Image: The global immunofluorescence assay market is projected to reach USD 2 billion by 2023 (Photo courtesy of iStock).
The global immunofluorescence assay market estimated to be worth USD 1.51 billion in 2018 and is projected to grow at a CAGR of 5.8% to reach USD 2.01 billion by 2023, driven by the growing prevalence of chronic diseases, increasing R&D spending, and rise in healthcare spending.
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a global market research company.
On the basis of product, the reagents segment held the largest share of the global immunofluorescence assay market due to growing applications of biosciences and biotechnology in the pharmaceutical and healthcare fields, rising prevalence of a number of diseases, increasing R&D activities, and government initiatives to strengthen national research capabilities. On the basis of disease, the cancer segment held the largest share of the immunofluorescence assay market, driven by the increasing prevalence of cancer globally and the widespread adoption of immunofluorescence techniques for the study and diagnosis of cancer.
On the basis of type, the indirect immunofluorescence assay segment held the largest market share, driven by the increasing adoption of the indirect immunofluorescence technique owing to its advantages such as sensitivity, flexibility, better signal amplification, and lower cost than the direct immunofluorescence technique. On the basis of end-user, the pharmaceutical and biotechnology companies segment held the largest share of the immunofluorescence assay market, due to the increasing use of immunofluorescence assay in the study of various diseases and drug discovery & development processes in pharmaceutical and biotechnology companies.
In 2017, North America held the largest share of the global immunofluorescence assay market, followed by Europe and Asia Pacific. The large share of the North American immunofluorescence assay market is mainly due to the rising incidence of chronic & infectious diseases, increasing R&D spending, growing research activities, favorable government funding opportunities, and the presence of key players in the region.