Respiratory Syncytial Virus (RSV) Diagnostics Market size is estimated to reach $1.3 billion by 2026, growing at a CAGR of 9.8% during the forecast period 2021-2026. RSV is a contagious, common viral respiratory infection. RSV testing detects the presence of respiratory syncytial virus in nasal secretions to help diagnose the infection. Most people across the world recover from RSV infection without any specific treatment or having to see a healthcare practitioner to get tested. However, symptoms can be much more severe in young children, older adults, and those with weakened immune systems and is also the most common cause of bacterial pneumonia in infants. Treatment for RSV is mainly supportive and includes supplemental humidified oxygen and is also treated with Intravenous (IV) fluids for infants. Growing burden of RSV infections, increase in the approval of RSV diagnostic kits and assays, rising focus on combining various technologies with rapid immunoassays to develop the best approach to diagnose RSV infections and increasing adoption of molecular diagnostics are the factors that are set to drive the growth of the global market for the period 2021-2026.
RSV Diagnostics Market Segment Analysis – By Method
The RSV Diagnostics Market based on the Method can be further segmented into Molecular Diagnostics, Direct Fluorescent Antibody (DFA) Method, Rapid Antigen Detection Tests, Diagnostic Imaging, Flow Cytometry, Chromatographic Immunoassay, Others. Molecular Diagnostics segment held the largest share in 2020 owing to its high accuracy of molecular methods over other methods. Molecular Diagnostics became one of the gold standards for RSV diagnosis, as it is the most accurate method. Numerous assays are increasingly being introduced functioning on molecular diagnostics such as Cepheid Xpert Flu/RSV XC Assay and Simplexa Flu A/B, which is driving the growth of the market. Rapid Antigen Detection Tests is estimated to be the fastest-growing segment with a CAGR of 11.3% over the period 2021-2026. This is owing to its advantages such as quick result time, elimination of ancillary testing, early diagnostic and implementation of treatment and improving antibiotic stewardship. Moreover, rapid antigen detection test detects infected patients early in the course of action, which leaves a positive impact on clinical decisions.
RSV Diagnostics Market Segment Analysis – By End User
The RSV Diagnostics Market based on the End User can be further segmented into Hospitals and Clinics, Laboratories and Homecare. Hospitals and Clinics segment held the largest share in 2020 owing to the factors such as the increasing adoption of Point-of-Care (POC) molecular diagnostic devices in hospitals and clinics for RSV diagnosis, rising demand for RSV diagnosis in hospitals and clinics among the developing nations, growing demand for RSV treatment among neonates and infants. The rising burden of RSV disease among children is propelling the growth of the market. Homecare is estimated to be the fastest-growing segment with a CAGR of 10.6% during the forecast period 2021-2026. This is owing to its cost-effectiveness when compared to the hospital stay and easy availability of adequately trained staff for home healthcare is also propelling the demand for homecare.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=17294
Report Price: $ 4500 (Single User License)
RSV Diagnostics Market Segment Analysis – By Geography
The RSV Diagnostics Market based on Geography can be further segmented into North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand and Rest of Asia-Pacific), South America(Brazil, Argentina and others), and RoW (Middle East and Africa). North America held the largest share in 2020 with 37.2% of overall market. The growth in this segment is owing to the factors such as increasing number of strategic partnerships among the pharmaceutical companies and in vitro diagnostic manufacturing companies, rising incidences of RSV infections and an increasing infant population. The growing innovations in new technologies such as filament-based antibody detection assays, thin layer-based amperometric enzyme immunoassay (EIA), and multiplex virus testing in the region is propelling the growth of the market. Asia-Pacific is estimated to be the fastest-growing segment over the period 2021-2026 owing to the factors such as rapidly increasing prevalence of infectious diseases in the region, rise in the demand for automated healthcare testing for accurate and faster diagnosis of diseases in countries like China, India, Japan, and Malaysia, thereby increasing healthcare expenditure in developing countries such as Brazil, Mexico and India and rise in the awareness levels among patients about infectious diseases.
RSV Diagnostics Market Drivers
Increase in the Adoption of Molecular Diagnostics
Molecular diagnostics method was increasingly being used in the treatment of RSV infection owing to its high accuracy. Moreover, the application of nucleic acid amplification technology, particularly multiplex PCR coupled with fluidic or fixed microarrays in molecular diagnostics are providing a new approach for the detection of multiple respiratory viruses in a single test. PCR-based multiplex molecular diagnostic tests have the ability to screen multiple respiratory pathogens at once, are driving the growth of the market.
Technological Advancements in Various Diagnostics Methods
The innovations in plasmonic detection techniques such as localized surface plasmon resonance (LSPR) spectroscopy that uses metallic nanomaterials by exploiting physicochemical peculiarities offer rapid diagnostics and superior sensitivity & affordability as compared to techniques such as surface-enhanced Raman spectroscopy (SERS) and PCR coupled with electrospray ionization, which is driving the growth of the market. Other new technologies such as filament-based antibody detection assays allow testing to be performed using a one-step kit, which are further enhancing the growth of the market.
RSV Diagnostics Market Challenges
Low Detection Limits of Immunoassays
The immunoassays have the ability to measure antibody levels against RSV proteins simultaneously and provides valuable insight into the dynamics of antibody levels and RSV infection in infants. However, the fundamental limit of quantification and detection for an immunoassay is limited and this limit is based on unavoidable statistical limitations. This is one of the major factors that is estimated to reduce the growth of the market.
RSV Diagnostics Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the RSV Diagnostics Market. Key companies of this market are Abbott Laboratories, Dickinson and Company, Thermo Fisher Scientific Inc, Hoffmann La Roche Limited, Novartis AG, Ortho Clinical Diagnostics, Bio-Rad Laboratories Inc, Quidel Corporation, BioMerieux, DiaSorin SPA among others.
Acquisitions/Product Launches:
In 2021, Thermofisher Scientifc Inc has entered into a definite agreement to acquire Mesa Biotech Inc for approximately $450 million in cash for expanding the availability of gold standard nucleic acid PCR amplification for infectious diseases including SARS-CoV-2 and respiratory syncytial virus (RSV).
In 2020, Bio-Rad Laboratories has launched its SARS-CoV-2, Flu, RSV Positive and Negative Run Controls to enable laboratories to evaluate day-to-day variation of their multiplexed molecular assay and also to test for operator proficiency.
In 2019, Abbott has launched Reformulated BinaxNOW Rapid Influenza Test for the qualitative detection of the influenza A and B, Strep A and respiratory syncytial virus (RSV).
Key Takeaways
Geographically, North America RSV Diagnostics Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing number of strategic partnerships among the pharmaceutical companies and in vitro diagnostic manufacturing companies.
The growing adoption of Point-of-Care (POC) molecular diagnostic devices in hospitals for RSV diagnosis is driving the growth of the hospitals and clinics segment.
Low detection limits of immunoassays is one of the major factors that is said to reduce the growth of the RSV Diagnostics Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the RSV Diagnostics Market report.
Related Reports :
A. Molecular Diagnostics Market
https://www.industryarc.com/Report/10604/molecular-diagnostics-market.html
B. Infectious Disease Testing/Diagnostic Market
https://www.industryarc.com/Report/15125/infectious-disease-testing-market.html
For more Lifesciences and Healthcare Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: 1-614-588-8538 (Ext: 101)
Address:Madhapur
City: Hyderabad
Country: India
Website: http://industryarc.com/