The global Respiratory Syncytial Virus market size was estimated at USD 1.05 billion in 2023 and is projected to reach USD 2.2 billion in 2030 at a CAGR of 10.4% during the forecast period 2023-2030.
The respiratory virus known as respiratory syncytial virus (RSV) attacks the lungs and bronchioles. The majority of children become unwell from it by the age of two, making it one of the prevalent causes of childhood disease. Adults can also contract RSV. Pneumonia and bronchitis are among the more serious RSV infections. One of the main drivers of market expansion is the rising sickness rate.
Modern technologies like bio- and nanotechnology are helping to develop current RSV detection procedures including the western blot, enzyme-linked immunosorbent test (ELISA), direct immunofluorescence, and real-time polymerase chain reaction (PCR). In addition, government organizations from many nations provide funding for R&D initiatives to create novel treatments. An increase in the number of clinical vaccination studies, an increase in the need for in-vitro diagnostics, an increase in the prevalence of pediatric pneumonia, and an increase in the usage of molecular diagnostics are other factors anticipated to propel the market.
When infants under two years of age experience severe respiratory symptoms, RSV infection is more risky. One of the major drivers propelling market expansion is this, together with parents' increasing attention on providing for the medical needs of their children. Moreover, variables that promote development include the high survival rates following early diagnosis and the accessibility to diagnostic tools. In addition, expanding healthcare infrastructure and favorable newborn hospital reimbursement policies are propelling market expansion.
In hospitals, the use of multiplex diagnostic panels has grown for the early and quick diagnosis of COVID-19 in severely sick respiratory patients. These panels include diagnostic for COVID-19 and RSV infections during the pandemic. The consequences of COVID-19 on diagnostic procedures are extensive and include labor force and staffing issues, procedural prioritization, and danger of intraoperative viral transmission. Multiplex diagnostics have been crucial in giving speedy findings for COVID-19 diagnostics, despite the fact that COVID-19 has caused a lack of crucial diagnostic tests during the early pandemic.
Modern technologies like bio- and nanotechnology are helping to develop current RSV detection procedures including the western blot, enzyme-linked immunosorbent test (ELISA), direct immunofluorescence, and real-time polymerase chain reaction (PCR). In addition, government organizations from many nations provide funding for R&D initiatives to create novel treatments. A rise in the number of clinical vaccination studies, an increase in the need for in-vitro diagnostics, an increase in the prevalence of pediatric pneumonia, and a rise in the use of molecular diagnostics are additional factors anticipated to propel the market. These are the specific elements that fuel market expansion. When infants under two years of age experience severe respiratory symptoms, RSV infection is more risky. One of the major drivers propelling market expansion is this, together with parents' increasing attention on providing for the medical needs of their children. Moreover, variables that promote development include the high survival rates following early diagnosis and the accessibility to diagnostic tools.
North America to Dominate the Market