World infectious respiratory disease diagnostics market analysis report 2022-2030
The "Infectious Respiratory Disease Diagnostics Market Size, Share & Trends Analysis by Product Type (Instruments, Services), by Sample Type (Blood, NPS), by Application, by Technology, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global infectious respiratory disease diagnostics market size is expected to reach USD 43.6 billion by 2030, registering a CAGR of -1.8%.
The decline in market size is majorly attributed to the decline in COVID-19 testing. However, the market without the impact of COVID-19 is expected to grow over the forecast years.
The growth can be attributed to an increase in the prevalence of infectious respiratory diseases and initiatives taken by governments & nonprofit organizations to introduce novel & innovative products to address the increasing demand. For instance, the global investment in tuberculosis R&D reached USD 915 million, and around USD 401 million was spent by the U.S. government on TB research in 2020.
During the forecast period, the global industry is expected to be driven by the rising incidence of infectious respiratory disorders, such as tuberculosis, RSV, and influenza. According to the UN, pneumonia affects around 4.2 million people every year. Key players are developing innovative techniques to improve production for meeting the growing demand in diagnostics and consumables for the diagnosis of infectious diseases.
In addition, companies are also launching multiplex tests for the simultaneous diagnosis of RSV, influenza, and COVID-19 respiratory diseases. RT-PCR tests are considered the gold standard for the diagnosis of COVID-19 in patients. However, high prices associated with molecular tests are one of the major factors impeding this market.
The lack of comparable products is another reason for hiked prices. This problem is further compounded by the significant variations in prices for different applications of each molecular diagnostic product. Companies are adopting strategies, such as new product launches and partnerships, to increase the penetration of infectious respiratory disease diagnostics products.
