The diagnostic specialty antibodies market is projected to grow with a CAGR of 5. 95%, during the forecast period. The advancements in DNA based technologies and diagnostics are expected to boost the market growth.
New York, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Diagnostic Specialty Antibodies Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05993766/?utm_source=GNW
In addition, the high number of patient pool undergoing diagnosis of HIV and growing demand for speciality diagnostics around the world is projected to fuel the market. Furthermore, the increase in the prevalence of diseases such as infectious diseases, influenza and cancer are expected to boost the diagnostic antibodies market.
However, the high cost of development of antibodies in rapid diagnosis are expected to hamper the market growth. Moreover, the launch of new products and innovations in the diagnostic technologies is projected to boost the market. For instance, in August 2018, BioGenex has launched a range of antibodies that are used for cancer diagnosis.
Key Market Trends
Monoclonal Antibodies are Expected to have Significant Growth Rate
- Monoclonal antibodies play a vital role in the diagnosis of many infectious and chronic diseases such as cancer. The increase in the number of research on the monoclonal antibodies and its applications in various disease diagnosis are expected to boost the segment revenue.
- Among the application segments, oncology application is anticipated to have a significant growth rate owing to recent drug approvals, a notable number of pipeline products and their expected commercialization.
- For instance, in April 2017, Roche launched the monoclonal antibody for diagnosis of prostate cancer.
- A growing number of cancer cases coupled with increasing awareness regarding the early diagnosis are expected to bolster the cancer application segment growth over the period.
North America is Projected to Have Significant Market Growth
North America is projected to have a significant market share among the regions owing to the adaptation of various antibody diagnostics coupled with well-established healthcare infrastructure in the region. In addition, new product launches, high R&D investments and the growing number of cancer cases are some of the factors that are fuelling the market growth in this region. Moreover, the favorable government policies and increased funding from the government in cancer research expected to bolster the market growth. Due to the rising incidence of lifestyle-related diseases, cancer and infectious diseases in emerging countries of Asia-Pacific are expected to boost the Asia-Pacific diagnostic speciality antibodies market. According to the World Health Organization, each year cancer causes 7.9 million deaths around the world, of which 5.5 million from developing countries only.
The diagnostic speciality antibodies market is moderately competitive with a notable number of market players. Market players are focusing on new product developments, collaborations and regional expansion to expand their market share. For instance, CytoDyn Inc has licenced its HIV drug leronlimab to IncellDx for diagnostic applications. The key market players operating in urgent care centres include F. Hoffmann-La Roche AG, Abcam plc, Bio-Rad Laboratories, Inc., Abbott Laboratories and Agilent Technologies, Inc. among others.
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