IMMUNOASSAYS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Immunoassays Market Analysis:

The Immunoassays Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 7.7% throughout the forecast period. The COVID-19 pandemic has resulted in a significant surge in the demand for diagnostic solutions that can accurately and rapidly diagnose SARS-CoV-2 infection. In particular, there has been a high demand for serological and immunological testing of asymptomatic and symptomatic individuals who have been infected. While RT-PCR has been widely used for detecting COVID-19 disease, there has also been a great demand for immunological assays. The results provided by immunological tests have played a crucial role in the development of the COVID-19 vaccine, which has further increased the need for immunoassay testing. Additionally, post-pandemic, immunoassays continue to be in demand due to their significance in the development of vaccines and the diagnosis of various diseases. For instance, according to an article published in ‘SelectScience’ in January 2021, the use of vaccines as immunotherapies for various disorders, such as some malignancies and Alzheimer’s disease, has led to increased development of advanced immunotherapies. This has resulted in an increased adoption of immunoassays during the testing of immunotherapies, thereby driving market growth.

The major factors driving the market growth include the rising prevalence and incidence of chronic as well as infectious diseases, along with the technological advancements in immunoassay instruments and the high sensitivity and specificity of the immunoassays. Immunoassays are also suitable for diagnosing asymptomatic diseases, which otherwise cannot be diagnosed. The ultrasensitive immunoassay has been proven to detect HIV and is demonstrated to detect limits of less than 1fg/ml. This high sensitivity helps to detect one virus particle per 25 μl of the sample. The versatile applications and ease of automation have made immunoassay quite popular, which is supporting the market growth.

The rising number of people affected by these infectious diseases is further contributing to the market growth. According to the World Health Organization’s key facts on HIV published in July 2022, around 38.4 million people around the world were affected by HIV in 2021, with around 1.5 million new cases being registered in 2021 alone. Therefore, the rising number of infectious diseases is expected to drive market growth due to the increased adoption of immunoassays for the diagnosis of infectious diseases.

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