Immunofluorescence Assay Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does the Future Hold for the Immunofluorescence Assay Market Size and Growth Rate?
The immunofluorescence assay market size has emerged as a dynamic segment in recent years, registering robust growth. It anticipates growth from $3.18 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate CAGR of 8.1%. This growth during the historic period can be attributed to factors such as increased disease diagnosis, rise in research and development, increase in autoimmune diseases, increased cancer diagnostics, along with a rise in virology research.
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How Will the Immunofluorescence Assay Market Fare in the Future?
The immunofluorescence assay market projects a positive growth trajectory in the coming years. It is projected to reach $4.9 billion by 2028, with a compound annual growth rate CAGR of 9.3%. This growth during the forecast period can be attributed to increasing factors such as personalized medicine, rising infectious disease surveillance, rising autoimmune disorders, rising point-of-care testing, along with increasing global health preparedness. Major trends in the forecast period include multiplexing assays, automation, and robotics, high-content imaging, advanced fluorophores, and digital pathology integration.
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What Will Drive the Growth of the Immunofluorescence Assay Market?
The increasing prevalence of chronic diseases forms a significant driver of the immunofluorescence assay market. Changing lifestyles, dietary habits, and improper weight management are contributing to the rapid growth in chronic conditions and a few prolonged chronic infections are leading to cancerous risk. Such escalating instances of chronic diseases further stimulate demand for immunofluorescence assays, which are extensively used in diagnosis and drug development activities. For instance, a study by the Centers for Disease Control and Prevention suggests that about 6 in 10 adults in the USA are affected by chronic disease, contributing to $3.8 trillion in annual healthcare costs. Given this scenario, the increasing prevalence of chronic diseases is expected to boost demand for immunofluorescence assay during the forecast period.
Whom Does the Immunofluorescence Assay Market House as its Key Industry Players?
Major companies operating in the immunofluorescence assay market include Thermo Fisher Scientific Inc., Abcam plc, Bio-Rad Laboratories Inc., PerkinElmer Inc., Werfen Company, Merck KGaA, Danaher Corporation, Cell Signaling Technology Inc., Vector Laboratories Inc., INOVA Diagnostics Inc., Sino Biological Inc., Medipan GmbH, BioLegend Inc., Jackson ImmunoResearch Laboratories Inc., Rockland Immunochemicals Inc., Bethyl Laboratories Inc., Fitzgerald Industries International Inc., Creative Diagnostics, Boster Biological Technology, Acris Antibodies GmbH, RayBiotech Inc., Proteintech Group Inc., Novus Biologicals LLC, R&D Systems Inc., OriGene Technologies Inc., GenScript Biotech Corporation, MBL International Corporation, Abnova Corporation, Cellabs India Technologies Limited, J. Mitra & Co. Pvt. Ltd., EpiGentek Group Inc., Elabscience Biotechnology Co. Ltd., and Aesku.Diagnostics GmbH.
What Emerging Trends Are Set to Impact the Immunofluorescence Assay Market?
Technological advancement presents a prominent trend gaining momentum in the immunofluorescence assay market. Market players focus on developing technologically innovative products to meet specific technical demands like the diagnostic of new viruses such as COVID-19, thereby strengthening their market positioning. For example, in March 2022, LumiraDx, a UK-based point-of-care diagnostics developer, received emergency approval for LumiraDx SARS-CoV-2 Ag Test, a microfluidic immunofluorescence assay designed for qualitative nucleocapsid protein antigen detection from nasal swab samples.
How Is The Immunofluorescence Assay Market Segmented?
The immunofluorescence assay market is segmented by:
1 Type: Direct Immunofluorescence, Indirect Immunofluorescence
2 Product: Reagents, Instruments, Antibodies, Kits, Consumables and Accessories
3 Disease: Cancer, Infectious Disease, Cardiovascular Diseases, Autoimmune Diseases, Other Diseases
4 End User: Academic & Research Institutions, Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Hospitals & Diagnostic Centers
What Are The Regional Insights Into The Immunofluorescence Assay Market?
North America stood as the largest region in the immunofluorescence assay market in 2023, and is also expected to be the fastest-growing in the forecast period. The regions evaluated in the immunofluorescence assay market report cover Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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