The respiratory syncytial virus diagnostics market size has the potential to grow by USD 585.17 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
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This report provides a detailed analysis of the market by product (consumables and systems) and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Abbott Laboratories, Becton, Dickinson and Co., bioMérieux SA, Bio-Rad Laboratories Inc., Danaher Corp., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Quidel Corp., Seegene Inc., and Thermo Fisher Scientific Inc.
Market Competitive Analysis
The market is fragmented. Abbott Laboratories, Becton, Dickinson and Co., and bioMérieux SA are some of the major market participants. These vendors hold significant shares in the global market and are adopting many strategies such as M&A and collaborations to develop advanced RSV diagnostic products. They are also adopting the organic growth strategy of offering a broad portfolio of products. Although the increase in product launches will provide immense growth opportunities, the product recalls will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this respiratory syncytial virus diagnostics market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this report also includes information on the upcoming respiratory syncytial virus diagnostics market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This respiratory syncytial virus diagnostics market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:
- Abbott Laboratories
- Becton, Dickinson and Co.
- bioMérieux SA
- Bio-Rad Laboratories Inc.
- Danaher Corp.
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- Quidel Corp.
- Seegene Inc.
- Thermo Fisher Scientific Inc.
North America was the largest respiratory syncytial virus diagnostics market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of RSV infection cases and the rise in healthcare expenditure will significantly drive respiratory syncytial virus diagnostics market growth in this region over the forecast period.
37% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for respiratory syncytial virus diagnostics in North America. Market growth in this region will be slower than the growth of the market in other regions.
Respiratory Syncytial Virus Diagnostics Market: Key Drivers and Trends
Vendors are developing new RSV diagnostic products with increased efficiencies. These advanced product launches will make products accessible for end-users and will decrease the time required for diagnostics. The COVID-19 pandemic is also anticipated to boost the demand for RSV diagnostics. The testing kits used for RSV are being used for testing of COVID-19. The US FDA has approved several RSV testing systems and products for testing COVID-19. The increasing number of patients diagnosed with COVID-19 across the globe is expected to drive the RSV diagnosis market growth during the forecast period.
- RSV infection is a common respiratory problem observed in children and infants. Hence, many types of laboratory tests are performed to diagnose RSV.
- Government organizations such as the CDC have guidelines to detect RSV infection. The standard test used for the diagnosis of RSV is a real-time reverse transcriptase-polymerase chain reaction (rRT-PCR), which is more sensitive than culture and antigen testing.
- Non-profit organizations such as WHO have also developed guidelines for laboratories to diagnose RSV infections.
- Growing initiatives by governments will have a significant influence on RSV diagnostics market growth.
- The market is expected to register a CAGR of almost 10% during the forecast period.
