Respiratory Syncytial Virus Diagnostic Testing Market Size Worth to USD 1.9 billion by 2031: Transparency Market Research Inc.

The market for respiratory syncytial virus diagnostic testing is expected to grow rapidly in the near future due to the increased demand for early diagnosis and increased awareness of respiratory syncytial virus (RSV) infection, particularly in developed nations.

Wilmington, Delaware, United States, Nov. 29, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global respiratory syncytial virus diagnostic testing market was estimated at a value of US$ 884.9 million in 2022. It is anticipated to register a 8.8% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 1.9 billion by 2031.

The need for RSV diagnostic tests is expected to rise in the coming years due to increased awareness of RSV and the importance of early diagnosis. RSV is more prevalent in elderly persons and small children. In newborns, kids, and older people, especially those with pre-existing respiratory disorders including asthma and Chronic Obstructive Pulmonary Disease (COPD), it is the cause of a considerable number of hospital admissions and fatalities.

It is anticipated that throughout the forecast period, the rise in RSV infection incidence will fuel the expansion of the respiratory syncytial virus diagnostic testing market.

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Global Respiratory Syncytial Virus Diagnostic Testing Market: Key Players
In order to grow their market share in respiratory syncytial virus diagnostic testing industry, top players are concentrating on research and development of new products.

They are utilizing a range of inorganic and organic development techniques to fortify their position in the industry. The following companies are well-known participants in the global respiratory syncytial virus diagnostic testing market:

12. F. Hoffmann-La Roche AG
13. Abbott
14. Thermo Fisher Scientific
15. BD (Becton, Dickinson and Company)
16. QuidelOrtho Corporation
17. Hologic, Inc.
18. Luminex Corporation
19. Agilent Technologies, Inc.
20. Cepheid (Danaher Corporation)
21. DiaSorin S.p.A.

Some key developments by the players in this market are:

12. The US Food and Drug Administration approved the Cobas SARS-CoV-2 Qualitative PCR test in October 2022 for use on the fully automated Cobas 6800 and Cobas 8800 Systems by F. Hoffmann-La Roche AG.
13. F. Hoffmann-La Roche AG introduced the Cobas 5800 System, a new molecular laboratory instrument, in nations that accept the CE mark in November 2021.

Key Findings of the Market Report

12. For RSV infections to be effectively treated and managed, reliable diagnostic tests are essential.
13. Reverse transcriptase Polymerase Chain Reaction (RT-PCR) is one molecular diagnostic technique that enables quick and precise identification of RSV genetic material.
14. These sophisticated tests contribute to increasing the precision and promptness of the RSV diagnosis.
15. It is projected that in the next years, research and development of sophisticated diagnostic tools will drive market data.
16. Since the COVID-19 epidemic, diagnostic speed and accuracy have become more crucial.
17. Given the similarities between COVID-19 and RSV infections, prompt and accurate identification were essential to choosing the best course of action. Rapid antigen detection assays for RSV were implemented in several nations.

Market Trends for Respiratory Syncytial Virus Diagnostic Testing

12. Over the course of the forecast period, the independent diagnostic labs end-user segment is anticipated to dominate the market. The market is anticipated to grow in the near future due to the growth in the frequency of respiratory diseases and the increased need for precise and trustworthy diagnostic tests.
13. Numerous rapid, effective, and highly accurate RSV diagnostic tests are available from independent diagnostic laboratories. They are therefore a popular option among patients and medical professionals. The newest tools and methods for diagnosis are available to independent diagnostic labs. They are able to deliver the results quickly and accurately.
14. Over the course of the projected period, the kits and assays product sector is expected to have the maximum share. Assays and kits are very accurate, reasonably priced, and simple to use. The market is anticipated to grow in the near future due to rising RSV awareness and a rise in the frequency of symptoms linked to the virus.
15. The demand for kits and assays increased significantly after the COVID-19 pandemic. As COVID-19 cases increased and overloaded health systems throughout the world, the need for rapid and reliable RSV testing grew even more urgent.

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Global Market for Respiratory Syncytial Virus Diagnostic Testing: Regional Outlook

Various reasons are propelling the growth of the respiratory syncytial virus diagnostic testing market throughout the region. These are:

12. From 2023 to 2031, North America is predicted to have the most share. The regional market dynamics are being enhanced by the high frequency of RSV infections and the existence of a strong healthcare infrastructure. The need for RSV diagnostic tests is also expected to be driven by research and development of new products.
13. Throughout the projection period, the industry in Europe is anticipated to increase at a significant rate. New test releases and an increase in RSV infection cases are driving regional market growth. Over the course of the projection period, Asia Pacific’s market revenue is expected to increase due to the high frequency of RSV infections and the spike in investments made in healthcare infrastructure.

Global Respiratory Syncytial Virus Diagnostic Testing Market Segmentation 
Test Type

• Antigen Detection Test
• Molecular Diagnostic Test
• Direct Fluorescent Antibody Test
• Diagnostic Imaging
• Others

Product

• Kits and Assays
• Instruments/Devices

End User

• Hospitals-attached Laboratories
• Independent Diagnostic Laboratories
• Others

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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