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(Medical-NewsWire.com, January 03, 2019 ) According to the market research report RSV Diagnostics Market is expected to reach USD 929.2 Million by 2022 from USD 574.3 Million in 2017, at a CAGR of 10.1%.
RSV diagnostics is done to diagnose lower respiratory tract infections (LRTIs) in children caused by respiratory syncytial virus (RSV) which is the leading cause of infant hospital admissions in developed countries. Growth in this market is mainly driven by factors such as rising burden of RSV infections and growing demand for PoC molecular diagnostic tests for the diagnosis of RSV infections.
On the basis of products, the RSV diagnosis market is categorized into kits and assays, instruments, and other products. The kits and assays segment is expected to register the highest growth during the forecast period. Growth in this market is mainly due to the increasing approval of RSV diagnostic kits and assays.
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Based on method, the market is segmented into molecular diagnostics, rapid antigen detection tests, and other methods. The molecular diagnostics segment is estimated to register the highest growth during the forecast period. Growth in this segment can be attributed to the growing demand for molecular diagnostic tests for the diagnosis of RSV infections.
On the basis of end user, the market is segmented into hospitals & clinics and home care. The hospitals and clinics segment is estimated to grow at the highest rate during the forecast period. The increasing demand for RSV diagnostic testing in hospitals and clinics is driving the growth of this segment.
The RSV diagnostics market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to register the highest growth due to the heavy burden of RSV diseases and growth in the demand for RSV disease diagnostics.
Given the immense opportunities in the major applications of RSV diagnostics, market leaders and emerging players are increasingly focusing on the market in the segments mentioned above to increase their revenues and are also looking to expand their reach to emerging economies.
Market Dynamics
Drivers
• Increasing Burden of RSV Infections
• Growing Demand for Point-Of-Care Molecular Diagnostic Tests for the Diagnosis of RSV Infections
• Increasing Adoption of Molecular Diagnostics Over Immunoassays
• Increasing Approval of RSV Diagnostic Kits and Assays
Restraint
• Low Detection Limits of Immunoassays
Opportunities
• Technological Advancements in Diagnostic Methods
Threats
• Development of RSV Vaccines
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