The global RSV diagnostics market was estimated at USD 625 million in 2015. This market is anticipated to propagate at a high CAGR of over 10% from 2016 to 2024. The rising neonatal infections, increasing prevalence of viral infectious diseases, and the increasing demand for early detection systems of RSV in infants are some of the major factors driving the growth of this market.
Respiratory syncytial virus, is a virus that affects the lung, respiratory tract, heart, and immune systems resulting in serious illness. It is mostly prevalent in infants between age groups 0 to 11 months.
The RSV diagnostics market is segmented on the basis of end users such as hospitals, home care, diagnostic laboratories, and clinics. The hospital segment dominated the RSV diagnostics market in 2015. This segment is expected to lead the market growth owing to the reason that an RSV-infected patient needs to be hospitalized for constant care and monitoring.
The homecare segment is anticipated to show a huge growth potential on account of rising demand for in-house and perinatal testing. Governments of various countries are heavily investing on training activities which facilitate increased adoption of homecare services for the treatment of a patient infected respiratory syncytial virus.
On the basis of technology utilized, the RSV diagnostic market is segmented into molecular diagnostics, diagnostic imaging, rapid antigen detection tests (RADTs), reverse transcriptase polymerase chain reaction (RT-PCR) kits, gel micro droplets, flow cytometers, and Direct Fluorescent Antibody (DFA).
The molecular diagnostic segment is expected to dominate the RSV diagnostics market from 2016 to 2024 owing to the increased accuracy that molecular methods provide as compared to other methods. The increasing developments in genomics and proteomics are also expected to contribute to the growth of this market.
Rapid antigen diagnostic tests (RADTs) are expected to witness a high growth over the forecast period as the test can be executed at Point of Care (PoC) and instantaneous results can be acquired. The significant reduction in clinical time that is offered by RADTs is one of the majors reasons that is projected to drive the market demand over the forecast period.
Increasing preference for reverse transcriptase polymer chain reaction (RT-PCR) kits for detection of human RSVs is also expected to contribute to the RSV diagnostics market growth from 2016 to 2024.
Roche Diagnostics received Clinical Laboratory Improvement Amendments (CLIA) waiver from the U.S. Food and Drug Administration for utilization of Cobalt Liat System for detection of flu A, flu B, RSV, and Strep A. It is likely that post the approval, the system will be implemented in pharmacy, clinics, health care providing facilities, hospitals, and physician’s offices.
North America dominated the market accounting for over 45% of the overall market in 2015. The increasing number of respiratory tract infections in this region is one of the major factor driving the demand for RSV diagnostics in this market.
Initiatives such as Pan American Health Organization (PAHO) implemented by the government to mandate screening for metabolic disorders and infections in newborns are expected to spur the demand for RSV diagnostics equipment. Rising hospitalization owing to increased cases of respiratory infections is expected to propel the RSV diagnostics market in the hospital segment of North America.
The Asia Pacific region is anticipated to observe the highest growth in the RSV diagnostic industry over the forecast period. The increased probability and prevalence of infectious diseases because of moderate living conditions in this region are projected to drive the market growth.
Technological advancements, implementation of favorable governmental initiatives & policies, increasing research & development funding, improved healthcare infrastructure are some of the factors that will augment the market growth in the developing countries of Asia Pacific.
Some of the strategic initiatives taken up by organizations to gain a competitive edge in the market are collaborations, agreements, and joint ventures. In 2015, Merck KGaA, a global pharmaceutical, and chemical company, completed the acquisition of EMD Millipore Corporation, a leading Life Science company based in the U.S. The acquisition is expected to enhance the company’s product portfolio and diagnostic capabilities.
Increased research & development efforts for high performance, rapid, and cost-effective diagnostic devices are also expected to drive the RSV diagnostic market from 2016 to 2024. Technologies such as Raman spectroscopy (surface enhanced), quantum dots, and loop-mediated isothermal amplification are expected to gain acceptance in the developing and developed countries over the forecast period.
The major vendors of the respiratory syncytial virus diagnostics market include Roche Diagnostics, Ortho Clinical Diagnostics, Quest Diagnostics, Thermo Fisher Scientific Inc., CorisBioConcept, EMD Millipore, Abbott Laboratories, Becton Dickinson and Co., and Alere Inc. Other players in the market include Bio-Rad Laboratories, Fast-track Diagnostics, Quidel Corporation, DiaSorin SPA, Novartis Diagnostics, and BioMerieux among others.
Research Support Specialist, USA