Global POC RSV Testing Market 2018-2022
About this market
The growing need for company diagnostics is expected to drive growth in the market. Companion diagnostics are necessary to understand the need of the patient and give personalized medicine. This practice has been trending recently and will thus become a good opportunity to penetrate POC products in the market. Technavio’s analysts have predicted that the POC RSV testing market will register a CAGR of more than 7% by 2022.
Increase in the incidence and prevalence of RSV infections
The incidence rate of RSV has been high across the globe owing to the ever-increasing air pollution and offsets of the seasons, thus leading to temperature imbalances in the environment. In the US, RSV infections lead to the hospitalization of more than 57,000 patients and two million outpatient visits every year among children below five years.
When products lead to patient injury or fatalities, manufacturers either voluntarily recall them from the market, or regulatory authorities suspend the sales of the faulty devices. Product recalls affect the sales and earnings of a vendor.
For the detailed list of factors that will drive and challenge the growth of the POC RSV testing market during the 2019-2023, view our report.
With the presence of several companies including Abbott and BD, the competitive environment is quite intense. Factors such as the rising demand for POC RSV testing, especially from the developing countries and the expansion of aircraft manufacturing facilities, will provide considerable growth opportunities to POC RSV testing manufactures. Abbott, BD, F. Hoffmann-La Roche, Thermo Fisher Scientific, and bioMérieux are some of the major companies covered in this report.
‘With the presence of a considerable number of companies, this market appears to be fragmented. Several POC RSV testing companies are focused on initiating various M&A strategies to develop and market POC products to meet the high volume of demand from across the globe.’
Technavio Announces the Publication of its Research Report – Global POC RSV Testing Market 2019-2023
Technavio recognizes the following companies as the key players in the global POC RSV testing market: Abbott, BD, F. Hoffmann-La Roche, Thermo Fisher Scientific, and bioMérieux.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing need for company diagnostics.”
According to the report, one of the major drivers for this market is the Increase in the incidence and prevalence of RSV infections.
Further, the report states that one of the major factors hindering the growth of this market is the product recalls.
F. Hoffmann-La Roche
Thermo Fisher Scientific