Global Respiratory Syncytial Virus Diagnostic Market 2023-2030

Global Respiratory Syncytial Virus Diagnostic Market 2023-2030

Global Respiratory Syncytial Virus Diagnostic Market Size, Share & Trends Analysis Report by Product (Kits and Assays, Instruments), by Method (Rapid Antigen Detection Tests, Molecular Diagnostics, Direct Fluorescent Antibody Method, Immunoassays and Others), and by End-Users (Hospitals, Clinics, and Laboratories), Forecast Period (2023-2030)

The global respiratory syncytial virus diagnostic market is anticipated to grow at a significant CAGR of 6.5% during the forecast period (2023-2030). Rising incidence rates of respiratory illnesses, increasing newborn populations, an expanding need for in-vitro diagnostics, and rising demand for point-of-care facilities are a few of the main reasons propelling market expansion. According to a National Institute of Health (NIH) report published in November 2022, 90.0% of children get RSV within the first two years of life, and adults and older children frequently get it again. The majority of RSV patients will experience upper respiratory sickness, but a sizeable proportion will also experience lower respiratory illness, primarily bronchiolitis. For instance, in July 2023, US approved Beyfortus (nirsevimab), Manufactured by AstraZeneca and Sanofi, for the treatment of respiratory syncytial virus (RSV) lower respiratory tract disease (LRTD) in newborns, infants, and children up to 24 months old who were born during or just beginning their first RSV season.

Segmental Outlook

The global respiratory syncytial virus diagnostic market is segmented on the product, method, and end-users. Based on the product, the market is sub-segmented into kits and assays, and instruments. Based on the method, the market is sub-segmented into rapid antigen detection tests, molecular diagnostics, direct fluorescent antibody methods, immunoassays, and others. Further, on the basis of end-users, the market is sub-segmented into hospitals, clinics, and laboratories. Among the products, the kits and assay sub-segment is anticipated to hold a considerable share of the market owing to the increase in the development of a fluorescent focus-based, high-throughput microneutralization test for the respiratory syncytial virus.

The Molecular Diagnostics Sub-Segment is Anticipated to Hold a Considerable Share of the Global Respiratory Syncytial Virus Diagnostic Market

Among the methods, the molecular diagnostics sub-segment is expected to hold a considerable share of the global respiratory syncytical virus diagnosis market. The segmental growth is attributed to the increasing impact of chronic diseases on the global population; respiratory illnesses are projected to grow frequently. This is also anticipated to increase demand for molecular diagnostics in the market for testing infectious diseases like RSV. For instance, in March 2021, GENETWORx Labs announced a diagnostic test that combines the early identification of all three distinct respiratory viruses—Flu A-B, COVID-19, and RSV—in a single test sample for patients. The TCA/GENETWORx Flu A-B/COVID Combo Test is a molecular diagnostic PCR test that identifies influenza A and B viruses and distinguishes them from RSV and SARS-CoV-2, the virus that causes COVID-19. It also detects two types of influenza viruses, influenza A and B.

Regional Outlook

The global respiratory syncytial virus diagnostic market is further segmented based on geography, including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the increased burden of respiratory syncytial virus infections in the region. Rise in investments, technical development, product approvals and launches, government efforts, and other major strategies taken by the key market participants. The key players include Jacobson Pharma, Ascletis Pharma Inc., Nuance Pharma, Sino BioogicalInc.,VedaLab and others.

The North America is Anticipated to Grow at a Significant CAGR in the Global Respiratory Syncytial Virus Diagnostic Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to development of modern methods like bio- and nanotechnology (PCR) are helping to develop RSV detection technologies including the western blot, enzyme-linked immunosorbent test (ELISA), direct immunofluorescence, and real-time polymerase chain reaction. In addition, government organizations from many nations provide funding for R&D initiatives to create new treatments. A rise in the number of clinical vaccine studies, an increase in the need for in-vitro diagnostics, an increase in the prevalence of pediatric pneumonia, and a rise in the use of molecular diagnostics are additional factors anticipated to propel the market. These are the specific factors driving market expansion in the region.

Rapid antigen test effectiveness compared to other procedures, increasing product introductions, and significant government and market participant activities are all anticipated to enhance regional growth. Owing to the higher occurrence of RSV infections in babies and young children. According to National Institute of Allergy and Infectious Disease (NIAID), report published in July 2022, According to estimates, RSV infection cause 14,000 death in US adults over 65 each year. RSV is thought to affect 64 million people globally each year, and cause death of 160,000 people globally. With their great specificity, internal checks, and rapid turnaround times, molecular approaches hold promise. Compared to immunoassays in the patient group, molecular diagnostics are becoming more widely used in the region.

Market Players Outlook

The major companies serving the respiratory syncytial virus includes diagnostic market Abbott Laboratories, Bio-Rad Laboratories, Inc., DiaSorin Molecular LLC., NorgenBiotek Corp., Siemens Healthcare Diagnostics Inc. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2021, BARDA and Luminex Corp. collaborate on a single, rapid diagnostic test to distinguish coronavirus from influenza and RSV infections. With the help of this grant from BARDA, Luminex Corporation will be able to complete the development work necessary to submit an application to the FDA for Emergency Use Authorization (EUA) of the ARIES Flu A/B & RSV+SARS-CoV-2 Assay and to get 510(k) clearance for this combo test.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global respiratory syncytial virus diagnostic market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.