PUBLISHER: 360iResearch | PRODUCT CODE: 1497603
PUBLISHER: 360iResearch | PRODUCT CODE: 1497603
[192 Pages Report] The Acute Care Syndromic Testing Market size was estimated at USD 3.40 billion in 2023 and expected to reach USD 3.74 billion in 2024, at a CAGR 9.99% to reach USD 6.63 billion by 2030.
Acute care syndromic testing refers to the rapid diagnostic process used in healthcare settings to identify the cause of a symptomatic patient's clinical symptoms by testing for multiple possible causes simultaneously. It facilitates qualitative detection and identification of viral, bacterial, fungal, and parasitic pathogens using real-time polymerase chain reaction (PCR). This approach is particularly significant in acute care settings where time-sensitive decisions are crucial, such as emergency departments or intensive care units. It employs panels of tests that cover a range of pathogens or conditions associated with a particular clinical syndrome, such as respiratory illness or gastrointestinal infection. The rise in infectious disease prevalence, including multi-drug-resistant pathogens, drives the need for rapid syndromic testing. Furthermore, government initiatives to improve medical infrastructure and stimulate the adoption of advanced diagnostics systems contribute to market growth. However, incidences of false positives and negatives and a lack of adequate reimbursements for certain syndromic tests can impede the adoption of acute care syndromic testing. Additionally, technical challenges and the ability to detect a limited number of microbial pathogens pose hurdles to the growth of the industry. However, key players are exploring the development of broader-ranging panels that can detect multiple pathogens in a single test. Research initiatives and advancements in clinical and medical microbiology can improve the performance and accuracy of acute care syndromic testing tools. Furthermore, the integration of advanced digital technologies such as AI/ML, data analysis technologies, and computational biology strategies can create new avenues of growth for the industry.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 3.40 billion |
Estimated Year [2024] | USD 3.74 billion |
Forecast Year [2030] | USD 6.63 billion |
CAGR (%) | 9.99% |
Regional Insights
The Americas region, particularly the US and Canada, boasts a robust healthcare infrastructure and digitalized healthcare framework, significantly driving the adoption of acute care syndromic testing in hospitals and clinics. Additionally, the Centers for Disease Control and Prevention (CDC) and other federal bodies actively encourage the development of rapid syndromic testing methods. Health insurers and hospitals are significant customers, and their purchasing behavior reflects a preference for integrated solutions that can provide quick results and aid in antimicrobial stewardship. The EU puts emphasis on compliance with stringent regulations pertaining to the healthcare sector. Additionally, strong collaborations between academic institutions, key players, and research institutes have led to innovations and improvements in the field of diagnostics and syndromic testing. Increasing antimicrobial resistance has also propelled the need for advanced diagnostics tools. In the APAC region, growing focus on healthcare reform and government initiatives and funds to expand access to advanced medical services and facilities are key factors leading to the adoption of acute care syndromic testing. Players in South Korea, India, and China are collaborating with diagnostic testing laboratories to expand the spread of acute care syndromic testing.
Market Insights
The market dynamics represent an ever-changing landscape of the Acute Care Syndromic Testing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Acute Care Syndromic Testing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Acute Care Syndromic Testing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
FDA Clears COVID-19 Home Antigen Test
The U.S. Food and Drug Administration (FDA) officially cleared ACON Laboratories' Flowflex COVID-19 Antigen Home Test for over-the-counter sales. This antigen test, which initially received Emergency Use Authorization in 2021, stands out as the second home diagnostic for COVID-19 to transition through a standard premarket evaluation by the FDA, marking a significant milestone. This development underscores the expansion of accessible testing options for the detection of COVID-19 for the public, including minors. [Published On: 2023-11-09]
Biden Government to Deliver Free COVID Tests To U.S. Households And Invest USD 600 Million In Domestic Manufacturers
The United States Department of Health and Human Services (HHS) confirmed its intent to combat the ongoing challenge posed by COVID-19 by providing American households with no-cost testing kits. The HHS has also unveiled an ambitious strategy, allocating USD 600 million to bolster the production capabilities of twelve domestic testing manufacturers, ensuring a robust response to the pandemic through the end of 2023. This strategic move underscores the continuing effort to keep citizens safe and well-informed amidst the evolving health crisis. [Published On: 2023-09-23]
NIH Launches Home Test to Treat a Pilot COVID-19 Telehealth Program
The U.S. National Institutes of Health, in partnership with the Administration for Strategic Preparedness and Response, has rolled out an innovative Home Test to Treat program, announced previously by the White House. This virtual community health initiative seeks to offer complimentary COVID-19 health amenities to designated communities, including at-home rapid tests, telehealth consultations, and treatment options. Through this program, individuals who test positive for COVID-19 using at-home tests are eligible to receive antiviral medications, enhancing their chances of averting serious illness, hospitalization, or death. [Published On: 2023-01-05]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Acute Care Syndromic Testing Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Acute Care Syndromic Testing Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Applied BioCode, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Biocartis NV, BIOHM Health LLC, bioMerieux SA, Curetis GmbH b y OpGen, Inc, CVS Health, Danaher Corporation, DiaSorin S.p.A, Eurofins Scientific SE, F. Hoffmann-La Roche Ltd, Genetic Signatures Ltd., Hologic Inc., Luminex Corporation, Microbiologics, Inc., Pfizer, Inc., QIAGEN N.V., QuantuMDx Group Ltd., Seegene Inc., Siemens Healthineers AG, Sysmex Corporation, Thermo Fisher Scientific Inc., and Werfen.
Market Segmentation & Coverage