According to the current analysis of Reports and Data, the global Respiratory Syncytial Virus Infection market was valued at USD 12.21 billion in 2018 and is expected to reach USD 21.48 billion by year 2026, at a CAGR of 7.3 %. The study discusses the increased adoption of the diagnosis of respiratory syncytial virus, due to the significant increase in the number of RSV infections, with the increasing demand for molecular diagnostic tests for PoC for the diagnosis of infections. Demand for Respiratory Syncytial Virus Infection is fueled by increase in demand of minimal to completely invasive testing technique, and increasing approval of RSV kits and diagnostic tests. Unpredicted climate changes as well as polluted climate has increased the incidences of pulmonary diseases such as pneumonia, bronchiolitis etc. These factors are expected to stimulate market demand for infectious disease testing such as Respiratory Syncytial Virus Infection. A wide range of diagnostic tests for Respiratory Syncytial Virus are available, including molecular diagnostic tests, viral culture tests, rapid tests, serological tests and rapid immunological tests. Various players are majorly focused on combining these technologies and rapid immunoassays to develop the best approach to diagnose RSV infections. It is also anticipated that the increasing incidence of pneumonia in children will stimulate the demand for RSV testing.
The most commonly used mechanism for the molecular diagnosis of RSV is the reverse transcriptase polymerase chain reaction (RT-PCR) and the multiplexed nucleic acid amplification. The RSV market is expected to grow profitably, as home health care is a cost-effective alternative while in hospital. The availability of qualified and skilled home care staff should support the growth of home care in the RSV diagnostic market. To prevent increasing number of RSV infections, organizations such as WHO, CDC, PAHO and the Healthy Newborn Network are working to educate parents about possible disorders and their diagnostic procedures. Suppliers are developing new RSV diagnostic products with greater efficiency. These launches will contribute to business income, which will boost the market. These advanced product launches will make products accessible to end-users and reduce the time needed for diagnosis. However, shortage of specific treatments and lack of awareness is expected to hinder the market growth.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Respiratory Syncytial Virus Infection Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Becton-Dickinson and Company
- Thermo Fisher
- Fast Track Diagnostics
Respiratory Syncytial Virus Infection Market Segmentation:
- Kits and Assays
- Molecular Diagnostic
- Monoclonal antibodies
- Flow Cytometry
- Diagnostic Imaging
- Gel Microdroplets
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Respiratory Syncytial Virus Infection market over the forecast period?
- What are the major factors driving the growth of the Global Respiratory Syncytial Virus Infection Market?
- What are the key challenges impacting the global Respiratory Syncytial Virus Infection market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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