In a testament to its strong growth trajectory, the global coronavirus immunoassay market has reached a significant milestone, achieving a valuation of USD 3.7 billion in 2021. This achievement underscores the sector’s impressive progress and points to a promising future for the market as it continues to evolve and expand.
Recent market insights offer an optimistic outlook, with forecasts projecting a Compound Annual Growth Rate (CAGR) of 5.5% during the analysis period. By 2032, the market is expected to exceed USD 6.9 billion, driven by several key factors that are propelling its expansion.
Key Growth Drivers:
A major catalyst for this growth has been the heightened public awareness surrounding coronavirus infections. As people worldwide become increasingly informed about the importance of early detection and accurate testing, the demand for reliable immunoassay solutions has surged. Immunoassays, known for their precision and speed, have become integral to managing and monitoring COVID-19.
Technological advancements have also played a critical role in the market’s growth. Innovations in immunoassay technologies have led to the development of faster, more accurate diagnostic tools. These advancements ensure rapid and precise detection, increasing their adoption in both public health and clinical settings.
In addition, a global commitment to improving testing protocols has significantly contributed to the market’s expansion. Governments and healthcare organizations worldwide have prioritized the enhancement of diagnostic methods, leading to the widespread adoption of immunoassay testing solutions in healthcare facilities and diagnostic laboratories.
A Critical Component of Global Health Efforts:
As the coronavirus immunoassay market continues to evolve, it remains a key element of ongoing public health initiatives. The combination of heightened awareness, technological breakthroughs, and global focus on improving testing protocols positions the market for sustained growth.
The global coronavirus immunoassay market is set to play a pivotal role in disease surveillance, diagnosis, and management, providing essential support in the battle against COVID-19. With a favorable growth outlook, the market is on track to continue its impressive expansion, ensuring a critical role in combating the virus worldwide.
Key Market Highlights:
- Heightened Public Awareness: Growing understanding of the importance of early detection and accurate COVID-19 diagnosis is driving demand for immunoassay testing solutions.
- Technological Breakthroughs: Significant advancements in immunoassay technologies have resulted in the creation of highly sensitive and accurate diagnostic tools, further accelerating market growth.
- Global Focus on Testing Protocols: Enhanced testing protocols across governments and healthcare organizations have fueled widespread adoption of immunoassays, bolstering the market’s reach and impact.
As the global community continues to address the challenges of the COVID-19 pandemic, the role of immunoassays remains crucial in safeguarding public health. With sustained innovations and growing awareness, the global coronavirus immunoassay market is well-positioned for ongoing growth and success.
Heightened Market Interest: Our Complete Report Delivers Extensive Analysis and Trends!
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.
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.
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube