According to a recent study published by Future Market Insights, influenza home testing prospects are expected to soar significantly, reaching a valuation of US$ 7 billion in 2023. The market is further expected to reach US$ 10.36 billion by 2033, following a CAGR of 4%. According to the Centers for Disease Control and Prevention (CDC), prominent influenza diagnostic approaches include molecular assays and antigen detection tests.
Several healthcare practitioners advocate the use of molecular assays-based diagnostics, given their high degree of effectiveness, fast results delivery, flexibility, and agility. Furthermore, molecular assay tests are an effective alternative for healthcare providers struggling with limited resources. This is especially in the case of developing countries. However, there is also extensive reliance on rapid diagnostic tests, as they provide results within 10 to 15 minutes.
Over the years, the importance of influenza testing has acquired momentum, as the incidence of the disease is rising consistently, particularly across the United States. Data from the CDC reveals that as of January 2023, a positivity rate of 4.6% was observed with regard to active influenza infections. Also, as of the 2nd week of January 2023, around 3% of all visits to healthcare providers were for influenza. In addition, there were 6,367 hospitalizations.
Influenza diagnostics has become even more important amid the backdrop of the COVID-19 pandemic. To ensure that such a massive pandemic does not take root in the future, governments across the world have initiated awareness and testing campaigns to prevent the spread of respiratory diseases. Recently, the National Health Service in the United Kingdom announced that 2San, a global healthcare products and solutions brand is intending to launch a dual kit for SARS-CoV-2 & Influenza A+B testing. This over-the-counter kit is likely to alleviate pressures concerning flu testing in healthcare institutions. The test provides results in as little as 10 minutes.
Players are also capitalizing on the rapid technological advancements penetrating the healthcare industry to introduce highly impactful influenza home testing kits. The Norwegian University of Science and Technology is currently developing a microresonator capable of detecting possible signs of flu or the common cold. The technology is likely to be 100 times more effective than the longwave infrared spectrum. Microresonators are capable of storing high optical fields inside a very small volume.
Becton Dickinson & Co. offers the BD VeritorTM Plus SARS-CoV-2 and Influenza A+B rapid antigen testing kit. The kit provides accurate results in about 15 minutes. The test is intended for the qualitative detection of the diseases’ nucleocapsid antigens directly from anterior nasal swab samples taken from individuals suspected of respiratory infection within the first six days of symptom onset.
Likewise, Cardinal Health offers an end-to-end protection flu vaccine program, designed to meet the unique needs of hospitals, retail pharmacies, physician offices, community health centers, and other sites of care. The company ensures a consistent supply, providing priority access to other available brands, in case of a supply shortage. Some offerings include the Fluzone® High-Dose Quadrivalent, Fluzone® Quadrivalent and Flublok® Quadrivalent among others.
| Data Points | Key Statistics |
|---|---|
| Anticipated Market Value for Influenza Home Testing in 2023 | US$ 7 billion |
| Expected Market Value for Influenza Home Testing in 2033 | US$ 10.36 billion |
| Global Growth Rate (2023 to 2033) | CAGR of 4% |
According to the latest research by Future Market Insights, Influenza Home Testing Market is expected to witness robust growth with 4-5% CAGR during the forecast period from 2021 to 2031. The influenza home testing will show growth due to the rising prevalence of influenza globally and an increase in investment to develop at-home influenza testing kits. Therefore, growth at a significantly high CAGR will be expected soon.
The rising prevalence of Influenza across the globe, increase in per capita healthcare expenditure is driving the demand for home influenza testing. Increasing is government initiatives to develop over-the-counter influenza A and B virus’s diagnostic tests are creating huge opportunities in the Influenza Home Testing market.
For instance, In 2018, According to the Department of Health and Human Services (HHS) of the USA, Biomedical Advanced Research and Development Authority (BARDA) is associating with Cue Health Inc., and Diassess Inc., to improve first-in-class influenza testing devices, BARDA has provided $14 million to Cue Health and $10 million to Diassess for advanced development of diagnostic tests for influenza A and B viruses that are being developed for purchase over-the-counter influenza home testing.
Also, with increasing demand in the field of diagnosis, the major players and different countries made advances in their research and technology for making the process easy, painless and rapid. All these factors drive the Influenza Home Testing Market significantly during the forecast period from 2021 to 2031.
With the outbreak of COVID-19, the world started following social distancing. Social distancing is the most important factor for dropping the cases of COVID-19 and breaking the chain of the virus. The disease spread at a very rate through sneezing, talking, coughing, singing etc. from one person to another person. So, in the age of social distancing influenza, home testing provides safety to both patients and healthcare providers. Patients don’t need to visit the hospital, diagnostic centre or clinic for influenza testing.
The confirmed cases of COVID-19 reached 167,252,150 on 25th May 2021 in less than two years according to WHO. Therefore, it has been concluded that COVID-19 propels the influenza home testing market during the forecast period.
The USA and Canada will retain the top position in the market of influenza home testing due to the rising prevalence of influenza in the region and increasing adoption of home testing kits.
According to the Centers for Disease Control and Prevention (CDC), In the USA influenza infections cause more than 200,000 hospitalizations and 36,000 deaths every year. In adults, bronchitis and pneumonia are the most common problems of influenza.
The geriatric population with heart and lung disease, and immunocompromised patients such as cancer patients or those with HIV infection and transplant patients, etc. are mainly prone to influenza which need to be diagnosed as early as possible to reduce risk. The diagnostic of influenza is growing as peoples are becoming aware of viral diseases such as influenza. Thus need for home influenza testing is increased significantly.
Europe was hit badly by the corvid-19 pandemic in 2020. This makes them focus primarily on their healthcare sector and developing new technologies and adopting new devices for minimizing the discomfort of the population.
According to WHO, 54,147,639 confirmed cases of covid-19 was recorded till 25th May 2021in Europe. This can only be controlled by vaccinations and social distancing. Therefore, it is important to adopt such methods as influenza home testing and self-testing kits to follow the social distancing and avoid gathering of people at hospitals, clinics and diagnostic labs. This will result in developing the influenza home testing demand in Europe during the forecast period.
Some of the leading manufacturers and suppliers of influenza home testing include
These companies followed certain strategies like a partnership, new product lunch and approval, merger and acquisitions to gain a good position in the market. For instance, In 2018, Siemens Healthineers complete the acquisition of Fast Track Diagnostics Ltd., to expand their molecular diagnostics portfolio for infectious diseases.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Influenza Home Testing Market
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