Market Trends of Global Immunofluorescence Assay Industry
This section covers the major market trends shaping the Immunofluorescence Assay Market according to our research experts:
Instruments Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The instruments segment encompasses the apparatus or devices used alone or in combination and intended by the manufacturer for the in vitro examination of specimens derived from the human body, solely to provide information for diagnostic or compatibility purposes. The rising prevalence of chronic and infectious diseases among people is expected to further propel market growth. Immunofluorescence assay instruments are used to detect health and disease state markers. The most widely used clinical diagnostic instruments are chemistry analyzers, immunoassay analyzers, hematology analyzers, centrifuges, microscopes, imaging analysis systems, slide processing systems, and other analytical instruments. The primary growth drivers of the segment include the increasing adoption of point-of-care and multi-test platforms. Immunofluorescence assay testing using multi-test platforms has the advantage of allowing multiple markers to be detected simultaneously. An increasing number of product launches have helped boost the market growth. In September 2020, CTK launched its latest system, CTK's RaFIA System, for rapid quantitative tests. This quantitative system is easy to use while offering a high level of sensitivity and a broad working range. Also, in March 2021, EUROIMMUN, a PerkinElmer Inc. company, launched the EUROPatternTM Microscope Live (EPML), a compact immunofluorescence microscope with the fourth generation of the company's well-established EUROLabOfficeTM 4.0 (ELO 4.0) laboratory management program. Hence, owing to the above-mentioned developments in the market coupled with the increasing adoption of these devices, the segment is expected to witness high growth.
Thus, due to the above-mentioned factors, the segment is expected to witness significant growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the presence of key players, the high prevalence of diseases in the region, and established healthcare infrastructure are some of the key factors accountable for its large share in the market. According to Organization for Economic Co-Operation and Development (OECD) figures, there were 17,149 coronary artery bypass graft surgeries performed in 2020 in Canada. Similarly, as per the data from the American Heart Association 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Similarly, the growing demand for effective diagnostic solutions to obtain proper treatment for chronic diseases is also expected to drive the growth of the market in the United States. For instance, in the Cancer Facts & Figures 2022 data published by the American Cancer Society, an estimated 1.9 million new cancer cases were diagnosed. Hence, the prevalence of chronic diseases in the region is anticipated to create more opportunities for the development of immunofluorescence assays during the forecast period. Initiatives by market players in the region are another factor in market growth. In July 2020, Ultivue Inc., a United States-based company, and OracleBio entered a collaboration to accelerate personalized tumor characterization for drug research and development in translational and clinical oncology with the application of multiplex immunofluorescence staining and imaging.
Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.
