Fluorescent Immunoassay Market
Number of pages: 100 | Report Format: PDF | Published date: February 22, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 2.5 billion |
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Revenue Forecast in 2030 |
US$ 4.01 billion |
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CAGR |
5.4% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product type, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global fluorescent immunoassay market was valued at US$ 2.5 billion in 2021 and is expected to register a revenue CAGR of 5.4% to reach US$ 4.01 billion by 2030.
Fluorescent Immunoassay Market Fundamentals
Fluorescent immunoassay is a sensitive technology that can detect various substances, including medications, hormones, and proteins. It is a biochemical method to identify the interaction between the detector antibody and the analyte molecule. Fluorescent immunoassays are an alternative to other types of immunoassays. Fluorescent immunoassay can also identify antibodies and quantify antigens, such as virus particles and microorganisms. Higher analyte sensitivity detection, simplified reagents, and easier assay designs are all features of the fluorescence detection method. The fluorescence-based immunoassay system at the point of care is now possible due to several recent discoveries. Narrow bandwidth, inexpensive light sources, stable fluorophores with significant stokes shifts, reliable solid-state light detectors, and microprocessors to process and evaluate the test results are a few of these discoveries. A lateral flow test performs better when a fluorescence detection device is attached to it and paired with a potent yet affordable analyzer.
Clinical diagnostics, environmental monitoring, and pharmaceutical analysis increasingly depend on immunoassay. Fluorescent immunoassay is extensively utilized in research facilities, labs, and hospitals to identify various diseases and develop efficient treatment plans for humans and animals. This approach is also quick and economical. The fluorescent immunoassay market is growing rapidly due to the wide variety of applications. In addition, the industry for fluorescent immunoassay is growing at a significant pace due to the increase in the prevalence of chronic diseases.
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Fluorescent Immunoassay Market Dynamics
The rising incidence of chronic diseases is the main factor driving the revenue growth of the global fluorescent immunoassay market. Cancer is one of the leading chronic diseases across different parts of the world, including the Americas, Asia, and Europe. The global fluorescent immunoassay market is anticipated to expand rapidly in the next few years as more research and development activities are carried out in the area with significant financing by governments. For instance, a report from the European Commission’s Joint Research Commission published in July 2020 predicted that the European Union was expected to experience around 2.7 million new instances of cancer (excluding non-melanoma) in 2020. With about 355,000 new cases in 2020, breast cancer was projected to be the most common type. The need for immunofluorescence tests is growing due to the rising demand for early diagnosis of chronic kidney illnesses.
The global fluorescent immunoassay market benefits from the increased need for cutting-edge technologies and their growing uptake. The increase in accessibility to sensitive diagnostic tests also drives the global fluorescent immunoassay market. In the upcoming years, the industry is expected to grow as private and public initiatives receive more attention and the demand for affordable medications rises. The increasing prevalence of diseases, including HIV, dengue, and hepatitis, is projected to drive revenue growth in the market.
However, the distribution of immunoassay devices and consumables is now subject to regulations by the government and regulatory agencies in various countries. It has become a significant obstacle to the global fluorescent immunoassay market expansion. In addition, the market revenue growth is also expected to be hampered by technological challenges posed by the reagents and kits used in the process, such as low detection limits of the available antibodies, cross-reactivity of the antibodies, and misleading results.
Fluorescent Immunoassay Market Ecosystem
The global fluorescent immunoassay market has been analyzed from four perspectives: product type, application, end-user, and region.
Fluorescent Immunoassay Market by Product Type
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Based on product type, the global fluorescent immunoassay market is segmented into ELISA, rapid lateral flow immunoassay, and others.
The ELISA segment accounts for the largest revenue share of the fluorescent immunoassay market. A plate-based test method called ELISA identifies and quantifies soluble substances, such as peptides, proteins, antibodies, and hormones. The ELISA tests are widely used to identify cancer, infectious diseases, and other chronic conditions, contributing to the segment’s revenue growth. Over the projected period, the same segment is anticipated to have the greatest revenue CAGR in the fluorescent immunoassay market.
Fluorescent Immunoassay Market by Application
Based on application, the global fluorescent immunoassay market is segmented into cardiovascular disease, oncology, infectious diseases, and others.
The infectious disease segment accounts for the largest revenue share of the global fluorescent immunoassay market. Fluorescence immunoassay is used to detect specific antibodies against a specific pathogen in infectious disorders. This can be useful for identifying infections and monitoring their development. The rising incidence of infectious diseases, including HIV, TB, and hepatitis A & B, and increasing R&D projects by leading players to create innovative immunoassays for the detection of infectious diseases are anticipated to fuel the segment expansion during the projected period.
Fluorescent Immunoassay Market by End-user
Based on end-user, the global fluorescent immunoassay market is segmented into hospitals & clinics, diagnostic centers, pharmaceutical & biotechnology companies, academic & research institutes, and others.
The hospitals & clinics segment accounts for the largest revenue share in the global fluorescent immunoassay market. This is due to the high number of diagnostic tests run in the hospital pathology labs owing to high patient footfall.
The pharmaceutical and biotechnology companies segment is expected to observe growth at a high revenue CAGR during the forecast period. This is attributed to the increased adoption of this technique in measuring many compounds, including drugs, hormones, and proteins, and in identifying antibodies.
Fluorescent Immunoassay Market by Region
Based on region, the global fluorescent immunoassay market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the largest revenue share of the global fluorescent immunoassay market due to factors such as the rising incidence of chronic diseases, high disposable income, and the accessibility to cutting-edge medical facilities. Whereas, due to growing knowledge about early detection and treatment options for numerous infectious diseases and increasing per capita income levels, the market in Asia Pacific is expected to have profitable growth during the forecast period.
Fluorescent Immunoassay Market Competitive Landscape
The prominent players operating in the global fluorescent immunoassay market are:
Fluorescent Immunoassay Market Strategic Developments
The global fluorescent Immunoassay market is expected to register growth at a revenue CAGR of 5.4% during the forecast period.
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific INC., Abbott Laboratories, Danaher Corporation, and BD & Company are among the key players in the global fluorescent immunoassay market.
The ELISA segment dominates the global fluorescent immunoassay market.
Asia Pacific is expected to observe the highest revenue growth in the global fluorescent immunoassay market during the forecast period.
The global fluorescent immunoassay market was valued at US$ 2.5 billion in 2021.
*Insights on financial performance are subject to the availability of information in the public domain