Global ELISpot and FluoroSpot Assays Market Gaining Momentum: Projected to Touch USD 605.4 Million By 2027, Growing at the CAGR of 20.6% during the Forecast Period
Published | 13 August 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global ELISpot and FluoroSpot assays market was worth USD 167.1 million in the year 2020. The study also states that the market is estimated to grow at the CAGR of 20.6%, earning revenue of around USD 605.4 million by the end of 2027. The growth of the market can be attributed to several factors such as the growing prevalence of chronic diseases, the emergence of several infectious diseases, and the surging need for developing vaccines for preventing infectious diseases, among others. Furthermore, technological advancements in the ELISpot and FluoroSpot assay kits by manufacturers are also projected to drive the growth of the global ELISpot and FluoroSpot assays marketduring the forecast period.
Wide Range of Applicability Of ELISpot And FluoroSpot Driving Market Growth
The ELISPot and FluoroSpot assays are widely used in research institutes to measure key cellular functions of immune system cells.The demand for these assays is very prominent in hospitals, clinics, and biopharmaceutical companies because of the wide applicability it has to offer. ELISpot and FluoroSpot assays are involved in the examination of the Th1/Th2 responses, cancerology, infectious diseases, viral infection monitoring and diseases, autoimmune diseases and transplantation, vaccine development, etc. They are also used in tracking immune system responses against pathogens. Due to such a wide range of applications and usage, the demand for ELISPot and FluoroSpot assays is likely to grow during the forecast period.
Potential ToBecoming Standard Testing Method Across Laboratories
ELISpot and FluoroSpot assays have high usage in clinical trials, especially in developing countries due to their cost-effectiveness. In addition to providing a quantitative conclusion, they also elaborate on the detailed nature of immune responses to cytokines.Furthermore, for performing clinical trials by ELISpot and Fluorospot assays, the laboratories do not require expensive or high-end instrumentation and equipment. All these factors make ELISpot and FluoroSpot assays a very convenient technique for carrying out clinical trials. As a result, they are being increasingly adopted as a standard testing method across laboratories around the world.
Hospital and Clinical Laboratories Will Lead the ELISpot And FluoroSpot Assays Market
Based on end-user, the global ELISpot and FluoroSpot assays market is categorized into hospitals & clinics, research institutes, and biopharmaceutical companies. Hospitals and clinics around the world have a very prominent demand for the ELISpot and Fluorospot assays kits as they are very effective and are widely used in viral infection monitoring and treatment. One of the factors influencing the surging demand for ELISpot and FluoroSpot assays is the increasing number of patients seeking treatment for chronic and infectious diseases.
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Global ELISpot and FluoroSpot Assays Market - Regional Insights
Geographically, the global ELISpot and FluoroSpot assays market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America holds the largest market share due to the high prevalence of chronic as well as infectious diseases. The growing patient pool, along with the continued support of government and private institutions to research institutes by funding them significantly, contribute to the growth of the ELISpot and FluoroSpot assays in this region.However, the Asia-Pacific region is projected to witness the highest CAGR in the forecast period. The population of emerging economies is much higher as compared to the developed countries, due to which the percentage of population suffering from various chronic and infectious diseases is also high. As a result, the ELISpot and FluoroSpot assays market is gaining significant traction in the Asia-Pacific region. Moreover, China is projected to remain among the fastest-growing markets in the APAC region.
Impact of COVID-19 on Global ELISpot and FluoroSpot assays Market
Among the main reasons for this spike in the growth of the markets for ELISpot and FluoroSpot is the sudden outbreak of COVID-19 and its spread worldwide.Vaccine development became imperative as the virus spread rapidly and claimed lives every day.Thus, the competition between research institutes as well as biopharmaceutical companies for developing the first vaccination kit has fueled the market demand for the ELISpot and FluoroSpot assay kits. However, during the initial phase of the pandemic, companies had to experience short-term operational issues due to supply chain constraints, as well as a lack of access to the sites in China, the US, and Germany.
The leading market players of the global ELISpot and FluoroSpot assays market are Bio-Techne Corporation, Bio-Connect B.V., AutoimmunDiagnostika GmbH, Mabtech AB, U-Cytech Biosciences, Oxford Immunotec, Lophius Biosciences GmbH, Abcam, Cellular Technologies Limited, Becton, Dickinson and Company, Thermo Fisher Scientific, Elabscience, Biotech Investissement Group, Covance (LabCorp), and other prominent players.
The market is dominated by global players who cover a high percentage of the market. The industry participants have been consistently investing and focusing on intensive research and development for innovating and advancing their products which can offer early and accurate diagnosis of diseases. Furthermore, the adoption of competitive strategies like partnerships, joint ventures, product approvals, and launches is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global ELISpot and FluoroSpot assays market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global ELISpot and FluoroSpot assays market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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