the global respiratory syncytial virus diagnostic testing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global respiratory syncytial virus diagnostic testing market in 2022. North America dominated the respiratory syncytial virus diagnostic testing market due to rising rates of these diseases and an expanding newborn population. Due to their excellent accuracy, sensitivity, and specificity, popular products utilized in the region include chromatographic immunoassays and molecular diagnostics, which have seen a sharp rise in demand. An increase in strategic alliances between pharmaceutical companies and in vitro diagnostic manufacturing companies is expected to enlarge the respiratory syncytial virus diagnostic testing market revenue for companion diagnostics, signifying enormous potential.
On the other hand, due to the high population density and fast-rising frequency of infectious disorders, the Asia Pacific region is expected to experience the fastest revenue CAGR growth in the respiratory syncytial virus diagnostics testing market over the forecast period from 2023 to 2031. The area is expected to have strong market expansion due to the high demand for automated healthcare testing for more rapid and accurate disease diagnosis. A growing number of government efforts and the development of healthcare systems in China, India, Japan, and Malaysia are likely to make these countries the fastest-growing markets in the region. Additionally, a growing birth rate is expected to fuel regional revenue growth.
Respiratory Syncytial Virus Diagnostic Testing Market Competitive Landscape
Companies across the region are investing in their expansion and growth, which is also expected to improve the respiratory syncytial virus diagnostic testing market outlook. These major market players employ new releases, mergers, and acquisitions techniques to broaden their products' appeal and strengthen their portfolios. Additionally, market participants are investing in R&D efforts to launch new diagnostic tests due to the growing demand for cutting-edge and innovative products. This is expected to produce attractive prospects for respiratory syncytial virus diagnostic testing market revenue growth in the upcoming years. Notable market participants operating the global respiratory syncytial virus diagnostic testing market include,
Respiratory Syncytial Virus Diagnostic Testing Market Strategic Developments
Respiratory syncytial virus diagnostic testing is used to check a fluid sample from the nose for certain antigens from the respiratory syncytial virus.
North America is the key growth region in the global respiratory syncytial virus diagnostic testing market.
High cost and lack of awareness about disease detection is the major restraining factor for the global respiratory syncytial virus diagnostic testing market.
Key companies operating the global respiratory syncytial virus diagnostic testing market are F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott, Luminex Corporation, Biodesix, Hologic Inc., and Bio-Rad Laboratories, Inc.
The global respiratory syncytial virus diagnostic testing market is expected to grow at a revenue CAGR of 8.9% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain
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