07 November 2019
Visiongain has launched a new pharma report “Respiratory Syncytial Virus (RSV) Diagnostics Market Report 2020-2030” Prospects by Method (Molecular Diagnostics, Rapid Antigen Detection Tests, Other Methods), Products (Direct Fluoroscent Antibody (DFA) Method, Rapid Antigen Diagnostic Test (RADTs), Molecular Diagnostics, Chromatographic Immunoassay, Diagnostic Imaging, Gel Microdroplets, Flow Cytometry), End uses (Hospitals, Laboratory, Clinics, Homecare) and Geography.
Global respiratory syncytial virus (RSV) diagnostics market is projected to grow on account of increasing burden of RSV infections, growing demand for point-of-care molecular diagnostic tests for the diagnosis of RSV infections among other factors. The global market is projected to grow at a lucrative CAGR of ~10% over the forecast period from 2020 to 2030 and is anticipated to surpass USD 900 Million by 2020.
Respiratory syncytial virus (RSV) is a virus that causes respiratory infections such as pneumonia and bronchiolitis. Overall, the rise in cases of RSV infections is fueling the need for rapid diagnostic techniques. According to the CDC, on average each year RSV results in the hospitalization of about 1,30,000-170,000 children under the age of five and the death of about 14,000 adults over the age of 65 in the United States alone.
As the clinical symptoms of RSV infections cannot be differentiated from other respiratory infections, rapid, precise and responsive diagnostic techniques are becoming increasingly important. For this sector, the current lack of specific treatment choices and the future development of RSV vaccines are the main constraints. Approximately 99% of RSV-related deaths in children under the age of five are from developing countries, resulting in increased demand for diagnostic methods in these countries.
According to the report "Reducing Neonatal Mortality And Morbidity In Latin America And The Caribbean" nearly 400,000 children die at five years of age, of which 270,000 die in the first year. Such deaths are preventable and are thus drawing the attention of health agencies to take due notice of such cases. The Pan American Health Organization (PAHO) and the Latin American Center for Perinatology are focused on educating parents to implement preventive measures for potential infections, thereby encouraging higher diagnosis rates for RSV.
It is also expected that the incidence of childhood pneumonia would fuel demand for RSV screening. According to WHO estimates, in developing countries such as Latin America and the Caribbean, about 80,000 children aged under 5 years die every year to respiratory tract infections. WHO is undertaking pilot vaccination projects in developing countries such as Latin America, Africa, and the Asia Pacific to achieve 100% identification of RSV infections among babies, neonates, and children under the age of five. This is expected to reduce mortality and hospitalization from RSV-related acute lower respiratory infections (ALRI). It would also set up RSV testing centers in these regions over the forecast period.
In 2018, North America held the majority of market share owing to rising incidences of these infections and a rising infant population over the forecast period. Chromatographic immunoassays and molecular diagnostics are the common products used in the area because they provide high sensitivity, precision, and specificity, resulting in a rapid increase in demand. A growing number of strategic partnerships between major pharmaceutical companies and in vitro diagnostics companies are expected to make this a lucrative segment by signaling tremendous potential to produce companion diagnostics.
The Asia Pacific respiratory syncytial virus (RSV) diagnostics industry is anticipated to grow with the highest CAGR over the forecast period owing to the presence of a large patient pool and rapidly increasing prevalence of infectious diseases in the region. Strong demand from automated healthcare research is expected to fuel market growth in the region for reliable and faster disease diagnosis. China, India, Japan, and Malaysia are projected to be the region's fastest-growing markets as a result of evolving healthcare systems and increasing numbers of government initiatives. Also, the growing infant population is expected to drive market growth.
Some of the major players operating in this industry are Abbott, Alere Inc., Becton, Dickinson and Company (BD), Biocartis, Biomérieux, Coris BioConcept, Danaher, DiaSorin SPA, EMD Millipore, Fast Track Diagnostics, Hoffmann La Roche Limited, Hologic, Luminex, Novartis Diagnostics, Quest Diagnostics, Quidel Corporation, Roche, and Thermo Fisher Scientific among other prominent players.
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