Rise in incidence of respiratory syncytial virus (RSV) specifically among geriatric population and infants are the driving factors contributing to growth of the respiratory syncytial virus (RSV) diagnostics market. Cases of respiratory syncytial virus infection is usually reported in elderly population and infants. The symptoms ranges in between mild cold and similar conditions.
The viral infection usually result in respiratory infections such as bronchiolitis and pneumonia. Typically, people recover from the infection in a week or two. However, children under 5 years of age are the found to be the most affected by this infection. Approximately, 99 percent of death due to infection caused by respiratory syncytial virus (RSV) is reported among the children under five years of age.
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Based on technologies, the respiratory syncytial virus (RSV) diagnostics market is categorized into differential light scattering, immunoassays, liposomes, gel micro droplets, and artificial intelligence antibodies among others.
Large Number of Regional and International Players Intensify Competition Level in Respiratory Syncytial Virus (RSV) Diagnostics Market
Respiratory syncytial virus (RSV) diagnostics market is found to be highly fragmented in nature due to presence of regional and international players present in the global market. Recently, outbreak of COVID-19 has caused catastrophe across the world. Outbreak of the diseases has been resulting in high death rates. The number of deaths has been increasing exponentially.
Manufacturing companies present in the global respiratory syncytial virus (RSV) diagnostics market are focusing on technological innovations so that the virus can be diagnosed without any delay. Delay in the result augments the contraction, providing high number of positive cases.
In the phase, the respiratory syncytial virus (RSV) diagnostics market is also witnessing frequent mergers and acquisitions. For example, Merck KGaA has recently acquired Sigma Aldrich.
Some of the prominent key players operating in the global respiratory syncytial virus (RSV) diagnostics market are Coris BioConcept, Hoffmann La Roche Limited, Abbott Laboratories, Novartis Diagnostics, Quidel Corporation, Fast-track diagnostics, Quest Diagnostics, Alere Inc., and Diasorin SPA among others.
Outbreak of COVID-19 and rapid transmission rate of novel coronavirus from one person to another has impelled the need for screening devices that can provide result in no time. Researcher and developers are consistently developing new technologies for rapid screening procedure of COVID-19.
Recently, Abbott Laboratories has launched a 5 minutes virus test diagnostic device. The technology is based on the common-point-of-care test to detect trace of respiratory syncytial virus and influenza. This, in turn, can boost growth rate of the respiratory syncytial virus (RSV) diagnostics market.
High Number of COVID-19 Cases Underpins Growth of North America Respiratory Syncytial Virus (RSV) Diagnostics Market
On the basis of regions, the respiratory syncytial virus (RSV) diagnostics market is segmented on the basis of regions. Among all the regional market, North America market is anticipated to continue to hold maximum share in the global market. Prominence of the region is attributed to rising number of coronavirus cases in the U.S. Further, growing infant population in the region is also supporting expansion of the respiratory syncytial virus diagnostic market in the region.
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Meanwhile, Asia Pacific market is also estimated to exhibit moderate growth rate owing to rising population in countries such as China and India. China is epicenter of the outbreak of novel coronavirus disease. Hence, respiratory syncytial virus diagnostic market is anticipated to gain maximum traction in the region. Also, infant population is also rising in China.
Moreover, stringent regulations implemented by government to raise awareness regarding the respiratory syncytial virus (RSV) through various initiatives may also contribute to growth of the regional market.