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Latex Agglutination Test Kits Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Latex Agglutination Test Kits Market Size
According to The Business Research Company's, The latex agglutination test kits market size has grown strongly in recent years. It will grow from $1.39 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to growth in the prevalence of infectious diseases, increased funding for research and development in diagnostics, increased focus on infection control measures in healthcare facilities, and increased adoption of latex agglutination tests in water quality testing.
The latex agglutination test kits market size is expected to see strong growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the rising prevalence of infectious and autoimmune diseases, the rising adoption of rapid and POC technology, the increasing adoption of point-of-care diagnostics, growing awareness about sexually transmitted infections, and the and the rising incidence of respiratory tract infections. Major trends in the forecast period include technological advancements, test strip technology, antigen tests, automated technologies, and point-of-care testing.
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Market Drivers and Trends:
The increasing prevalence of infectious diseases is expected to propel the growth of the latex agglutination test kit market going forward. Infectious diseases are disorders caused by pathogenic microorganisms such as bacteria, viruses, fungi, parasites, or prions. The increasing prevalence of infectious diseases can be attributed to factors such as globalization, antimicrobial resistance, urbanization, climate change, and population growth. Latex agglutination tests are commonly used for the rapid detection of various infectious diseases, such as bacterial and viral infections. For instance, in July 2023, according to UNAIDS, the Switzerland-based UN program dedicated to addressing the global HIV/AIDS epidemic, the global population living with HIV increased to 39 million in 2022, up 3.17% from 37.7 million in 2020. Moreover, there were approximately 1.3 million new HIV infections reported in 2022. Furthermore, in March 2023, according to the Centers for Disease Control and Prevention, a US-based national public health organization, in the United States, 8,331 cases of tuberculosis (TB) were reported in 2022, a rise of 5.9% from 7,874 cases in 2021. Therefore, the increasing prevalence of infectious diseases will drive the growth of the latex agglutination test kit market.
Major companies operating in the latex agglutination test kits market are focusing their efforts on introducing diagnostic technologies for foodborne illnesses and environmental contaminants, such as rapid and user-friendly latex agglutination assays, to enhance disease diagnosis and gain a competitive edge in the market. Rapid and user-friendly latex agglutination assays streamline pathogen detection, offering quick and straightforward identification in food and environmental samples. For instance, in March 2024, Gold Standard Diagnostics LLC, a US-based diagnostic company, launched Microgen rapid latex agglutination tests, a set of rapid, easy, and inexpensive techniques created by Gold Standard Diagnostics for the confirmation diagnosis of particular pathogens in food and environmental samples, such as Salmonella, Legionella, or Staphylococcus aureus colonies. These assays offer a very sensitive and specific substitute for conventional culture procedures, and they may be completed in as little as two minutes. They are also easily integrated into laboratory workflows. These tests are so easy to use that labs can start using them right away without the need for specific training or equipment.
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Major Key Players of the Market:
Cardinal Health Inc., Thermo Fisher Scientific Inc., Becton Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories Inc., Hardy Diagnostics, Meridian Bioscience Inc., BioLegend Inc., ELITechGroup, Fujirebio, Sekisui Diagnostics LLC, R-Biopharm AG, Savyon Diagnostics Ltd., Creative Diagnostics, ZeptoMetrix Corporation, HiMedia Laboratories, DIALAB GmbH, Arlington Scientific Inc., Biotium Inc., Atlas Medical GmbH, Pro Lab Diagnostics Inc., Gold Standard Diagnostics Industrial Solutions
Latex Agglutination Test Kits Market 2024 Key Insights:
• The latex agglutination test kits market size is expected to see strong growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Role Of Increasing Infectious Diseases In Fueling The Latex Agglutination Test Kit Market
• Advancements In Latex Agglutination Test Kits For Food Safety And Environmental Monitoring
• North America was the largest region in the latex agglutination test kits market in 2023
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