Global Rapid Influenza Diagnostic Tests (RIDT) Market: Overview
Rapid influenza diagnostic tests (RIDTs) refer to the process of evaluation of antigen detection, which identifies influenza viral antigens with a very short span of time, within 10 to 15 minutes, with high accuracy. Influenza is regarded as an important reason for mortality and morbidity in human population. As such, the need for use and development of diagnostics aimed at lessening subsequent economic and health impacts arises. This is likely to add impetus to the global rapid influenza diagnostic tests (RIDT) market over the forecast period.
In addition, rapid rise in the prevalence of chronic diseases and influenza also boost the global rapid influenza diagnostic tests (RIDT) market.
The global rapid influenza diagnostic tests (RIDT) market has been segmented on the basis of two parameters, end use and region.
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Global Rapid Influenza Diagnostic Tests (RIDT) Market: Notable Developments
The following development in the global rapid influenza diagnostic tests (RIDT) market reveals the changing market dynamics:
- In 2019, leading biotechnology product development firm, Thermo Fisher Scientific Inc. acquired Brammer Bio. The latter is a renowned manufacturer of cell and gene therapies. It is expected that the acquisition will expand the product portfolio of Thermo Fisher Scientific Inc. and further expand its geographical reach.
A few of the leading market vendors of the global rapid influenza diagnostic tests (RIDT) market are as mentioned below:
- Thermo Fisher Scientific
- Analytik Jena AG
- Becton, Dickinson and Company
- Meridian Bioscience, Inc.
- Alere Inc.
- Luminex Corporation
Global Rapid Influenza Diagnostic Tests (RIDT) Market: Key Trends
The following drivers, restrains, and opportunities is expected to shape the future course of the global rapid influenza diagnostic tests (RIDT) market during the study period, from 2019 to 2027.
Growing Prevalence of Influenza to Bolster Growth of RIDT Market
Influenza outbreaks and epidemics generally present risks for public health across the globe. The global rapid influenza diagnostic tests (RIDT) market is likely to experience substantial growth over the period of forecast, from 2019 to 2027. These tests are gaining upper hand over the traditional methods owing to their ability to identify the presence of viral antigens of influenza A and B. These tests find the viral antigens in respiratory samples and present the outcome in qualitative format. The short period of time taken by rapid influenza diagnostic tests to yield results makes it a popular choice, thereby boosting the global rapid influenza diagnostic tests (RIDT) market.
Growing prevalence of influenza is expected to fuel the global rapid influenza diagnostic tests (RIDT) market. According to the estimates of Centers for Disease Control and Prevention (CDC), nearly 12,000 to 79,000 people die every year for in the U.S. due to influenza. In addition, a rise in awareness about importance of prevention and early detection of diseases like influenza is likely to support growth of the market over the period of forecast.
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Availability of increased funding for influenza diagnostic tests is likely to fuel growth of the global rapid influenza diagnostic tests (RIDT) market. For example, contagious disease testing company, Diassess Inc., received government funding of US$ 21.9 mn for the development of its
flu diagnostic technology. This technology can be used in the office of physicians and then at patients’ home eventually. As such, increased government measures could support growth of the global rapid influenza diagnostic tests (RIDT) market.
Global Rapid Influenza Diagnostic Tests (RIDT) Market: Geographical Analysis
From the regional standpoint, North America is likely to hold a prominent share in the global rapid influenza diagnostic tests (RIDT) market in forthcoming years. The market in this region is estimated to retain its dominance owing to the presence of advanced healthcare infrastructure. Furthermore, abundant supply of skilled healthcare professionals together with relentless technological progress offers abundant scope for growth of the North America rapid influenza diagnostic tests (RIDT) market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.