Enzyme Linked Immunosorbent Assay Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Target Diseases
Enzyme Linked Immunosorbent Assay or ELISA refers to an efficient and highly sensitive analysis technique used extensively in medical diagnostics, food safety testing, and research applications to detect the presence of an antibody or antigen in a sample. ELISA utilizes an enzyme reaction to identify a substance in a biological sample. It detects and measures the presence of antibodies, antigens, or other substances by immobilizing one to a solid surface that acts as a stationary phase. Commonly used in diagnosing target diseases such as HIV/AIDS, hepatitis, tuberculosis, and influenza ELISA plays a critical role in disease screening and confirmatory testing. Furthermore, innovative technologies enhancing assay sensitivity and versatility are boosting its adoption across diverse industries.
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 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising prevalence of target diseases such as HIV/AIDS, tuberculosis, hepatitis, cancer, and cardiovascular diseases coupled with growing geriatric population vulnerable to chronic conditions is driving the demand for efficient diagnostic tools. According to WHO statistics, globally 37.9 million people were living with HIV/AIDS in 2018. Furthermore, improved assay sensitivity enabling early disease detection and continuous innovation in ELISA technologies addressing limitations are accelerating its uptake over other diagnostic methods. Additionally, growing application scope in food safety, water quality testing, and pharmaceutical research is fueling market growth. One key driver is the rising prevalence of target diseases which is driving increased adoption of ELISA for disease screening and confirmatory testing applications. However, complex regulatory framework and high equipment cost may impede market expansion to some extent over the forecast period.
SWOT Analysis
Strength: The enzyme linked immunsorbent assay market holds key strengths such as high sensitivity, specificity and reproducibility. It allows for quick detection of antibodies or antigens in a sample which aids in early disease diagnosis. ELISA provides multiplexing capabilities which enable analysis of multiple biomarkers simultaneously. Weakness: ELISA techniques require sophisticated equipment and skilled professionals for operation and analysis. It may not be suitable for point-of-care application or resource constrained settings. Improper handling or storage of antigens, antibodies or samples can produce inaccurate results. Opportunity: Growing demand for disease diagnostic testing from increasing incidence of chronic and infectious diseases presents significant growth opportunities. Expanding biopharmaceutical industry will further drive the adoption of ELISA for drug development and quality testing. Point-of-care testing is emerging as an opportunity area with development of portable ELISA kits. Threats: Availability of alternative diagnostic techniques like polymerase chain reaction poses competition challenge. Stringent regulatory environment and delays in approval process can limit market expansion. Economic slowdowns may negatively impact research funding and adoption of advanced diagnostics.
Key Takeaways
The global Enzyme Linked Immunosorbent Assay market Growth Is expected to witness high growth over the forecast period. 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 8.8% over the forecast period 2023 to 2030.
Advancements in molecular diagnostics is one of the key factors driving the growing adoption of ELISA technologies in regions like North America. The US and Canada are dominating the North American ELISA market on account of growing R&D investments by biopharmaceutical and diagnostic companies coupled with strong healthcare infrastructure in these regions.
Key players operating in the Enzyme Linked Immunsorbent Assay market are DSV, a.p. moller - maersk, United Parcel Service of America, Inc., XPO Logistics Inc., DHL International GmbH, Kuehne+Nagel Inc., Geodis, FedEx Corporation, C.H. Robinson Worldwide, Inc., and db schenker. The global enzyme linked immunsorbent assay market is highly fragmented in nature with the presence of several mid-sized to large players. Strategic collaborations and new product launches are some of the key strategies adopted by major players to gain competitive edge in the lucrative market.
Explore more related article on this topic: https://www.newsanalyticspro.com/enzyme-linked-immunosorbent-assay-market-share-analysis/
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