The Respiratory Syncytial Virus (RSV) Diagnostic Market is Segmented by Product (Kits and Reagents, Instruments, and Others), Method (Molecular Diagnostics, Rapid Antigen Detection Tests, Immunoassays, Flow Cytometry, Chromatography), End User (Hospitals and Clinics, Clinical Laboratories, and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Respiratory Syncytial Virus (RSV) Market Overview
The global Respiratory Syncytial Virus market size was estimated at USD 1.05 billion in 2023 and is projected to reach USD 2.2 billion in 2030 at a CAGR of 10.4% during the forecast period 2023-2030.
The respiratory virus known as respiratory syncytial virus (RSV) attacks the lungs and bronchioles. The majority of children become unwell from it by the age of two, making it one of the prevalent causes of childhood disease. Adults can also contract RSV. Pneumonia and bronchitis are among the more serious RSV infections. One of the main drivers of market expansion is the rising sickness rate.
Modern technologies like bio- and nanotechnology are helping to develop current RSV detection procedures including the western blot, enzyme-linked immunosorbent test (ELISA), direct immunofluorescence, and real-time polymerase chain reaction (PCR). In addition, government organizations from many nations provide funding for R&D initiatives to create novel treatments. An increase in the number of clinical vaccination studies, an increase in the need for in-vitro diagnostics, an increase in the prevalence of pediatric pneumonia, and an increase in the usage of molecular diagnostics are other factors anticipated to propel the market.
When infants under two years of age experience severe respiratory symptoms, RSV infection is riskier. One of the major drivers propelling market expansion is this, together with parents' increasing attention on providing for the medical needs of their children. Moreover, variables that promote development include the high survival rates following early diagnosis and the accessibility to diagnostic tools. In addition, expanding healthcare infrastructure and favorable newborn hospital reimbursement policies are propelling market expansion.
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In hospitals, the use of multiplex diagnostic panels has grown for the early and quick diagnosis of COVID-19 in severely sick respiratory patients. These panels include diagnostic for COVID-19 and RSV infections during the pandemic. The consequences of COVID-19 on diagnostic procedures are extensive and include labor force and staffing issues, procedural prioritization, and danger of intraoperative viral transmission. Multiplex diagnostics have been crucial in giving speedy findings for COVID-19 diagnostics, despite the fact that COVID-19 has caused a lack of crucial diagnostic tests during the early pandemic.
Delvens Industry Expert's Standpoint
Modern technologies like bio- and nanotechnology are helping to develop current RSV detection procedures including the western blot, enzyme-linked immunosorbent test (ELISA), direct immunofluorescence, and real-time polymerase chain reaction (PCR). In addition, government organizations from many nations provide funding for R&D initiatives to create novel treatments. A rise in the number of clinical vaccination studies, an increase in the need for in-vitro diagnostics, an increase in the prevalence of pediatric pneumonia, and a rise in the use of molecular diagnostics are additional factors anticipated to propel the market. These are the specific elements that fuel market expansion. When infants under two years of age experience severe respiratory symptoms, RSV infection is riskier. One of the major drivers propelling market expansion is this, together with parents' increasing attention on providing for the medical needs of their children. Moreover, variables that promote development include the high survival rates following early diagnosis and the accessibility to diagnostic tools.
Key Findings
• Based on medication type, Synagis held the greatest market share of more than 32% in the global market. A medication called Synagis is used to prevent the severe respiratory syncytial virus in vulnerable children and newborns. Furthermore, throughout the course of the projection period, Virazole is anticipated to see the quickest rate of growth. In the worldwide RSV market, the injectable dosage form category has the biggest market share. Also, during the evaluation period, the oral section is anticipated to increase at the quickest rate.
• Throughout the projected period, the category with the strongest growth is anticipated to be antiviral medications. The sector growth is anticipated to be supported by the rising hospitalization rate for RSV as a result of the rising illness prevalence. Based on distribution channel, the hospital pharmacies category has the largest market share globally. Hospital pharmacies are the ideal distribution route since all sorts of pharmaceuticals are easily accessible there.
• Throughout the study period, it is anticipated that the increasing product releases, research studies examining the advantages of quick antigen testing over other techniques, and significant government and industry-level initiatives will all contribute to the segment's growth. According to a study published in February 2022 titled Performance Assessment of a Rapid Molecular Respiratory Syncytial Virus Point-of-Care Test: A Prospective Community Study in Older Adults, the positive percentage agreement of the rapid antigen test Xpert Xpress Flu/RSV compared to standard RT-PCR is high for RSV detection in older people who live at home. At the point of care, the assay is quick and simple to use. These Tremendous benefits will fuel the market's expansion.
• The respiratory syncytial virus (RSV) diagnostic market is dominated by North America due to the rise in RSV infections. In the projected period of 2023 to 2030, Asia-Pacific is anticipated to develop at the fastest rate due to rising population densities and an increase in the prevalence of infectious illnesses. Additionally, the respiratory syncytial virus (RSV) diagnostic market is anticipated to rise in the approaching years due to the region's developing healthcare systems and expanding number of government initiatives.
Respiratory Syncytial Virus (RSV) Market Regional Analysis
North America to Dominate the Market
• The respiratory syncytial virus (RSV) diagnostic market is dominated by North America due to the rise in RSV infections. Also, the region's rising infant mortality rate and expanding number of key alliances.
• The respiratory syncytial virus (RSV) diagnostic market will be driven by the region's expanding newborn population as well as the rising number of strategic alliances between pharmaceutical giants and in vitro diagnostic manufacturing firms over the course of the forecast period.
Respiratory Syncytial Virus (RSV) Market Competitive Landscape
• BIOMERIEUX
• Abbott
• F. Hoffman La. Roche Ltd
• Danaher
• Thermo Fisher Scientific Inc.
• Luminex Corporation
• BioCartis, Hologic, Inc.
• Fast Track Diagnostics Luxembourg S.à r.l.
• Beckman Coulter Inc.
• Ortho-Clinical Diagnostics
• Bio-Rad Laboratories Inc.
• DiaSorin S.p.A.
• Becton, Dickinson and Company
• AbbVie, Inc.
• AstraZeneca PLC
• Atea Pharmaceuticals
• Bausch Health Companies Inc.
• Celltrion Inc.
• Enanta Pharmaceuticals, Inc
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Respiratory Syncytial Virus (RSV) Market Recent Developments
• In April 2022, Allplex RV Master Assay acquired the European CE-IVD certification and clearance from Australia's Therapeutic Goods Administration, according to a release from Seegene Inc. in April 2022. It can discriminate between two kinds of respiratory syncytial viruses and 21 targets for 19 distinct respiratory viruses.
• In March 2022, SARS-CoV-2, influenza A and B, respiratory syncytial virus, and Pandemic Response Lab (PRL), a wholly-owned subsidiary of Opentrons Labworks Inc., introduced a condensed respiratory panel in March 2022. (RSV).
Reasons to Acquire in the Respiratory Syncytial Virus (RSV) Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Respiratory Syncytial Virus Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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