According to the current analysis of Reports and Data, the global Respiratory Syncytial Virus (RSV) Tests 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 (RSV) Tests 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 (RSV) Tests. 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.
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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.
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.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Respiratory Syncytial Virus (RSV) Tests Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Biomérieux
- Becton-Dickinson and Company
- Abbott
- Roche
- Danaher
- Thermo Fisher
- Biocartis
- Luminex
- Hologic
- Fast Track Diagnostics
Respiratory Syncytial Virus (RSV) Tests Market Segmentation:
Product Type Outlook:
- Kits and Assays
- Instruments
- Others
Diagnostic Technology Outlook:
- Immunoassay
- Molecular Diagnostic
- Monoclonal antibodies
- Flow Cytometry
- Diagnostic Imaging
- Chromatography
- Gel Microdroplets
- Others
End Use Outlook:
- Physician Offices
- Hospitals
- Commercial Laboratories
- Nursing Homes
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Respiratory Syncytial Virus (RSV) Tests market over the forecast period?
- What are the major factors driving the growth of the Global Respiratory Syncytial Virus (RSV) Tests Market?
- What are the key challenges impacting the global Respiratory Syncytial Virus (RSV) Tests market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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