Immunofluorescence Assay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Immunofluorescence Assay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Immunofluorescence Assay market studied was projected to grow with a CAGR of 5.8% over the forecast period.

The studied market was impacted by the pandemic. The SARS-CoV-2 outbreak emerged as a potential opportunity for the market’s growth. Several research organizations and biopharmaceutical companies are evaluating immunofluorescence assay to develop it as an effective diagnostic tool. The article ‘A Novel Immunofluorescence Assay for the rapid serological detection of SARS-CoV-2 infection’ published in April 2021, mentions the design of a cell-based fluorescent serology assay to detect SARS-CoV-2 infection. The assay is based on the capture of IgG antibodies in the serum of COVID-19-positive patients using cells exogenously expressing SARS-COV-2 spike and their subsequent fluorescent detection. Such novel immunofluorescent assays implemented to detect COVID-19 infections are expected to impact the growth of the market studied. Also, the article titled ‘Rapid Lateral flow immunoassay for the fluorescence detection of SARS-CoV-2 RNA’ published in December 2020 mentioned that amplification-free nucleic acid immunoassay, implemented on a lateral flow strip for the fluorescence detection of SARS-CoV-2, achieved sensitivities of 100% and specificities of 99% for both types of throat and sputum samples of COVID-19. The article titled ‘Evaluating the serological status of COVID-19 patients using an indirect immunofluorescent assay, France’ published in May 2020 mentioned that the immunofluorescence assay is useful for monitoring SARS-CoV-2 exposure at the individual and population levels. The effectiveness of these assays for detecting COVID-19 infection is expected to impact the growth of the market studied. Thus, the market was adversely impacted during the initial phase of the pandemic however, its advantages to diagnose COVID are expected to increase its growth during the upcoming period.

The major factor attributing to the growth of the market is the increase in the incidence of disease. Cancer is a major chronic disease in regions such as the Americas, Asia, and Europe. As further research and development activities are being conducted in the area with huge funding from the government, the market studied is expected to grow significantly over time. For instance, as per the Joint Research Commission’s report of European Commission released in July 2020, it was estimated that in 2020 about 2.7 million (excluding non-melanoma cancer) new cancer cases would be diagnosed in the European Union, and breast cancer will be the most prevalent form of cancer with about 355,000 new cases in 2020. These conditions of chronic kidney disorders increase the demand for immunofluorescence assay. The American Cancer Society’s estimates for primary liver cancer and intrahepatic bile duct cancer in the United States for 2020 include about 42,810 new cases (30,170 in men and 12,640 in women) diagnosed. According to the study published in Clinical Infectious Diseases, titled ‘Re-emergence of Invasive Pneumococcal Disease (IPD) in Germany during the Spring and Summer of 2021’ in February 2022, in April 2021, IPD levels in children aged 0 to 4 years old began to rebound to baseline levels. By June 2021, they had surpassed them (a 9 percent increase over the average monthly values for 2015-2019). IPD cases increased beyond baseline values in children 5 to 14, adults 15-34, and people 80 years and older beginning in July 2021, with increases, also beginning in Spring 2021. Such prevalence of infectious diseases is expected to drive the growth of the market studied.

Similarly, initiatives by market players are another factor in market growth. In September 2022, in order to enable subcellular spatial multi-omics measurement with the simultaneous detection of RNA and proteins during a typical MERFISH experiment, Vizgen introduced the MERSCOPE Protein Co-detection Kit. With its oligo conjugated antibodies, the MERSCOPE Protein Stain Reagent Kit enhances the detection of primary antibodies that are directed at proteins and provides high-quality protein staining that is comparable to protein immunofluorescence staining. Thus, the abovementioned factors are expected to increase the market growth.

However, the gaining popularity of the alternative procedures is the major drawback of the market growth

Key Market TrendsInstruments Segment is Expected to Hold a Significant Market Share Over the Forecast Period

The instruments segment encompasses the apparatus or devices used alone or in combination and intended by the manufacturer for the in vitro examination of specimens derived from the human body, solely to provide information for diagnostic or compatibility purposes. The rising prevalence of chronic and infectious diseases among people is expected to further propel market growth. Immunofluorescence assay instruments are used to detect health and disease state markers. The most widely used clinical diagnostic instruments are chemistry analyzers, immunoassay analyzers, hematology analyzers, centrifuges, microscopes, imaging analysis systems, slide processing systems, and other analytical instruments. The primary growth drivers of the segment include the increasing adoption of point-of-care and multi-test platforms. Immunofluorescence assay testing using multi-test platforms has the advantage of allowing multiple markers to be detected simultaneously. An increasing number of product launches have helped boost the market growth. In September 2020, CTK launched its latest system, CTK’s RaFIA System, for rapid quantitative tests. This quantitative system is easy to use while offering a high level of sensitivity and a broad working range. Also, in March 2021, EUROIMMUN, a PerkinElmer Inc. company, launched the EUROPatternTM Microscope Live (EPML), a compact immunofluorescence microscope with the fourth generation of the company’s well-established EUROLabOfficeTM 4.0 (ELO 4.0) laboratory management program. Hence, owing to the above-mentioned developments in the market coupled with the increasing adoption of these devices, the segment is expected to witness high growth.

Thus, due to the above-mentioned factors, the segment is expected to witness significant growth over the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the presence of key players, the high prevalence of diseases in the region, and established healthcare infrastructure are some of the key factors accountable for its large share in the market. According to Organization for Economic Co-Operation and Development (OECD) figures, there were 17,149 coronary artery bypass graft surgeries performed in 2020 in Canada. Similarly, as per the data from the American Heart Association 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Similarly, the growing demand for effective diagnostic solutions to obtain proper treatment for chronic diseases is also expected to drive the growth of the market in the United States. For instance, in the Cancer Facts & Figures 2022 data published by the American Cancer Society, an estimated 1.9 million new cancer cases were diagnosed. Hence, the prevalence of chronic diseases in the region is anticipated to create more opportunities for the development of immunofluorescence assays during the forecast period. Initiatives by market players in the region are another factor in market growth. In July 2020, Ultivue Inc., a United States-based company, and OracleBio entered a collaboration to accelerate personalized tumor characterization for drug research and development in translational and clinical oncology with the application of multiplex immunofluorescence staining and imaging.

Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.

Competitive Landscape

The Immunofluorescence Assay market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Thermo Fisher, Werfen, Bio-Rad Laboratories, Inc., Abcam, PerkinElmer Inc., Merck Millipore, Cell Signaling Technology, Sino Biological, Danaher.

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