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Immunofluorescence Assay Market Report 2024 - Immunofluorescence Assay Market Size, Opportunities, And Statistics
Immunofluorescence Assay Market
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According to The Business Research Company's, The immunofluorescence assay market size has grown strongly in recent years. It will grow from $3.18 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased disease diagnosis, rise in research and development, rise in autoimmune diseases, increased cancer diagnostics, rise in virology research.
The immunofluorescence assay market size is expected to see strong growth in the next few years. It will grow to $4.9 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing personalized medicine, rising infectious disease surveillance, rising autoimmune disorders, rising point-of-care testing, increasing global health preparedness. Major trends in the forecast period include multiplexing assays, automation and robotics, high-content imaging, advanced fluorophores, digital pathology integration.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is significantly driving the growth of the immunofluorescence assay market. The changing lifestyle, dietary habits, and improper weight management are contributing to the rapid growth in chronic conditions and a few prolonged chronic infections are leading to cancerous risk. The growing prevalence of chronic disease is expected to boost demand for immunofluorescence assays as they are widely used in diagnosis and drug development activities. For instance, according to the study published by the Centers for Disease Control and Prevention, approximately 6 in 10 adults in the USA are affected by chronic disease, and it is also accounting for $3.8 trillion in annual healthcare costs. Therefore, the increasing prevalence of chronic diseases is expected to boost demand for immunofluorescence assay during forecast period.
Technological advancement is a key trend gaining popularity in the immunofluorescence assay market. The companies operating in immunofluorescence assay are focusing on developing technologically innovative products to meet specific technical demands for the diagnostic of new viruses such as COVID-19 and strengthen their market position. For instance, in March 2022, LumiraDx, a UK-based developer of point-of-care diagnostics, received emergency approval for LumiraDx SARS-CoV-2 Ag Test, a microfluidic immunofluorescence assay, designed for qualitative nucleocapsid protein antigen detection from nasal swab samples.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Abcam plc, Bio-Rad Laboratories Inc., PerkinElmer Inc., Werfen Company, Merck KGaA, Danaher Corporation, Cell Signaling Technology Inc., Vector Laboratories Inc., INOVA Diagnostics Inc., Sino Biological Inc., Medipan GmbH, BioLegend Inc., Jackson ImmunoResearch Laboratories Inc., Rockland Immunochemicals Inc., Bethyl Laboratories Inc., Fitzgerald Industries International Inc., Creative Diagnostics, Boster Biological Technology, Acris Antibodies GmbH, RayBiotech Inc., Proteintech Group Inc., Novus Biologicals LLC, R&D Systems Inc., OriGene Technologies Inc., GenScript Biotech Corporation, MBL International Corporation, Abnova Corporation, Cellabs India Technologies Limited, J. Mitra & Co. Pvt. Ltd., EpiGentek Group Inc., Elabscience Biotechnology Co. Ltd., Aesku.Diagnostics GmbH
Immunofluorescence Assay Market 2024 Key Insights:
• The immunofluorescence assay market size is expected to see strong growth in the next few years. It will grow to $4.9 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Chronic Disease Prevalence Driving Growth In Immunofluorescence Assay Market
• Technological Advancements Driving Innovation In The Immunofluorescence Assay Market
• North America was the largest region in the immunofluorescence assay market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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