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Global Coronavirus Immunoassay Industry is set to grow at a 5.5% CAGR by 2032, thanks to the backing of supportive government policies | FMI

Coronavirus Immunoassay Industry

The global coronavirus immunoassay industry has exhibited remarkable growth, hitting a substantial mark of US$ 3.7 Billion in 2021. According to recent market analyses, this thriving sector is poised for further expansion, foreseeing a robust Compound Annual Growth Rate (CAGR) of 5.5% over the assessment period. Projections suggest an impressive escalation, with the market anticipated to surge past US$ 6.9 Billion by 2032.

The rise of this market is driven by a convergence of factors, including increased awareness, technological advancements, and a growing emphasis on widespread testing protocols. The pivotal role played by immunoassays in detecting coronavirus infections swiftly and accurately has propelled their demand across various healthcare settings worldwide.

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“Amidst the challenges posed by the pandemic, the prominence of coronavirus immunoassays has soared significantly,” stated a spokesperson from Future Market Insights. “Their pivotal role in the rapid identification of infections and subsequent management strategies has been pivotal in global healthcare efforts.”

The robust growth trajectory reflects the substantial investments and relentless research endeavors in the healthcare sector. Furthermore, advancements in testing technologies and the advent of innovative methodologies have fortified the market’s upward surge.

The market’s progression signifies a vital stride in bolstering global healthcare preparedness and response measures against infectious diseases. As the market continues to evolve, it is anticipated to witness an influx of innovative solutions, empowering healthcare professionals with more precise and efficient tools for combating the pandemic.

The projected ascent of the coronavirus immunoassay market underlines an optimistic outlook for the future, promising heightened efficiency, accuracy, and accessibility in diagnostic capabilities worldwide.

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.
  • 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:

  • 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:

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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