Global Fluoro Enzymatic Assays Market: Market Outlook
Fluoro enzymatic assays, a biochemical procedure used mainly in immunology to detect the presence of an antigen or an antibody in a sample. Fluoro enzymatic assays is used as a diagnostic tool in pathology and medicine, as well as a quality-control test across industries. It is basically used in the measurement of drugs, specific proteins, hormones, tumor markers and markers of cardiac injury. The global fluoro enzymatic assays market is likely to expand with the increasing incidence of chronic and infectious diseases. Furthermore, the rising geriatric population is anticipated to act as a key factor driving the global fluoro enzymatic assays market growth.
- For example, in 2017, UN recorded that the global geriatric population was around 962 millions and by 2050, expected to reach 2.1 billion, hence propelling the growth of the global market for fluoro enzymatic assays.
The rising incidence of infectious disorders like neurological disorders, hepatitis, dengue, and AIDS is the prime factor anticipated to create growth opportunities for the global fluoro enzymatic assays market over the forecast period. For example, according to WHO, as of 2017 around 5.8 million cases of severe dengue were diagnosed in the Americas. The rising prevalence of such diseases is anticipated to create significant opportunities for the key players, promoting the launch of novel enzymatic assays, which would further help in effective diagnosis of various diseases.
What are the Key Trends Impacting Growth of the Fluoro Enzymatic Assays Market?
The increasing demand for safer and stable reagents, increasing automation of immunoassays, and development of novel markers such as fluorescence-activated cell sorters and laser-induced fluorescence probes are the recent trends in the global fluoro enzymatic assays market. Due to the various benefits offered by the fluoro enzymatic assays such as rapid processing time, low cost, improved sensitivity than colorimetric measurements, and flexibility, the demand for fluoro enzymatic assays is significantly rising. Furthermore, other factors such as increasing aging population, growing awareness of the disease diagnosis and treatment, and growing prevalence of chronic disorders are likely to fuel the global fluoro enzymatic assays demand. Also, the rising innovative technologies are creating a huge opportunity for the global fluoro enzymatic assays market to grow.
What are the Key Challenges that may Restrain Growth of the Global Fluoro Enzymatic Assays Market?
There are some factors that can hamper the growth of the global fluoro enzymatic assays market such as low detection limits and lack of awareness of the disease treatment and diagnostic tools in some countries. Furthermore, the inadequate reimbursement, especially in underdeveloped economies is a major factor restraining the growth of the global fluoro enzymatic assays market.
The global fluoro enzymatic assays market is marked by the presence of various small and large companies. It is competitive in nature and is dominated by players, such as
- Siemens Healthineers
- Dickinson & Company
- Abbott laboratories
- Danaher Corporation
- Roche Diagnostics
- Ortho Clinical Diagnostics
- Thermo Fisher Scientific, Inc.
- Sysmex Corporation
- Quidel Corporation,
What Strategies are the Key Players adopting for Increasing their Market Share in the Global Fluoro Enzymatic Assays Market?
The global fluoro enzymatic assays is highly fragmented market and the key manufacturers have used various strategies such as agreements, new product launches, expansions, partnerships, joint ventures, mergers and acquisitions and others to increase their footprints in the market. Companies are highly focused on implementing strategies such as partnerships, regional expansion, and novel product launches to increase their revenue share.
- For instance, Quidel’s product, Quidel’s Sofia 2 Lyme+ FIA received a CE mark approval in December 2018. The product is built to be used with fluorescent immunoassay analyzer, Sofia 2.
- In addition, FlowJo and Becton, Dickinson & Company in June 2017 agreed to work in a collaboration to provide cloud-based platform for immunoassay applications. Moreover, this agreement also enabled simultaneous measurement of 50 different characteristics of a single cell.
How rising Cancer prevalence to influence Global Fluoro Enzymatic Assays Market?
The oncology segment is expected to be the fastest growing segment in the global fluoro enzymatic assays market during the forecast period, due to the rising prevalence of cancer and technological advancements that can precisely diagnose ailment-causing organisms. For example, assays and biomarkers of tumors are widely being used to minimize the prevalence of cancer worldwide. The role of tumor biomarkers is very important in cancer diagnosis and treatment, from identification, screening, detecting, to monitoring its progression.
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What is the Extent of the Expanding Geriatric Population Impacting the Fluoro Enzymatic Assays Demand?
The geriatric population of the world is growing drastically, and the population aged 60 years and above accounts for over 10%, which is expected to rise to over 20% by 2050. Elderly aged population are generally more vulnerable to infectious diseases as compared to younger adults. Aged people suffer from a variety of infectious diseases, some of which affect the integrity of host resistance to infections. This is boosting the demand for assays for infectious diseases among the elderly population. The rapid growth in the elderly population is estimated to increase the number of diagnostic test, which is expected to boost the global fluoro enzymatic assays demand over the forecast period.
What are the Opportunities in the Global Fluoro Enzymatic Assays Market?
The growing significance of companion diagnostics is likely to develop an opportunity for the global fluoro enzymatic assays market to expand. Companion diagnostics consist of tests or assays required in making treatment decisions for patients based on the best response to therapy. With the increasing demand for safer drugs and high-priced specialist therapies, the demand for companion diagnostics is expected to showcase a lucrative growth in the market.
Why is the U.S. a Big Market for Fluoro Enzymatic Assays?
U.S. is the most dominant country in the global fluoro enzymatic assays market owning to the well-developed healthcare infrastructure and increasing penetration of medical devices in the region. The rising prevalence of cancer in the country is likely to boost the fluoro enzymatic assays demand. Cancer is the second leading cause of death in the United States. In 2020, there were approximately 89,500 cancer cases diagnosed and about 9,270 cancer deaths in adolescents and young adults (AYAs) ages 15 to 39 years in the US.
Furthermore, the high expenditure on R&D by government organizations and pharmaceutical companies for disorders diagnosis and treatment, such as chronic ailments and diabetes, are some of the prime factors driving the fluoro enzymatic assays market in the country.
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What is the Scenario of Asia Pacific in the Global Fluoro Enzymatic Assays Market?
Asia Pacific is anticipated to witness a significant growth during the forecast years due to the increasing geriatric population and rising disposable income and healthcare spending in the emerging economies, such as China, India, and South Korea. Furthermore, the increasing adoption of advanced medical devices in countries such as South Korea will also aid in creating lucrative opportunities in the market.
What are the Restrains that GCC Countries Face in Fluoro Enzymatic Assays Market?
The major factor restraining the adoption of fluoro enzymatic assays in GCC countries is the absence or lack of trained and skilled medical professionals and awareness about the disease diagnosis and treatment in the country. Evidence suggests that, a large number of professionals across the world do not receive proper training for carrying out the diagnostic procedures, and are yet engaged in testing and diagnostic services. The unavailability of skilled medical professionals leads to false prescriptions, putting the health at risk. Furthermore, the stringent regulations by the authority bodies is another factor hampering the growth of the fluoro enzymatic assays demand in the country.
What is the Repercussion of the Pandemic on the Growth of the Global Fluoro Enzymatic Assays Market?
COVID-19 pandemic has caused a disturbance in almost all the industries. The health care systems are negatively impacted, and delivery of medical facilities effectively to all patients has become a huge challenge worldwide during the pandemic. Due to global restrictions, the market initially faced disturbance in the demand and supply. Covid-19 pandemic has changed the national healthcare priorities and spending but the demand for fluoro enzymatic assays has increased, since the fluroro enzymatic assays are widely used for the detection of covid-19. The kit are used to detect exposed immune-protected individuals. ELISA diagnostic test is one of the most widely immunoassay used in labs and is an important supplementary test for COVID-19 diagnosis.
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The report covers exhaust analysis on:
- Fluoro Enzymatic Assays Market Segments
- Fluoro Enzymatic Assays Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
- Detailed overview of parent market
- Changing Fluoro Enzymatic Assays market dynamics in the industry
- Fluoro Enzymatic Assays-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Fluoro Enzymatic Assays market industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Key Segments of Global Fluoro Enzymatic Assays Market Covered in the Report
Based on product type, the global fluoro enzymatic assays market has been segmented as
- Reagents and Kits
- Software & Services
Based on application, the global fluoro enzymatic assays market has been segmented as
- Infectious diseases
- Bone and mineral
- Neonatal screening
Based on end user, the global fluoro enzymatic assays market has been segmented as
- Pharmaceutical Industries
Based on region, the global fluoro enzymatic assays market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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