COVID-19 has disrupted healthcare services in most countries worldwide; the worst affected are the US, Russia, Spain, Italy, the UK, India, Germany, and Iran.
Immunofluorescence assays are used extensively for the detection of viral antigens, including COVID-19. As a result, the pandemic has increased the demand for immunofluorescence assay products across the globe. These are fast and simple methods that allow researchers to visualize the effects and dynamics of viral infections. In the current global scenario, such methods represent a crucial tool in preventing and treating these pathogens.
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The growth in this market is primarily attributed to the increasing prevalence of chronic diseases and rising R&D spending & healthcare expenditure. Emerging markets are expected to provide growth opportunities for players operating in the immunofluorescence assays market in the coming years. However, quality concerns over antibodies are the major challenge in this market.
The global immunofluorescence assays market is projected to reach USD 3.5 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 6.0% during the forecast period.
Reagents accounted for the larger share of the share of global immunofluorescence assays market in 2020
By product, the immunofluorescence assays market is segmented into reagents, instruments, antibodies, kits, and consumables and accessories. The reagents segment accounted for for the largest share of global immunofluorescence assays market. This can be attributed to the wide use of reagents in assay techniques and the need for repeat purchases.
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Pharmaceutical & biotechnology companies accounted for the largest share of the immunofluorescence assay market in 2020
Based on end user, the immunofluorescence assays market is segmented intopharmaceutical & biotechnology companies, academic & research institutes, hospitals & diagnostics centers, and contract research organizations. The pharmaceutical & biotechnology companies accounted for the largest share of the global immunofluorescence assays market. The increasing use of this technology in the study of various diseases and drug discovery & development processes are driving the growth of this segment.
North America dominates the global immunofluorescence assay market
The immunofluorescence instruments market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global immunofluorescence assays market. The large share of the North American region is mainly attributed to the rising incidence of chronic & infectious diseases, increasing R&D spending, increasing research activities, favorable government funding opportunities, and the presence of major key players in the region.
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Key Market Players:
The key players operating in the global multiple Immunofluorescence instruments market are Thermo Fisher Scientific Inc (US), Abcam PLC (UK), Bio-Rad Laboratories, Inc (US), PerkinElmer Inc. (US), Merck KGaA (Germany), Werfen Company (Spain), Cell Signaling Technology, Inc. (US), MEDIPAN GmbH (Germany).