In a testament to its robust growth trajectory, the global coronavirus immunoassay market has achieved a significant milestone, reaching a valuation of USD 3.7 billion in 2021. This achievement underscores the market’s substantial progress and highlights a promising future ahead.
Recent market insights reveal an optimistic outlook for the sector, with forecasts projecting a Compound Annual Growth Rate (CAGR) of 5.5% during the analysis period. This growth trajectory is anticipated to propel the market to surpass USD 6.9 billion by 2032. The remarkable expansion of the global coronavirus immunoassay market can be attributed to several key factors.
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One of the primary drivers of this market’s growth is the heightened public awareness surrounding coronavirus infections. As the global population becomes more informed about the importance of timely and accurate testing, the demand for reliable immunoassays has surged. Additionally, substantial technological advancements have played a crucial role in this market’s expansion. Innovations in immunoassay technologies have significantly improved testing protocols, ensuring rapid and precise detection of coronavirus infections.
Furthermore, a steadfast commitment to enhancing testing protocols on a global scale has contributed to the market’s growth. Immunoassays, renowned for their efficacy and accuracy, have become indispensable tools in healthcare settings worldwide. Their ability to provide rapid and precise results has driven both demand and adoption rates, further fueling the market’s expansion.
As the global coronavirus immunoassay market continues to evolve, it remains a critical component of public health efforts. The ongoing advancements and increasing awareness are expected to sustain the market’s growth and ensure its pivotal role in managing and combating coronavirus infections.
Key highlights driving the growth of the global coronavirus immunoassay market include:
- Heightened Public Awareness: Increasing awareness about the importance of early detection and diagnosis of COVID-19 has spurred demand for immunoassay testing solutions.
- Technological Breakthroughs: Significant advancements in immunoassay technologies have led to the development of highly sensitive and accurate diagnostic tools, further driving market growth.
- Focus on Testing Protocols: Governments and healthcare organizations worldwide have prioritized the enhancement of testing protocols, leading to widespread adoption of immunoassays in diagnostic laboratories and healthcare facilities.
As the global community continues to combat the COVID-19 pandemic, the role of immunoassays in disease surveillance, diagnosis, and management remains paramount. With an optimistic outlook for the future, the global coronavirus immunoassay market is poised for sustained growth, providing critical support in the ongoing battle against the virus.
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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