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Serological Testing Market Pegged for Robust Expansion by 2024

10-16-2020 01:57 PM CET | Health & Medicine

Press release from: Transparency Market Research

Serological tests are blood tests conducted to detect and measure the concentration of antibodies against particular bacteria, virus, and any other foreign particle. Serological tests are widely used for the diagnosis of different types of bacterial, fungal, as well as viral infections. These tests have wide applications in diagnostic laboratories for the detection of infectious diseases, blood group typing, and diagnosis of autoimmune disorders. Different types of serological tests and techniques such as immunoassay tests, agglutination tests, and precipitation tests are available for the diagnosis of various disease conditions.

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The global serological testing market is projected to be driven by high prevalence and rise in incidence rates of acute as well as infectious diseases such as hepatitis, tuberculosis, and HIV/AIDS across the world. According to statistical data published by hiv.gov, around 36.7 million people were living with HIV/AIDS across the globe in 2016. Moreover, the prevalence of hepatitis C infection was estimated to be around 71 million globally in 2017. New product development and approvals for serological tests for a variety of bacterial and viral infections are likely to drive the global serological testing market during the forecast period. However, high cost of serological tests and stringent government regulations are expected to hamper the growth of the global market during the forecast period.

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The global serological testing market can be segmented based on type of serological test, application, end-user, and region. In terms of type of serological test, the global serological testing market can be classified into primary serological tests, secondary serological tests, and tertiary binding tests. The primary serological tests segment can be categorized based on marker techniques into enzyme linked immunosorbent assay (ELISA), immunoflurescent antibody technique (IFAT), and radio immunoassay (RIA). The secondary serological tests segment can be divided into agglutination tests, complement fixation tests (CFT), precipitation tests, serum neutralization tests (SNT), and toxin-antitoxin tests. The primary serological tests segment is projected to dominate the global serological testing market during the forecast period. In terms of application, the global serological testing market can be segmented into rotavirus infections, hepatitis, HIV, endotoxins, therapeutic drug monitoring, and other infectious diseases. The hepatitis segment is anticipated to expand at the highest CAGR during the forecast period. Based on end-user, the global serological testing market can be classified into hospitals, diagnostic laboratories, blood banks, academic & research institutes, and others.

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Geographically, the global serological testing market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is projected to account for the largest share of the global serological testing market owing to high prevalence of infectious diseases, well-established health care infrastructure, rise in number of geriatric population, and increase in awareness about various infectious and acute diseases in the region. North America is anticipated to account for the second largest share of the global serological testing market by 2026. Increase in the geriatric population, high prevalence and rise in incidence rates of HIV/AIDS, hepatitis, and other retroviral infections in the region contribute to the high share of the region. The serological testing market in Asia Pacific is expected to expand at the highest CAGR during the forecast period owing to large population with infectious diseases in countries such as India and China, increase in awareness, and surge in per capita health care expenditure in the region.

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The global serological testing market is highly fragmented, with large number of manufacturers holding prominent share in respective regions. Key players operating in the global serological testing market include Serological Research Institute (SERI), Chembio Diagnostic Systems, Inc., Advanced Diagnostics, Inc., Randox Laboratories Ltd., Eurofins Scientific, Becton, Dickinson and Company, Quest Diagnostics, ELITechGroup, Immucor, Thermo Fisher Scientific, Inc., Beckman Coulter, Inc. (subsidiary of Danaher Corporation), Creative Diagnostics, and Grifols.

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants, uses proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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