The global coronavirus immunoassay market reached USD 3.7 Billion in 2021. With sales growing at a 5.5% CAGR over the assessment period, the market size is projected to surpass USD 6.9 Billion by 2032. Immunoassay kits & reagents are leading the market with a share of about 64.0% in the year 2021.
| Data Points | Market Insights |
|---|---|
| Coronavirus Immunoassay Market Base Year Value (2021) | USD 3.7 Billion |
| Projected Market Valuation (2032) | USD 6.9 Billion |
| Value-based CAGR (2022 to 2032) | 5.5% |
| Market Share of Top 5 Countries | 56.7% |
The global economy has been significantly impacted as a result of business closures and severe travel restrictions caused by the COVID-19 epidemic. The widespread availability of precise and quick testing methodologies is critical for resolving the intricate dynamics of SARS-CoV-2 infection and immunity. Laboratories, universities, and businesses across the globe have been working actively to develop and manufacture vital test kits.
COVID-19 tests that are currently commercially accessible are divided into two groups. The first group includes molecular assays that use polymerase chain reaction (PCR) or nucleic acid hybridization-based techniques to identify SARS-CoV-2 viral RNA. The second group of assays includes serological and immunological tests that primarily rely on detecting antibodies produced by individuals because of virus exposure or on detecting antigenic proteins in infected individuals.
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The market value for coronavirus immunoassays was approximately 13.2% of the USD 28.1 Billion worth global immunoassay market in 2021.
Along with developments in diagnostic testing, researchers are aiming to manufacture different therapies that could be used to treat COVID-19 patients. The diagnosis procedures may be effective in the suppression of COVID-19, allowing for the quick implementation of preventative measures such as identifying and isolating infected individuals and identifying those who have been directly contacted by affected patients.
Biosensors can detect pathogens in a variety of contexts with excellent sensitivity and selectivity without the need for sample preparation. Furthermore, biosensor-based technologies are rapidly emerging as complementary platforms to PCR and ELISA for SARS-CoV-2 identification and quantitative detection.
Moreover, electrochemical biosensors are effective diagnostic instruments that have enabled pathogen detection in a variety of biological specimens without the need for sample preparation, as well as pathogen detection on surfaces and detection via wireless actuation.
The ability to make life-saving decisions on therapeutic measures and the isolation of COVID-19 infected individuals at the earliest possible stage is enhanced by rapid testing, which eventually inhibits the spread of infection.
Owing to the aforementioned factors, the global coronavirus immunoassay market is expected to grow at a CAGR of 5.5% during the forecast period.
To control the severity of the COVID-19 pandemic, the WHO has urged countries around the world to ensure competent surveillance and identification of infected individuals. In such conditions, cutting-edge technologies such as the Internet of Medical Things (IoMT), UVs, GPS, robots, Bluetooth, and drones, can play a critical role in mitigating the impact of the COVID-19 outbreak.
IoT is a promising technology that consists of interconnected computing devices communicating information over a network without the need for human intervention. IoMT has recently attracted a lot of interest from the healthcare community. It is a collection of medical devices and software applications that are linked to healthcare information technology systems.
After the discovery of a vaccine or therapies, the most important issue in the current situation of the COVID-19 crisis is an efficient manner of reaching patients. The Internet of Things (IoT) is the best way to accomplish this.
Drones, robotic systems, and audio-visual technology can help reach contagious COVID-19 patients while requiring minimal human interaction. Wearables that employ Bluetooth and GPS technology are other effective approaches to track an individual's health and stress levels on a daily basis.
Overall, these technologies have the potential to play a significant role in the new tele-medicine framework, whether for disease prevention or identification and surveillance of the symptomatic, asymptomatic COVID-19 positives, masses, and paramedical staff, thus providing impetus to the growth in the market.
Antibody tests are a critical response to virus transmission and provide timely treatment for patients, but global supply constraints and high demand for PCR primers and positive controls have diagnostic companies scurrying to create them.
The inability of many countries and businesses to respond to the COVID-19 pandemic is due to their supply chain-the transport of goods such as masks, ventilators, consumables, and even services (e.g., visiting clinics).
Many countries are also concerned about the lack of personal protective equipment (PPE), which is necessary for frontline healthcare workers to tackle the disease.
In Italy, a lack of personal protective equipment is implicated in increasing rates of infection and death. Many researchers believe the USA. requires far more respirators and surgical masks than are currently available. The supply chain's susceptibility can be associated with the negative effects of the shortages. These factors act as some of the key limitations in the global coronavirus immunoassay market.
Increasing Demand for Vital Test Kits in the USA Will Boost Sales of Coronavirus Immunoassays
The USA dominated the North America coronavirus immunoassay market, holding around 95.7% of the total market share in 2021.
Ongoing efforts within the country to communicate and facilitate the development of novel diagnostic assays and the worldwide delivery of test kits is expected to fuel sales in the market.
Several organisations are supporting these efforts by requesting assay developers to submit their test products for independent evaluation or by investing in collaborations to promote more accurate and faster diagnostic solutions.
As similar initiatives and knowledge sharing are attainable, including collaborative technological developments, demand for coronavirus immunoassays in the USA will increase at a considerable pace over the forecast period.
Rising Adoption of Molecular Assays in Germany Will Fuel Growth
Sales in the Germany market are forecast to increase at a 5.5% CAGR over the forecast period. The Health Security Committee (HSC) agreed on Recommendations for a common EU testing methodology for COVID-19 on September 17, 2020, laying out several activities that nations should consider when upgrading or adjusting their testing procedures.
Member States' first experiences with rapid antigen tests, as well as their discussions about the settings and conditions in which these tests should be performed, were incorporated in the Recommendations.
Since then, the HSC has been debating the use and application of rapid antigen testing in-depth, compiling a plethora of (technical) knowledge on the many types of tests used in Europe and the conditions under which they are employed. As a result of the increased prevalence of infection within the country, Germany will exhibit high demand for coronavirus immunoassays.
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Sales of Kits and Reagents Will Continue Gaining Traction
Based on product type, sales of immunoassay kits & reagents are expected to increase at a CAGR of 5.4% by the end of the forecast period, holding about 68.3% of the global market in 2032.
Owing to rapid detection of infectious pathogens, as well as the accuracy associated with the prompt detection, sales are expected to increase in this segment. Moreover, greater accessibility of these products across developed, as well as emerging economies have provided more opportunities for the expansion of the coronavirus immunoassay market.
Demand for LFA Immunoassays Will Increase Over the Forecast Period
In terms of assay type, the LFA segment held 39.0% of the total market share in 2021, and is expected to account for 45.0% in 2032.LFA is a one-step, cost-effective and rapid assay. They are critical in instances of point-of-care, and have a long shelf life, with no need for refrigeration. These factors allow a higher adoption of these assays, thus propelling the sales.
Nasopharynx Segment to Remain the Most Lucrative
By specimen type, specimen collection through the nasopharynx held a dominant share value of around 38.9% in 2021. For the diagnosis of COVID-19 in adults and children, nasopharyngeal swabs are used to collect samples from the surface of the respiratory mucosa. Patients with suspected respiratory infections caused by other viruses or bacteria are frequently evaluated using this method.
Applications of Coronavirus Immunoassays for Clinical Diagnosis Will Gain Momentum
Total demand in the clinical diagnosis segment held around 66.4% of the total market share in 2021. With evolving dynamics in disease epidemiology, rising number of infectious cases, growing global burden of disease, and increasing efforts to enhance healthcare infrastructure, clinical diagnosis of disease will be necessary in assessing the impact of disease and its causative factors.
Adoption of Coronavirus Immunoassays in the Healthcare Sector Will Bolster
The healthcare sector held around 94.4% of the total market share in 2021 and the trend is expected to continue over the assessment period. Collaborative efforts by manufacturers as well as policy makers in the design and development of rapid diagnostic tests, along with the available facilities to promote accessibility of these products globally, the healthcare industry owns a dominant stance in the coronavirus immunoassay market.
To meet unmet patient demand, key companies are pursuing strategic initiatives in the field of immunoassays, spanning acquisitions and mergers, development of new products, and geographic coverage. Instances of key developmental strategies by the industry players in the coronavirus immunoassay market are given below:
| Attributes | Details |
|---|---|
| Base Yeas Market Size (2022) | USD 3.7 Billion |
| Projected Market Valuation (2032) | USD 6.9 Billion |
| Value-based CAGR (2032) | 5.5% |
| Forecast Period | 2012 to 2021 |
| Historical Data Available for | 2022 to 2032 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Argentina, The UK, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, GCC, and South Africa |
| Key Market Segments Covered | Product, Assay, Purpose, Specimen, Application, End User, and Region |
| Key Companies Profiled | 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.; bioMérieux SA; Elabscience Biotechnology Inc.; Innovative Research, Inc.; QIAGEN N.V.; Merck KgaA; Bio-Rad Laboratories, Inc.; Creative Diagnostics; Cell Signaling Technology, Inc.; NEW HORIZONS DIAGNOSTIC ; CORPORATION; DiaSorin S.p.A.; H.U. Group Holdings Inc (Fujirebio ; Holdings, Inc.); IDEXX Laboratories Inc.; Randox Laboratories Ltd.; Biopanda Reagents Ltd.; Shenzhen Bioeasy Biotechnology Co.,Ltd.; Quidel Corporation; Advnt Biotechnologies |
The global coronavirus immunoassay market is worth USD 3.7 Billion in 2021, and is set to expand ~1.9X over the next ten years.
The coronavirus immunoassay market is expected to reach USD 6.9 Billion by the end of 2032, with sales revenue expected to register 5.5% CAGR.
Demand in industrial applications driving immunoassay market, and strategic acquisitions and partnerships are some of the key trends in this market.
The USA, China, Japan, Germany, and the UK are expected to drive demand for the coronavirus immunoassay industry.
North America is one of the key markets for coronavirus immunoassay, with the USA. accounting for about 95.7% of the North American coronavirus immunoassay market in the year 2021.
Demand for coronavirus immunoassay in Europe is expected to register a growth of 4.5% over the next ten years.
The USA, China, and Japan are the key producers in the coronavirus immunoassay market space.
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., bioMérieux SA, Elabscience Biotechnology Inc., Innovative Research, Inc., QIAGEN N.V., Merck KgaA, Bio-Rad Laboratories, Inc., Creative Diagnostics, Cell Signaling Technology, Inc., NEW HORIZONS DIAGNOSTIC CORPORATION, DiaSorin S.p.A., H.U. G
| Estimated Size, 2024 | USD 23,031.7 million |
|---|---|
| Projected Size, 2034 | USD 59,197.4 million |
| Value-based CAGR (2024 to 2034) | 9.9% |
| Estimated Size, 2024 | USD 3,671.4 million |
|---|---|
| Projected Size, 2034 | USD 5,382.5 million |
| Value-based CAGR (2024 to 2034) | 3.9% |
| Market Valuation (2023) | USD 5.1 billion |
|---|---|
| Market Valuation (2033) | USD 9.8 billion |
| Market CAGR (2023 to 2033) | 6.7% |
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Coronavirus Immunoassay Market
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