In an impressive display of growth, the global coronavirus immunoassay market has reached a milestone, marking a substantial valuation of US$ 3.7 billion in 2021. Recent market insights forecast a promising future for this sector, anticipating a Compound Annual Growth Rate (CAGR) of 5.5% during the analysis period, with expectations to exceed US$ 6.9 billion by 2032.
The market’s remarkable expansion is attributed to a combination of pivotal factors, including heightened public awareness, significant technological breakthroughs, and a dedicated focus on enhancing testing protocols worldwide. Immunoassays, renowned for their ability to detect coronavirus infections quickly and with high precision, have become indispensable in healthcare settings globally, fueling demand and adoption rates.
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“During these trying times, coronavirus immunoassays have emerged as a cornerstone in our fight against the pandemic,” remarked a spokesperson from Future Market Insights. “Their crucial role in rapidly diagnosing infections has been instrumental in shaping our healthcare strategies and responses.”
This upward trajectory is reflective of the substantial investments and intensive research efforts undertaken within the healthcare industry. Innovations in testing technologies and the introduction of new methodologies have significantly contributed to strengthening the market’s growth dynamics.
The ongoing development within the immunoassay market is a critical component in enhancing global healthcare systems’ preparedness and response capabilities against infectious diseases. As the market evolves, it is expected to bring forth an array of novel solutions, equipping medical professionals with more accurate and efficient diagnostic tools to combat the pandemic effectively.
Looking ahead, the projected growth of the coronavirus immunoassay market represents an optimistic forecast for the future of global healthcare. It promises to deliver improved diagnostic efficiency, accuracy, and accessibility on a worldwide scale, marking a significant step forward in the ongoing battle against current and future pandemics.
Key Takeaways:
- Based on product type, sales in the immunoassay kits & reagents segment are forecast to increase at a 5.4% CAGR through 2032.
- In terms of assay type, the LFA assays segment will hold 45% of the total market share by 2032.
- By purpose, demand in the clinical use segment will increase at a 5.1% CAGR through 2032.
- Based on specimen type, Nasopharynx specimens are leading the market.
- Clinical diagnostics hold around 4% of the coronavirus immunoassay market, owing to the high volumes of the infected patient population, post the advent of the COVID-19 pandemic.
- Demand in the healthcare sector will grow at a 4.9% CAGR over the assessment period.
“Increasing demand for reliable diagnostic tests and equipment, along with rising investments in the expansion of the healthcare infrastructure across emerging economies will augment the growth in the market,” says an FMI analyst.
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Competition Landscape:
- Surmodics, Inc.
- MESO SCALE DIAGNOSTICS, LLC.
- Abbott (Core Laboratory)
- Siemens-healthineers (Siemens Medical Solutions USA, Inc)
- PerkinElmer Inc.
- BD Biosciences
- ThermoFisher Scientific Inc.
- Zoetis Inc.
- Promega Corporation
- F. Hoffmann- La Roche Ltd.
- Other
This scenario promotes market competition, thus, key companies typically use high-impact marketing campaigns and launch test kits with variety of innovation to attract customers. For instance:
- In May 2022, Thermo Fisher Scientific and LabShares partnered to support the emerging Boston biotech ecosystem. This will help validate and commercialize the next generation of life-saving therapies, including the biotech and life science segments.
- In May 2022, Babson and BD expanded their strategic partnership to advance diagnostic blood collection that will allow to move blood sample collection into new care settings, including enabling patients to collect blood samples at home for diagnostic testing.
- In December 2021, PerkinElmer launched NEXTFLEX Variant-Seq SARS-CoV-2 Kit v2 to strengthen SARS-CoV-2 surveillance.
- In April 2022, Abbott had overall 12 COVID testing solutions like BinaxNOW COVID-19 Antigen Self-Test and Panbio COVID-19 Antigen Self-Test. It also took the initiative of the Pandemic Defense Coalition, the first-ever industry-led scientific and global health partnership dedicated to the early detection of and rapid response to future pandemic threats.
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Key Market Segments Covered in Coronavirus Immunoassay Industry Research:
By Product:
- Immunoassay Kits & Reagents
- Kits
- Primary Antibodies
- Secondary antibodies
- Immunoassay Substrates
- Immunoassay Buffers
- Analysers & Instrument
- Consumables
- Software
By Assay:
- ELISA
- FIA
- CLIA
- LFA
- Others
By Purpose:
- Research Use Only
- Clinical Use
By Specimen:
- Blood
- Saliva
- Nasopharynx
- Cell Culture Samples
By Application:
- Clinical Diagnostics
- Drug Discovery
- Screening of diseases & disorders
By End User:
- Healthcare Industry
- Human Use
- Veterinary
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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