Diagnosis of viral infections can be carried out by testing the body fluids, the blood, or the specimen from the infected area of the body, which are examined with the help of an electron microscope. Viral infections such as measles and rubella are diagnosed on the basis of their symptoms. Some of the severe viral infections are diagnosed by examining the blood or the body fluids. For the last decade, prevalence of infectious diseases has been rising at a high rate. Growing preference for the self-diagnosis of viral diseases and increase in the detection of new, infectious viruses are major factors expected to drive the market for virus testing diagnostic kits in the near future. However, complex regulatory scenario regarding the approval for diagnostic tests for viral infections and increasing health care costs are expected to restrain the market during the forecast period.
The global virus testing diagnostic kits market has been segmented based on test type, application, and end-user. Based on test type, the market has been divided into direct fluorescent antibody (DFA) tests, lateral flow tests (also known as immunochromatographic assays), reverse transcription polymerase chain reaction (RT-PCR)-based tests, agglutination assays, flow-through assays, and solid-phase assays. The lateral flow tests segment accounted for the maximum market share in terms of revenue in 2016, owing to improved reimbursement policies about laboratory diagnostic techniques. The reverse transcription polymerase chain reaction is performed in laboratories that can afford expensive equipment. Thus, the RT-PCR-based tests segment is expected to witness sluggish growth throughout the forecast period. On the other hand, the direct fluorescent antibody (DFA) tests segment is projected to register the maximum CAGR from 2017 to 2025. This is attributable to numerous key players offering the kits for DFA tests and their wide usage for respiratory and other common viral infections.
Based on application, the global viral testing diagnostic kits market has been segmented into influenza, hepatitis, HIV, measles, rubella, and others. The influenza segment accounted for the maximum revenue in 2016, due to rising prevalence of the disease across the globe, and increasing demand for more rapid diagnostic test kits for influenza. The segment is projected to remain dominant throughout the forecast period. The others segment comprises Zika virus, pneumonia, and anthrax. Emergence and detection of new viruses and rising adoption of diagnostic kits for viral infections by physicians are major factors estimated to boost the others segment between 2017 and 2025.
In terms of end-user, the global virus testing diagnostic kits market has been divided into laboratories, hospitals, home care settings, and academic institutes. The laboratories segment has been sub-divided into clinical/diagnostic laboratories and research laboratories. The research laboratories segment held the maximum market share in 2016, which is attributable to the funding by public and private players for research and development of novel virus diagnostic techniques and favorable reimbursement policies for the same. On the other hand, the home care settings segment is likely to expand at the maximum CAGR between 2017 and 2025, due to rising demand for self-diagnostic test kits for virus detection.
Geographically, the global virus diagnostic test kits market has been segregated into five major regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2016, which is attributable to the introduction of diagnostic test kits by key market players in the region and rising adoption of self-diagnostic and cost-effective test kits by patients as well as physicians. On the other hand, the market in Asia Pacific is projected to expand at the maximum CAGR from 2017 to 2025, due to rising prevalence of viral diseases and government participation in the prevention and control of infectious diseases in China and India.
Prominent players operating in the global virus diagnostic test kits market are Quidel Corporation, F. Hoffmann-La Roche, Alere Inc., Abbott, Thermo Fisher Scientific, Becton, Dickinson and Company, Luminex Corporation, Nectar Lifesciences, Cortez Diagnostics, and Bundi International Diagnostics.
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.