Antibody Testing Market to Grow at 6.9% CAGR to be Worth $11.57Bn, Globally, by 2028 - Exclusive Report by The Insight Partners
According to the new market research report "Antibody Testing Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Kits, Chemical and Reagents, Consumables); Indication (Pregnancy, Cardiovascular Diseases, Autoimmune Diseases, Infectious Diseases, Oncology, Endocrine Diseases, Others); End-User (Hospitals, Academic and Research Institutes, Diagnostic Laboratories, Biopharmaceutical Companies), and Geography", published by The Insight Partners, the global antibody testing market was valued at US$ 6,415.90 million in 2019 and is projected to reach US$ 10,740.69 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027. Get the Latest COVID-19 Analysis on antibody testing market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00016492
Antibody Testing Market: Competition Landscape and Key Developments
Thermo Fisher Scientific, Abbott Laboratories, Bio-Rad Laboratories, Inc, Beckton, Dickinson And Company, F. Hoffmann La Roche, Agilent Technologies, Diasorin, Zeus Scientific, Abcam, Trinity Biotech among the key companies operating in the antibody testing market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
- In August 2020 Trinity Biotech, a developer and manufacturer of diagnostic products, has received the US FDA for an Emergency Use Authorization (EUA) for its Covid-19 IgG ELISA antibody test..
- In October 2020, Thermo Fisher Scientific has received CE marking for its EliA SARS CoV 2 Sp1 IgG test and its OmniPath COVID 19 Total Antibody ELISA Test for SARS-CoV-2.
- In April 2020, Abbott has launched a serology test to detect the IgG antibody to SARS CoV 2. This new antibody test utilized Abbott's ARCHITECT i1000SR and i2000SR laboratory instruments, which can run up to 100 to 200 tests per hour.
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The North American region holds the largest market share and is expected to further grow in forecasted years. The growth in North American market is characterized by the presence of new market players, various product launches, and rising investments in clinical diagnostic business by key market players.
Likewise, Mexico, the well-established clinical diagnostic business increased the demand for antibody testing products. Therefore, there is an increase in the supply chain and logistics for antibody testing products such as systems and software and consumables and reagents used for antibody testing's. In North America, the US is the largest market for Antibody Testing market. The US is the largest and fastest-growing market for clinical diagnostic business. The market growth is attributed to increased research and development, growing adoption of antibody testing in indications such as Pregnancy, Cardiovascular Diseases, Autoimmune Diseases, Infectious Diseases, Oncology, Endocrine Diseases, Diabetes, Others. In addition, growing support from the government is enhancing the growth of antibody testing, which is influencing the growth of the market. For instance, The U.S. Food and Drug Administration (FDA) has publically shared test performance data for four antibody, or serology, test kits. These results come from a collaborative effort by the FDA, NIH, Centers for Disease Control and Prevention (CDC) and Biomedical Advanced Research and Development Authority (BARDA).
In addition, the country has maximum numbers of market players that are involved in the research and product development for antibody testing. Market leaders are investing huge amounts in development of antibody tests. For instance, In January 2013, Bio-Rad acquired AbD Serotec, a division of MorphoSys AG. This has added Serotec's more than 15,000 antibodies, kits, and accessories to Bio-Rad's portfolio of research and clinical diagnostic purpose. Similarly, in 2020, Thermo Fisher Scientific (US) collaborated with Wuxi and Mayo Clinic to secure FDA authorization for testing COVID-19 with ELISA for detecting both IgM and IgG antibodies.
Furthermore, growing incidences of infectious disease and autoimmune diseases are leading to increasing demand for antibody testing. Also, the country is experiencing an increasing number of startups that are innovating antibody tests. Thus, owing to the factors mentioned above, the market is estimated to dominate its growth in the coming future.
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The Asia Pacific region is expected to be the fastest-growing region among all other regions. The growth of the market in the region is primarily due to major contribution by countries like China, India and Japan, The factors contributing to the growth of the antibody testing Market in these countries include sharp rise in the cases of infectious diseases over the years and rising development in the healthcare sector.
In addition, the market is expected to be growing in coming future due to the rising geriatric population. The developing countries have the fastest ageing demographic profile, which is another leading cause for the chronic diseases. Such diseases will further lead to increase demand for antibody testing market.
Rising Number of Covid 19 Cases in Antibody Testing Market Growth:
Ever since severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) was declared a public health emergency of international concern in late January 2020, medical professionals and researchers have been urging the need for comprehensive and rapid testing of citizens to plan measures that can contain the spread of the virus. Over time, real-time polymerase chain reaction tests and antibody tests have emerged as vital techniques for the global healthcare system to manage the outbreak. Antibody detection is essential for differential diagnosis of SARS-CoV-2. It is a test performed by patient serum or plasma with reagent red cells. Determination of specific antibodies to viral and bacterial pathogens and parasites facilitates the correct therapeutic measures to be taken. Antibody testing is critical for implementing an effective and efficient public health strategy to minimize the adverse impact of the COVID-19 pandemic. It should be adopted for important clinical utility cases and support return-to-work strategy globally.
Antibody detection kits are predictive for prognosis and detection of COVID-19 infections to assist the diseases. Since these kits help examine whether a person has developed antibodies in their bloodstream to fight the SARS-CoV-2, it indicates whether a person has been exposed to or has COVID-19. In order to manage the COVID-19 pandemic and increase patient screening, several companies are offering these rapid antibody detection kits to healthcare workers, hospitals, laboratories, and other professionals. Thus, rising incidence of coronavirus cases and growing government approvals for antibody test kits are the few factors responsible for the growth of the market.
Antibody Testing Market: Segmental Overview
Based on product, the antibody testing market is segmented into kits, chemical and reagents, consumables. The kits based segment accounted for more than 53.75% of the market share in 2019. In terms of indication, the antibody testing market is segmented into pregnancy, infectious diseases, oncology, cardiovascular diseases, endocrine diseases, autoimmune diseases and others. The infectious diseases segment held the largest share of the market in 2019. In terms of end-user, the antibody testing market has been segmented into hospitals, academic and research institutes, diagnostic laboratories, and biopharmaceutical companies. The diagnostic laboratories segment held the largest share of the market in 2019.
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The COVID-19 outbreak has disturbed various trades and businesses across the world. Across the nation, various healthcare research centers were working only for research on COVID 19 therapeutics. Additionally, during the initial phase of COVID-19 crisis, due to lockdown and supply chain disruptions the demand for Antibody Testing was disrupted owing to change in customer behaviors. As the crisis moves forward healthcare professionals realized that development of novel diagnostic methods using innovative technologies is essential to mitigate this unprecedented crisis, as in the middle of this situation governments around the world were not prepared for such pandemic.
Till date no definitive treatment against COVID 19 has been established. Hence, lack of definitive therapy offers significant opportunities for antibody testing market as US FDA has recently approved use of plasma therapy for critically ill COVID 19 patients. Therefore in long run Antibody Testing market will have significant growth prospects. For instance, many market players has received emergency use authorization for their newly developed antibody tests. In August 2020, Trinity Biotech, a developer and manufacturer of diagnostic products, has received US FDA's Emergency Use Authorization (EUA) for its Covid-19 IgG ELISA antibody test. All such developments will add up to the future demand for antibody testing market.
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