Influenza Diagnostics Market Demand Is Better Met With Government Policies and Collaborations - TBRC
TBRC's influenza diagnostic market report covers major trends and strategies that governments and market players are undertaking for business growth
LONDON, March 16, 2022 /PRNewswire/ -- Government policies provide a much-required impetus for the influenza diagnostics market to grow exponentially. The initiatives to counter influenza outbreaks and provide affordable healthcare enable user-friendly and time-bound over-the-counter (OTC) tests.
The global influenza diagnostic market size
is expected to grow from $1.75 billion in 2021 to $1.89 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The change in the influenza diagnostic market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The influenza diagnostic market forecast sees it reaching $2.53 billion in 2026 at a CAGR of 7.6%.
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Key Players And Their Strategies
The global influenza diagnostic market share is highly fragmented, with a large number of small players. The top ten competitors in the influenza diagnostic market made up to 43.74% of the total market in 2020. Major players in the market are Abbott Laboratories, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Thermo Fisher Scientific Inc, Quidel Corp, Danaher Corporation (Cepheid), Hologic Inc, DiaSorin S.p.A, GenMark Diagnostics, Inc and bioMerieux SA.
Player-adopted strategies in the influenza diagnostic market include focusing on strengthening business by new product launches, focusing on strengthening business globally, and accelerating growth and expanding product portfolio by strategic partnerships with other companies.
Manufacturer-Government Collaborations
Influenza diagnostic manufacturers are increasingly entering into agreements with governments for mutual benefits. To mitigate supply chain issues and global shortage of rapid test kits, governments are increasingly forming tie-ups with local and international manufacturers.
For example, in January 2022, Becton, Dickinson, and Company (BD) announced a strategic public-private partnership with the federal Biomedical Advanced Research and Development Authority (BARDA) to develop diagnostics for multiple pathogens in single samples from patients with respiratory symptoms. Under the partnership, BARDA will award BD an initial $24.7 million with the opportunity to increase up to $40.3 million for development and Food and Drug Administration 510(k) clearance of new combination tests such as a rapid point-of-care antigen test that detects and distinguishes between SARS-CoV-2, influenza A, and influenza B at the point of care.
Regional Influenza Diagnostic Market Growth Analysis
North America is the largest region in the global influenza diagnostic market, accounting for 34.1% of the total in 2021. It is followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the influenza diagnostic market will be South America and Asia Pacific, where growth will be at CAGRs of 8.3% and 7.4% respectively. These will be followed by North America and Western Europe, where the influenza diagnostic markets are expected to grow at CAGRs of 6.6% and 6.5% respectively during 2021-2026.
See more on the Influenza Diagnostics Market Report
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