Report : Middle East & Africa Fluorescent Immunoassay Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (ELISA, Rapid Lateral Flow Immunoassay, and Others), Application (Infectious Diseases, Oncology, Cardiovascular Diseases, and Others), and End User (Hospitals & Clinics, Diagnostic Centers, Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, and Others)
At 2.7% CAGR, the MEA Fluorescent Immunoassay Market is speculated to be worth US$ 109.74 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA fluorescent immunoassay market was valued at US$ 91.36 million in 2021 and is expected to reach US$ 109.74 million by 2028, registering an annual growth rate of 7.0% from 2021 to 2028. Increase in development of fluorescent dyes and instruments and extensive usage in cancer diagnostics are the critical factors attributed to the market expansion.
Fluorescent dyes or fluorophores have been widely used as probes (for physical and structural parameters), indicators (e.g., for molecular concentrations), or labels/tracers (e.g., for visualization and localization of biomolecules) in various bioassays. Therefore, the development of fluorescent dyes, accompanied by appropriate devices and their applications, has had a significant impact in healthcare sector. New technologies, materials, and devices have been developed to efficiently detect and utilize fluorescence signals in biological samples. The need for sensitive yet inexpensive diagnostic tools has led to new strategies to enhance the fluorescence signal of diagnostic assays, including improving the surface immobilization of biomolecules, increasing the density of fluorescent labels per binding event, and improving the optical properties of fluorescent reporters. One way to enhance fluorescence performance is to develop fluorescent dyes with improved brightness, photostability, quantum yield, and Stokes shift. Fluorescent labels have also been used to create homogeneous immunoassays by various techniques. Fluorescein isothiocyanate (FITC) is an organic fluorescent dye and probably one of the most used in immunofluorescence and flow cytometry. It can be coupled to various antibodies using its reactive isothiocyanate group, which binds to amino, sulfhydryl, imidazolyl, tyrosyl, or carbonyl groups of proteins. FITC was one of the first dyes used for fluorescence microscopy and served as a precursor to other fluorescent dyes. Its fluorescence activity is due to its extensive conjugated aromatic electron system, which is excited by the blue light spectrum. Therefore, due to the increase in the development of fluorescent dyes and instruments, the fluorescent immunoassays market is expected to grow in the near future.
On the contrary, disadvantages of fluorescent immunoassays hurdle the growth of MEA fluorescent immunoassay market.
Based on product type, the MEA fluorescent immunoassay market is segmented into ELISA, rapid lateral flow immunoassay, and others. The ELISA held 55.1% market share in 2021, amassing US$ 50.33 million. It is projected to garner US$ 62.53 million by 2028 to expand at 3.1% CAGR during 2021–2028.
Based on application, the MEA fluorescent immunoassay market is segmented into infectious diseases, oncology, cardiovascular diseases, and others. The infectious disease segment held 53.5% market share in 2021, amassing US$ 48.84 million. It is projected to garner US$ 60.46 million by 2028 to expand at 3.1% CAGR during 2021–2028.
Based on end user, the MEA fluorescent immunoassay market is segmented into hospitals & clinics, diagnostic centers, pharmaceutical & biotechnology companies, academic & research institutes, and others. The hospitals and clinics segment held 45.4% market share in 2021, amassing US$ 41.46 million. It is projected to garner US$ 52.83 million by 2028 to expand at 3.5% CAGR during 2021–2028.
Based on country, the MEA fluorescent immunoassay market is segmented into the South Africa, UAE, Saudi Arabia, and Rest of MEA. Our regional analysis states that the South Africa captured 35.7% market share in 2021. It was assessed at US$ 32.61 million in 2021 and is likely to hit US$ 40.78 million by 2028, exhibiting a CAGR of 3.2% during the forecast period.
Key players dominating the MEA fluorescent immunoassay market are Abbott, BD, bioMerieux SA, Danaher, F. Hoffmann-La Roche Ltd., Ortho Clinical Diagnostics Holdings plc, Quidel Corporation, Siemens AG,Sysmex Corporation, and Thermo Fisher Scientific Inc. among others.
- In June 2021, Roche announced that it has launched a high-throughput SARS-CoV-2 antigen test as an aid in the diagnosis of SARS-CoV-2 infections. The laboratory-based Elecsys SARS-CoV-2 Antigen test had earlier received CE mark and has recently obtained the import license from CDSCO.
- In Oct 2020, Quidel announced the receival of Emergency Use Authorization (EUA) from the US FDA to market its Sofia2 Flu + SARS Antigen FIA, a rapid point-of-care test to be used with the Sofia 2 Fluorescent Immunoassay Analyzer for the rapid, simultaneous qualitative detection and differentiation of the nucleocapsid protein antigens from SARS-CoV-2, influenza A and influenza B in direct nasopharyngeal (NP) and nasal (NS) swab specimens from individuals suspected of respiratory viral infection consistent with COVID-19 by their healthcare provider within the first five days of the onset of symptoms.
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