San Francisco, 19 September 2018: According to a report published by Grand View Research, Inc.; the respiratory syncytial virus (RSV) diagnostics market is likely to reach a valuation of around USD 1.2 billion by 2022. Rising prevalence of respiratory infections, increasing infant population, high demand for in-vitro diagnostics, and growing demand for point of care facilities can drive the market over the forecast period (2012 to 2022).
Increasing occurrence of newborns suffering from respiratory conditions like RSV infections and childhood pneumonia coupled with supportive efforts by healthcare providers for diagnosis are likely to boost the market growth in the coming years. As per the world population meter, in 2015, over 88 billion births were noticed and out of these more than 2.8 million babies died in the first month due to infection and lack of screening for such conditions. Reputed organizations such as World Health Organization (WHO), Pan America Health Organization (PAHO), The Centers for Disease Control and Prevention (CDC), and others are also taking efforts in spreading awareness and educate parents regarding the probable disorders and their diagnostic procedures. This is also expected to boost the market demand.
The worldwide respiratory syncytial virus (RSV) diagnostics market can be segmented on the basis of product, end-use, and region.
Based on product, the market can be bifurcated into direct fluorescence antibody (DFA) method, rapid antigen diagnostic tests (RADTs), flow cytometry, molecular diagnostics, diagnostic imaging, chromatographic immunoassay, gel microdroplets, and others. As per end-use, the market can be categorized into hospitals, laboratory, clinics, and homecare. Hospitals and home care segments together are anticipated to contribute over 50.0% of the market share in 2022.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
North America has been dominating the market and expected to contribute revenue share over 40.0% by 2022. Increasing incidence of these disorders and growing neonatal population are factors expected to drive regional growth over the forecast period. In 2014, hospitalization of more than 150,000 kids (below the age of five) and around 14,000 deaths in elderly patients were recorded in the U.S. due to RSV infections. Products such as chromatographic immunoassays and molecular diagnostics are widely used in the region as they offer high accuracy, specificity, and sensitivity. In addition, growing awareness among the population and supportive efforts from government organizations such as WHO and Pan American Health Organization (PAHO) to perform screening for newborns are also expected to drive the market growth in the region.
Latin America is expected to show significant growth due to increasing cases of childhood pneumonia. According to the WHO, approximately 151.8 million cases of childhood pneumonia were noted in 2001 in Latin America and about 1.9 million of these cases caused death. In addition, the government has ordered 100% screening of all children born in private sector hospitals. According to paper entitled “Respiratory syncytial virus infection as a cause of hospitalization in population under 1 year in Colombia” in the Jornal de Pediatria, one in 3 cases of lower respiratory tract infection is caused by RSV and nearly 30.0% cases of the infection were in Columbia.
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Asia Pacific is expected to show fastest growth during the forecast period due to rising incidence of infectious diseases. Growing demand for automated healthcare testing for fast and accurate diagnosis of the disease is likely to spur the market growth in the region. Countries such as India, China, Malaysia, and Japan are anticipated to show high growth in the region. This growth can be associated with increasing infant population, improving healthcare facilities, economic development, and increasing government initiatives.
Key players operating in the market include Thermo Fisher Scientific Inc.; Dickinson and Company; Bio-Rad Laboratories Inc.; Quidel Corporation, Alere Inc.; and BioMerieux.
The participants in the market are expected to adopt strategies including new product launches, mergers and acquisitions to strengthen their product range, and expansions to create a global presence. The strategic partnerships between pharmaceutical companies and in vitro diagnostic manufacturing companies to develop companion diagnostics are expected to create future opportunities.
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