Market Trends of Global Serological Testing Industry
This section covers the major market trends shaping the Serological Testing Market according to our research experts:
Consumables and Reagents are Expected to Witness Growth Over the Forecast Period
The reagents and consumables hold a significant share in the product segment of the Serological Testing Market in 2021 and are anticipated to register the highest CAGR in the market during the forecast period. The reagents and consumables are holding a significant share in the market segment due to the factors such as their higher adoption in the assays for achieving accurate and reproducible results. For instance, consumables such as the Fisherbrand accuWash and accuWash Versa microplate washers by Thermo Fisher Scientific, Inc. are used in many applications such as ELISA, cell-based assays, and microsphere-based assays. This washer is quiet, easy to clean, and leaves no residue, preventing contamination and reducing background. It removes reagents from microplate wells during assay wash steps. Thus, the advantages offered by the consumables are rising demand for the product which is driving the growth of the market.
Moreover, the increasing serological test is generating the demand for consumables and reagents which is further driving the growth of the market. For instance, as per world health organization (WHO) data, the serological test rate has increased by 16.1% for the year 2020 as compared to 2019. Thus, the increasing serological testing is generating requirements for consumables and reagents for the testing process which is boosting the growth of the market.
Market players are involved in the development and launch of novel products to increase their market presence. In 2020, Bio-Rad Laboratories, Inc has announced the launch of its in vitro diagnostics VIROTROL SARS-CoV-2 and VIROCLEAR SARS-CoV-2 positive and negative quality controls for use in antibody testing of SARS-CoV-2, the virus associated with COVID-19. Additionally, in 2021, a new serological test for Covid-19 antibodies was launched to the market, developed by researchers from the Spanish Council for Scientific Research (CSIC), in collaboration with the Madrid Hospitals of La Princesa and La Paz, and produced by the Spanish biotechnology company Immunostep. Such launches are expected to increase segment revenue over the forecast period.
Europe is Expected to Hold Significant Share in the Serological Testing Market
Europe is expected to hold a significant share of the market due to the growing prevalence of infectious diseases, well-established health care infrastructure, and an increase in the number of geriatric populations in the region. Increasing cases of coeliac disease are driving the growth of the market in the region. For instance, in 2020, as per the Association of European Coeliac Societies (AOECS), around 1 in 100 people were estimated to suffer from coeliac disease in Europe. Applying that ratio, it was assumed that more than 7 million people were affected by coeliac disease across Europe, with only approximately 25% of those receiving a diagnosis. Serologic testing is very useful for screening patients with suspected coeliac disease. Early diagnosis is essential to prevent complications of coeliac disease. Thus, the increasing cases of coeliac disease are further driving the growth of the market in Europe.
As per the European chronic disease alliance article published in 2020, Chronic diseases, such as heart disease, stroke, cancer, chronic respiratory diseases, and diabetes, are by far the leading cause of mortality in Europe, representing 77% of the total disease burden and 86% of all deaths. Similarly, in 2020, about2.7 million people in the 27 European countries were diagnosed with cancer, and nearly 1.3 million died from it as per the report published by Joint Research Centre in 2020. Thus the increasing burden of chronic diseases in the region is boosting regional growth.
Additionally, the increasing product launches by the major players in this region are further driving the growth of the market. For instance, in 2020, F. Hoffmann-La Roche Ltd. launched its Elecsys Anti-SARS-CoV-2 serology test to detect antibodies in people who have been exposed to the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2). Similarly, in May 2020, IDvet launched a new serological test to detect antibodies against COVID-19 .This diagnostic kit is based on the ELISA technique and is designed for high-volume testing in laboratories.
Similarly, in April 2020, Eurofins Technologies announced the CE-IVD marking of the first range of testing kits for serology-based antibody detection by ELISA of patients who have been exposed to COVID-19. The development of the assays has been spearheaded by affiliate companies Gold Standard Diagnostics Inc., ENVIROTECH Diagnostics GmbH, NovaTec Immundiagnostica GmbH, and Ingenasa (Inmunologia Y Genetica Aplicada SA). Thus, the increasing novel launches for serological tests for a variety of bacterial and viral infections would provide growth opportunities for the serological testing market in the European region.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the European Region.
