Respiratory Syncytial Virus (RSV) Diagnostics Market Expanding at a Stable CAGR of 10% from 2016 to 2024

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Research Report on Respiratory Syncytial Virus (RSV) Diagnostics Market Size, Share, Trends, Growth Rates, Competitive Analysis and Forecasts, 2016 – 2024

The Worldwide Respiratory Syncytial Virus Diagnostics Market is poised to grow at a CAGR exceeding 10% over the forecast period (2016 to 2024). It stood at USD 625 million in 2015. High prevalence of neonatal infections & viral diseases and the need for early RSV detection mechanisms for infants are key drivers of this industry. Respiratory syncytial virus harms the respiratory tract, the immune system, the heart, and lungs; thus leading to serious illnesses. It mainly affects infants in the age group of 0 to 11 months.

However, there are instances of people above the age of 60 years being afflicted by this virus. This is essentially because of weak immunity. Some patients may even need hospitalization. Clinical symptoms of the RSV infection can seldom be distinguished from the symptoms of other respiratory disorders. Hence, there is a pressing need to develop precise & accurate diagnostic solutions for such a disease.

The global RSV Diagnostics market is categorized on the basis of products, end use, and regions. On the basis of products, the segments are DFA (direct fluorescence antibody) method, RADTs (rapid antigen diagnostic tests), flow cytometry, molecular diagnostics, gel microdroplets, diagnostic imaging, chromatographic immunoassay, and others. Due to high accuracy & precision, the molecular diagnostics segment may lead the overall industry during the forecast period.

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Based on end uses, the industry is divided into clinics, hospitals, homecare, and laboratory. Hospitals held the largest share in 2015. It is expected that this segment will continue dominating the RSV Diagnostics market because of high hospitalization rate of RSV infected patients. “Homecare” too may expand significantly in the forthcoming years because of high demand for perinatal & in-house testing. Surging popularity of homecare services owes to high governmental investments in training programs for the same.

Geographically, the global Respiratory Syncytial Virus Diagnostics Market is segmented into Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa. With a market share surpassing 45%, North America led the industry in 2015. This region is propelled by high incidence of respiratory tract infections. Governmental initiatives, such as PAHO (Pan American Health Organization) may significantly contribute to market demand over the next couple of years. As per this initiative, it is absolutely necessary to rule out the possibilities of infections & metabolic defects in newborns.

Asia Pacific may register a high growth rate from 2016 to 2024. High incidence of infectious diseases fueled by moderate to poor living conditions propels this regional market. Other factors that may drive this region are improved healthcare infrastructure, high R&D funding, favorable government mandates, and steady technological advancements. Prominent vendors in the worldwide industry are Thermo Fisher Scientific Inc.; Ortho Clinical Diagnostics; Abbott Laboratories; Roche Diagnostics; and Quest Diagnostics.

In 2016, Luminex Corporation, a U.S. based biotechnology company received U.S. FDA (Food and Drug Administration) approval for its ARIES Flu A/B & RSV Assay. This device helps detect three main respiratory pathogens namely, RSV and influenza A & B viruses. It delivers results within two hours. Furthermore, it is equipped with a panel customization feature that gives it the ability to report the required results only.

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