"With Rising Incidences of Chronic Conditions Worldwide, Cases of Respiratory Infections Are Anticipated to Increase Is the Key Factors Owing the Growth in the Segment During Forecast Period 2021-2026."
Respiratory Syncytial Virus Diagnostic Testing Market size was valued at $14.2 billion by 2020, and is anticipated to grow at a CAGR of 10.8% during the forecast period 2021-2026. The Respiratory Syncytial Virus Diagnostic Testing Industry growth rate is attributed to the increased RSV infection burden, increased demand for Point-of-Care(POC) molecular diagnostic tests to diagnose RSV infections, and increased approval of diagnostic kits and assays for RSV are anticipated to bring new opportunities. A virus that commonly causes infection of the lower respiratory tract is the Respiratory Syncytial Virus (RSV). Respiratory Syncytial Virus Diagnostics Market include direct fluorescent antibody (DFA) method, rapid antigen diagnostic test (RADTs), molecular diagnostics, chromatographic immunoassay, diagnostic imaging, gel microdroplets, flow cytometry, and others. In premature babies and children up to five years of age, RSV is an important cause of severe respiratory illness. Its symptoms can range from bronchiolitis and pneumonia to a mild cold-like illness. According to the U.S. Centre for Disease Control and Prevention (CDC), RSV is the common cause of bronchiolitis or pneumonia in the children under one year of age in the United States. Each year 75,000 to 125,000 children are hospitalized due to RSV infections. In addition, there is a growing need for fast, specific and sensitive diagnostic techniques as the clinical symptoms of RSV infections are indistinguishable from other respiratory infections. The current shortage of specific treatment options and the future development of RSV vaccines are the main constraints facing this market.
Respiratory Syncytial Virus Diagnostic Testing Market Segment Analysis - By Diagnostic Technology
On the basis of diagnostic technology, molecular diagnostics segment held the highest segmental revenue share in 2020. This can be attributed to the fact that high accuracy of molecular methods over other methods. Furthermore, this method is a gold standard for RSV diagnosis, as it is the most accurate method.
On the contrary, Rapid Antigen Diagnostic Test (RADT) segment is anticipated to witness significant growth along the forecast period 2021-2026 owing to advantages such as quick result time, elimination of ancillary testing, early diagnostic and implementation of treatment, and improving antibiotic stewardship. Moreover, this test detects infected patients early in the course of action, which leaves a positive impact on clinical decisions.
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Respiratory Syncytial Virus Diagnostic Testing Market Segment Analysis - By End-Use
On the basis of end-use, hospitals and clinics segment accounted for the largest segmental revenue of the Respiratory Syncytial Virus Diagnostic Testing market in 2020 as the occurrence of RSV infection is prominent in neonates and infants, the treatment for these demographics has to be controlled with round-the-clock monitoring. Hence there is high hospitalization in case of RSV infection and is anticipated to stimulate market growth during the forecast period 2021-2026.
However, home care is poised to hold the highest growth rate with a CAGR of 10.9 %over the forecast period 2021-2026. This is owing to the facts that home healthcare is a cost-effective alternative over the hospital stay. Moreover, the availability of adequate trained staff for home healthcare is expected to support the growth of home healthcare in the RSV diagnostics market.
Respiratory Syncytial Virus Diagnostic Testing Market Segment Analysis - By Geography
North America is the major region dominating the Respiratory Syncytial Virus Diagnostic Testing market with a market share of 42.16% in the year 2020. This can be attributed to the rising incidences of these infections and an increasing infant population over the forecast period 2021-2026. In order to produce companion diagnostics, increasing the number of strategic partnerships between pharmaceutical majors and in vitro diagnostic manufacturing companies are anticipated to make this a lucrative segment by signaling tremendous potential that could also be responsible for fueling the global RSV diagnostic testing market in the region.
However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to the high population density and rapidly increasing prevalence of infectious diseases. Strong demand for automated healthcare testing for accurate and faster diagnosis of the diseases is poised to boost the market growth in the region. China, India, Japan, and Malaysia are expected to be the fastest-growing markets in the region due to the developing healthcare systems and growing numbers of government initiatives. Furthermore, the rising infant population is anticipated to propel the growth of the market.
Respiratory Syncytial Virus Diagnostic Testing Market Drivers
Increasing Burden of Respiratory Syncytial Virus (RSV) Infections
The RSV diagnostic testing market is poised to receive an upswing owing to rising incidences of childhood pneumonia are also predicted to propel the demand for RSV testing. According to statistics provided by the WHO, about 151.8 million cases of childhood pneumonia were recorded in 2001 in developing countries such as Latin America. It also estimated that about 1.9 million of these cases led to death.
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Respiratory Syncytial Virus Diagnostic Testing Market Challenges
COVID-19 Related Production and Supply Chain Disruptions
Despite several drivers, the impacts of COVID-19 are fast-moving in the food processing industry in general and in the RSV testing market in particular. This market is a linked network of production of kits, assays, instruments, and others. The domino effect of the global pandemic's factory closures and logistical delays reveal the fragility of access to RSV diagnostic products which in turn is poised to impact the revenue growth in 2020.
Respiratory Syncytial Virus Diagnostic Testing Industry Outlook
Product launches, mergers, and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Respiratory Syncytial Virus Diagnostic Testing Market. In 2020, Respiratory Syncytial Virus Diagnostic Testing Market share is fragmented by the top ten players present in the market. Respiratory Syncytial Virus Diagnostic Testing Market top 10 companies are F. Hoffmann La-Roche AG , Becton, Dickinson and Company, Novartis AG, Abbott Laboratories, Ortho Clinical Diagnostics, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., BioMerieux, DiaSorin SPA, Millipore-sigma, Quidel Corporation, Alere Inc., Coris BoConcept, Fast-track Diagnostics and others.
Acquisitions/Product Launches
In May 2019, QIAGEN N.V. received 510 (k) clearance from the US Food and Drug Administration (FDA) for its QIAstat-Dx syndromic testing system.
Key Takeaways
North America dominated the Respiratory Syncytial Virus Diagnostic Testing Market with a share of 42.2% in the year 2020.
The factors such as increasing incidence rate of respiratory infections; rising neonatal population base, increasing demand for in-vitro diagnostics, and increasing demand for point of care facilities are amongst the major factor projected to impel growth of Respiratory Syncytial Virus Diagnostic Testing Market.
With rising incidences of chronic conditions worldwide, cases of respiratory infections are anticipated to increase is the key factors owing the growth in the segment during forecast period 2021-2026.
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