IVD Antibodies Market Size, Share | Industry Report [2030]

Report Description

IVD Antibodies Market Outlook

The Global IVD Antibodies Market was estimated at USD 1,207.4 Million in 2021 and is anticipated to reach USD 1,997.4 Million by 2030, expanding at a CAGR of 5.8% during the forecast period.

IVD antibodies are commonly used for disease screening, therapeutic monitoring, and ensuring that the blood is safe for transfusions. IVD antibodies are widely used for immunology methods such as ELISA, immunocytochemistry/immunofluorescence, immunohistochemistry, immunohistochemistry-paraffin, and western blot.

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Clinical IVD tests have become an essential part of personalized medicine to treat patients according to their individual molecular makeup. These tests, performed on biological samples, provide key information for the prevention, treatment, and management of diseases. Currently, around two-thirds of all clinical diagnoses are performed with the help of IVD. These tests are not only used for diagnosis, but also for screening and monitoring diseases.

Macro-economic Factors

Rising GDPs of Emerging Economies

A country’s GDP growth rate is a key factor that influences the demand for IVD antibodies. Emerging economies such as Brazil, Russia, India, and China (BRIC) and other countries in Latin America and Southeast Asia are key destinations for the healthcare industry.

Over half the world’s population resides in India and China, which makes these two countries leading consumers of various healthcare products. Countries with high GDP growth rate tends to have high healthcare expenditure, which increases the demand for IVD antibodies. Thus, rising GDPs of emerging economies plays a crucial role in fuelling the market

Increase in Chronic and Infectious Disease

The burden of infectious diseases and chronic disorders is constantly growing worldwide. The IVD antibodies market has the potential to obstruct the path of disease incidences through early diagnosis and treatment monitoring based on diagnostics.

The adoption of sedentary lifestyle changes increases incidences of chronic diseases. Growing incidences of chronic and infectious diseases are anticipated to fuel the IVD antibodies market during the forecast period.

IVD Antibodies Market Dynamics

Market Driver- Increasing Adoption of Rapid Diagnostic Test

High healthcare expenditure for treating the aging population, rise in incidences of chronic and infectious disease, and rapid spread of Covid-19 propel the need for fast, accurate, and affordable diagnostic tests. IVD antibody kits are rapid diagnostic tests. These tests, such as rapid Covid-19 serological tests to detect IgM/IgG antibodies, offer a range of benefits to patients, caregivers, and healthcare professionals.

The use of RDTs reduces the time of diagnosis, and the number of patient visits improves the issuance of accurately prescribed medications and medical outcomes, and helps control the spread of diseases. The constant rise in the number of emergency admissions creates the need for rapid decision-making, which is expected to drive the adoption of rapid diagnostics kits.

Market Driver- Increase in Chronic and Infectious diseases

The burden of infectious diseases and chronic disorders is constantly growing worldwide. In Europe, almost half of the population aged above 65 years has at least one chronic disease and 17% have two or more chronic diseases such as cancers, diabetes, cardiovascular disorders, and obesity. According to the WHO, chronic diseases are a leading cause of death worldwide. Cardiovascular diseases cause around 17.9 million deaths annually.

Infectious diseases are caused by microorganisms including flu, hepatitis, HIV/AIDS, human papillomavirus, tuberculosis, and others. Outbreaks of diseases such as dengue, swine flu, and Covid-19 are likely to drive the market. IVD antibodies can be effectively used to prevent the incidences of diseases through early diagnosis and treatment modification based on an effective diagnosis.

Market Restraint- Shortage and Variable Cost of Raw Materials

The price of an IVD kit depends on the cost of the raw materials used. Increased prices and shortage of raw materials are expected to hamper the value chain of IVD antibodies. In 2020, the lack of reagents and RNA extraction kits for Covid-19 molecular assay tests, in the first phase of the COVID-19 outbreak, greatly reduced the test capability of the global population.

The COVID-19 pandemic, followed by the Ukraine war, have led to an economic crisis, which has resulted in supply disruption and a sharp increase in the cost of raw materials. These difficulties slowed down production, increased transport costs, and propelled the price of raw materials.

Thus, the surge in raw material prices and shortage of raw materials are expected to hamper the market, as it has become a major source of concern for IVD manufacturers.

Market Opportunity- Innovation and Technological Advancements

Rising technology advancements in the past decade are expected to create lucrative opportunities for market players. The adoption of advanced technologies is rising in IVD manufacturing. Scientists are working hard on the development of next-generation diagnostic tests that work at the gene level.

In May 2021, an ultrasensitive molecular test was developed by the University of California based on a chip technology that detects the presence of influenza A and SARS-CoV-2 antigens. The development of automated IVD systems for laboratories and hospitals to provide accurate and error-free diagnoses is expected to create opportunities during the forecast period.

Scope of IVD Antibodies Market Report       

The report on the global IVD Antibodies market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

IVD Antibodies Market Segmental Outlook

On the basis of product, the market is segmented into Cardiac Markers, Tumor Markers, Kidney Injury Markers, Infection and Inflammation Antibodies, Bone Metabolism, Fertility and pregnancy care, Serology, Diabetes & Metabolism, Hormones, Infectious Diseases, Alzheimer's disease, IHC, Tool Antibodies.

The tumor markers segment is expected to hold a substantial share of the market during the forecast period, as they are widely used for the detection of the type of cancer, its stage, and recurrence in patients.

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Based on By Application, the market is fragmented into Immunology, Cancer, and cardiovascular diseases. The immunology segment is projected to expand at a significant CAGR during the forecast period, as it widely used by immunologist for clinical diagnostics and research applications due to their high specificity.

Immunology is the branch of biomedical science that deals with study of immune system and immune response. It also studies immunologic techniques for diseases analysis. The immune system is a highly balanced system that protect the body from infections. Immunologist study diseases caused by over activity of the immune system.

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In terms of the End User, the market is fragmented into Hospitals, Diagnostic Laboratories, Homecare Settings, and Others. The diagnostic laboratories segment is expected to hold a significant share of the market during the forecast period. The growth of the segment is attributed to the rising demand for IVD kits.

Laboratorians use IVD as they provide accurate and high-quality results in less period of time. Laboratory diagnostics are a crucial part of modern medicine. Diagnostic laboratories are facilities within institutions, equipped with apparatus and reagents, which are used for diagnostic tests. Researchers use IVD in diseases detection or other conditions in laboratories to monitor patients overall health.

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Regional Outlook

Based on regions, the market is separated into namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to maintain its dominance in the market during the forecast period, owing to increasing proteomics and genomics research activities along with rising consumer inclinations toward opting for novel diagnostic techniques.

The market in Europe is expected to expand at a considerable CAGR during the forecast period, due to the growing acceptance of home healthcare and the presence of user-friendly antibodies-based diagnostic products.

The market in Asia Pacific is estimated to expand owing to the increasing incidence of chronic and infectious diseases such as HIV, hepatitis, cancer, cardiovascular diseases, malaria, and hepatitis in the region.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global IVD Antibodies Market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global IVD Antibodies Market Performance