Serological Testing / Diagnostic Market - Forecast(2021 - 2026)

 

Serological Testing Market Overview

Serological Testing Market size is forecast to reach $4.8 billion by 2025, growing at a CAGR of 8.73% during the forecast period 2020-2025. Serological test is a type of medical testing that works on blood samples by testing the presence of antibodies against viruses. The blood of a person who has been exposed should be full of antibodies against the virus. Serology testing demand has increased in order to better quantify the number of cases of COVID-19, including those that is set to recovered or not have the symptoms. Growing concerns for testing of COVID-19 and increasing technological advancements of serological testing are major factors driving the growth of the market. Rising need for prevention of COVID-19 global pandemic and rising cases of diseases like hepatitis, tuberculosis, and AIDS across the world is set to further enhance the Serological Testing Market demand during the forecast period 2020-2025. 

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Key Takeaways

• Europe region dominates the Serological Testing Market in 2019 owing to the need of a robust method of testing COVID-19 virus, following an alarming rate of COVID-19 affected and deaths in the European countries of Italy and UK. Increasing investments in healthcare by key market players has further helped in market demand of Serological Testing. The Serological Testing Market scope for different regions will be provided in the final report.
• Growing cases of COVID-19, HIV, Hepatitis C and other infectious diseases, rising investments by key players for better technological development of serological testing and growing financial cooperation by various state funds have helped in significant growth of Serological Testing Market. Well-established health care infrastructure and rising geriatric population is estimated to drive industry growth during the forecast period 2020-2025.
• Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the Serological Testing Market report.
• Increasing costs of manufacturing and availing serological tests and invention of better testing methods are anticipated to hamper the market growth of the Serological Testing Industry.
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Test Type - Segment Analysis

Primary Testing held the largest share in the test type segment of Serological Testing Market in 2019 and is estimated to grow at a CAGR of 6.81% during the forecast period 2020-2025. Primary testing is of three types. They are enzyme linked immunosorbent assay (ELISA), immunofluorescent antibody technique (IFAT), and radio immunoassay (RIA). Growing demand for diagnosis of HIV infection and pregnancy tests has driven the growth of ELISA test kits. However, demand of IFAT tests are driven by rising prevalence of chronic diseases, and quality and error-free results drive the demand of RIA tests. Secondary serological testing held the second largest share in the market, owing to rising incidences of rheumatoid arthritis, autoimmune disorder, and Hepatitis B infections. Agglutination tests, complement fixation tests (CFT), precipitation tests come under secondary testing. It is estimated that Primary Testing is set to continue to be the fastest growing segment and is poised to register the highest CAGR during the forecast period 2020-2025, owing to more incidences of chronic and infectious diseases and launch of novel immunoassay products by key market players.

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Application - Segment Analysis

Hepatitis hold the major share in the application segment of Serological Testing Market in 2019. Diagnosis of hepatitis B virus (HBV) infection is established through serological testing. The diagnostic panel for hepatitis B serology allows determination of susceptibility, active infection, or immunity through vaccination or past infection. About 35% of children infected between the ages of 1 and 5 years develop chronic hepatitis B. By contrast, about 95% of adults recover completely and do not become chronically infected. Fatality rates drive the attention of healthcare sector and also state funded programs. Coronavirus (COVID-19) held the second largest share in the year 2019, owing to an immediate requirement of a robust testing which accurately diagnoses the virus. Companies like Cellex Inc., ChemBio, VITROS Immunodiagnostic Products and MayoClinic have already got their testing kits approved for diagnostic purposes. Human Immunodeficiency Virus (HIV) is forecasted to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to more favorable performance characteristics with the best diagnostic tests in most cases.

Geography - Segment Analysis

Europe dominates the Serological Testing Market in 2019 with a market share of more than 41.8%, followed by North America. The immediate need of appropriate testing of COVID-19 virus has driven the growth of Serology Testing market in this region. With death toll of 21,000 in Italy and 12,000 in U.K. owing to the outbreak of the global pandemic, there is a huge demand of prevention and testing of the virus. Increasing healthcare expenditure and growing healthcare awareness has also fuelled the market growth. North America held the second largest share in 2019, owing to demand for better testing methods, robust healthcare methods and growing prevalence of chronic diseases among old age people.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to growth of infectious diseases in developing countries such as India and China, growing health awareness among the masses, and increase in disposable income in the region.