Market Trends of Immunoprotein Diagnostic Testing Industry
This section covers the major market trends shaping the Immunoprotein Diagnostic Testing Market according to our research experts:
Endocrine Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period
The endocrine segment is expected to exhibit steady growth in the immunoprotein diagnostic testing market. The growing burden of endocrine diseases, such as diabetes, and the development of products related to immunodiagnostic testing drive the segment's growth.
According to the Type 1 Diabetes Index, 2022, in the US, type 1 diabetes is growing at 2.9% each year compared with 4.5% for type 2 diabetes. Similarly, as per the US CDC, in 2022, 96 million adults have prediabetes in the US, and 8 in 10 of them are not aware if they have it. More than 37 million people live with diabetes, and 1 in 5 go undiagnosed. Hence the significant rise in the prevalence of diabetes increases the demand for the diagnosis using immunoprotein tests which will have a positive impact on the market.
Furthermore, the technological advancements in immunoprotein testing help the market growth through product approvals and launches. For instance, in May 2022, Labcorp made screening for diabetes easier by launching an at-home collection kit through Labcorp OnDemand that measures hemoglobin A1c (HbA1c) from a small blood sample.
Thus, the above factors will likely drive the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The major factors driving the market growth in North America include rising healthcare expenditure and a growing level of consciousness for the products involved in diagnosing autoimmune disorders. North America is expected to be a dominant region, owing to the rising geriatric population and the growing burden of diseases along with the new product developments and launches.
According to the IDF Diabetes Atlas 2021, the age-adjusted comparative diabetes prevalence in the US was 10.7% for 2021 and expected to be 12.1% and 12.9% for 2030 and 2045, respectively. As per the same source, the age-adjusted comparative diabetes prevalence in Canada was 7.7% for 2021 and estimated to be 8.9% and 9.% for 2030 and 2045, respectively. It shows the growing prevalence of chronic diseases like diabetes in the North American region. It increases the demand for diagnosis using immunoprotein tests that may positively impact the market's growth over the forecast period.
Furthermore, new product approvals and launches in the region with collaborations among the major players in the market will drive market growth. For instance, in May 2022, OmegaQuant launched an HbA1c Test with a sample collection kit that allows for testing at home. This simple, safe, convenient test measures the amount of sugar (glucose) in the blood. Thus, it will positively influence the immunoprotein diagnostic testing market and witness significant growth in North America over the forecast period due to the abovementioned factors.
