Enzyme Linked Immunosorbent Assay Market Is Estimated To Witness High Growth Owing To Rapid Technological Advancements
The Enzyme Linked Immunosorbent Assay (ELISA) is a plate-based assay technique widely used to detect the presence of antibodies and antigens in biological samples. ELISA uses antibodies and color change to identify a biomarker or biological molecule in a biological sample like blood or urine. The global ELISA reagents involved in detection and quantization of biological molecules play vital roles in disease diagnosis, drug and therapy development, food and water testing.
The global Enzyme Linked Immunosorbent Assay Market is estimated to be valued at US$ 2118.92 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid technological advancements is one of the key drivers estimated to boost the global Enzyme Linked Immunosorbent Assay Market over the forecast period. Ongoing research and development has led to development of various advanced ELISA kits and reagents for early diagnosis of diseases like cancer. Additionally, introduction of automated ELISA systems has simplified ELISA workflow and analysis, thereby increasing efficiency. Automated ELISA systems require less manual intervention and produce highly accurate and reproducible results. This has increased popularity of ELISA technique among diagnostic laboratories and research institutes. The growing popularity and demand for advanced ELISA based diagnostic techniques is expected to contribute significantly to the market growth over the forecast period.
The increasing incidence of chronic and infectious diseases is another driver estimated to fuel the global market growth. ELISA kits find wide diagnostic applications in detection of HIV, hepatitis, cardiovascular diseases, cancer and infectious diseases. According to WHO, cardiovascular diseases remain the number one cause of death globally, taking an estimated 17.9 million lives each year. Also, cancer burden is rising worldwide with an estimate of 19.3 million new cases and 10 million cancer related deaths in 2025. Such increasing disease prevalence is anticipated to generate significant demand for ELISA based diagnostic tests, thereby driving the market growth.
SWOT Analysis
Strength: The enzyme linked immunosorbent assay market forecast has wide applications in the diagnosis of diseases and research activities. ELISAs provide accurate quantitative and qualitative results which serve as a major strength. They are also cost-effective and offer high-throughput capabilities with a low risk of cross-contamination.
Weakness: Stringent regulatory frameworks and the need for specialized laboratories and technicians increase the investment cost. ELISAs also lack the capability for multiplexing and require relatively large sample volumes.
Opportunity: Rising prevalence of chronic and infectious diseases is providing opportunities for market growth. Point-of-care ELISAs are gaining momentum offering convenience and quick result generation. Technological advancements in microfluidics and automation are expected to drive automation.
Threats: Alternate technologies for diagnostic testing offer greater multiplexing capabilities. Lack of skilled professionals especially in developing regions poses challenges. Changes in regulatory policies can also affect market growth.
Key Takeaways
The global enzyme linked immunosorbent assay market is expected to witness high growth driven by the rising disease burden. The global Enzyme Linked Immunosorbent Assay Market is estimated to be valued at US$ 2118.92 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.
North America dominates the market owing to established healthcare infrastructure and supportive reimbursement policies in the region. The market is growing at a rapid pace in the Asia Pacific region led by expanding healthcare spending, availability of low-cost diagnostics, and growing awareness. The Asia Pacific region is projected to experience the fastest growth during the forecast period attributed to its large patient pool, low-cost production, and improving access to diagnostic services. Countries like India, China, and Japan are attracting global market players to establish manufacturing and distribution facilities due to availability of low-cost raw materials and labor.
Key players
Key players operating in the enzyme linked immunosorbent assay market are Bio-Rad Laboratories, Inc., Enzo Life Sciences, Inc., Thermo Fisher Scientific, Inc., Biomerieux S.A., Alpco, BioLegand, Inc., R&D Systems, Creative Diagnostics, Zeus Scientific, Inc., and Shenzhen YHLO Biotech Co., Ltd.
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