Favorable Government Policies to Support Coronavirus Immunoassay Market Growth to surpass US$ 6.9 Billion by 2032 at a 5.5% CAGR

The Coronavirus Immunoassay Market was worth US$ 3.7 Billion in 2021. By 2032, the market is anticipated to reach a value of approximately US$ 6.9 Billion, with sales increasing at a 5.5% CAGR throughout the assessment period. With an estimated 64.0% market share in 2021, immunoassay kits & reagents are in the lead.

COVID-19 has a wide range of clinical presentations, ranging from mild flu-like symptoms to life-threatening disorders, hence efficient testing during early stages of infection is critical for distinguishing COVID-19 patients from those with other illnesses.

Patients who are at a higher risk of having more significant COVID-19 symptoms can benefit from early diagnosis, which allows doctors to intervene quickly. More complex diagnostic testing based on viral genomic sequencing is critical for assessing the pace and degree of mutational variability associated with SARS-CoV-2, as well as finding new virus strains for more effective vaccine development.

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“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.

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.

Competition Landscape:

• 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.
• 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:

• ELISA
• 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:

• Healthcare Industry
  • Human Use
  • Veterinary

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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