Mycology Immunoassays Testing Market
Number of pages: 100 | Report Format: PDF | Published date: April 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
CAGR |
7.5% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Technology, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global mycology immunoassays testing market is expected to register a revenue CAGR of 7.5% during the forecast period 2023 to 2031.
Mycology Immunoassays Testing Market Fundamentals
Mycology immunoassay testing detects the presence of fungal antigens or antibodies in biological samples such as blood, urine, or cerebrospinal fluid. The test is based on the immunoassay principle, which includes the interaction of antigens and antibodies. The employment of antibodies to identify the presence of fungal antigens in a sample is known as antigen detection. Mycology immunoassay testing is an important diagnostic tool for the diagnosis and treatment of fungal infections. It's a non-invasive, quick, and sensitive approach for detecting fungal antigens or antibodies in biological samples.
The mycology immunoassay testing market offers an attractive profit potential. This is due to the consistently growing infection rates, increased demand for early and precise diagnostics, technical improvements, and beneficial socio-economic impact. Investments by top players in the mycology immunoassay testing market can have a beneficial social impact by assisting in identifying and treating fungal infections, resulting in improved health outcomes and lower healthcare expenditures. Moreover, with the rising prevalence of fungal infections, there is a greater need for accurate and speedy diagnostic procedures like mycology immunoassay testing. This demand is likely to rise more rapidly as the prevalence of fungal infections rises, providing an opportunity for investors to benefit from the growing demand for these tests.
Mycology Immunoassays Testing Market Dynamics
The significant increase in the prevalence of fungal infections is the major factor increasing the global mycology immunoassays testing market. According to 2022 estimates by the Oxford University Press, fungal pathogens cause at least 13 million illnesses and 1.5 million deaths worldwide each year, particularly in those with weakened immune systems. Moreover, the surge is mostly observed in immunocompromised patients. The Oxford University Press also states that, in immunocompromised patients, invasive fungal infection is a major cause of morbidity and mortality. Although the exact prevalence of the patient population of all fungal infections is unknown, population-based surveillance estimates it to be 12-17 per 100,000 people. Aspergillosis is the most common fungal infection in immunocompromised people, notably those with hepatological malignancy and those undergoing hematopoietic stem cell transplantation (HSCT).
Traditional detection techniques can no longer meet the demands for massive, real-time, simple, and quick mycotoxin monitoring. Rapid detection techniques and sensor technology are trending in the mycology immunoassay testing market. It is frequently based on multidisciplinary topics like nanomaterials science, immunology, molecular biology, spectroscopy, and electrochemistry. Rapid detection is simple, inexpensive, and simple, demanding only a portable instrument and a very short detection period. It enables detection methods to satisfy the need for on-site mycotoxin screening in real-time.
The mycology immunoassays testing market is expected to increase significantly due to the growing demand for non-invasive diagnostic tests. Furthermore, with a greater emphasis on early disease identification and prevention, the need for mycology immunoassay testing is predicted to rise. This is particularly prevalent in regions where fungal infections are common because early diagnosis can greatly enhance patient outcomes.
However, the increasing adoption of molecular diagnostic techniques and the availability of alternative diagnostic methods may limit the growth of the mycology immunoassay testing market. Additionally, a lack of awareness about fungal infections and their diagnosis in developing countries may also restrain market revenue growth.
Mycology Immunoassays Testing Market Ecosystem
The global mycology immunoassays testing market is analyzed from three perspectives: technology, end user, and region.
Mycology Immunoassays Testing Market by Technology
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Based on technology, the global mycology immunoassays testing market is segmented into ELISA, rapid tests, ELISPOT, and polymerase chain reaction (PCR).
The ELISA segment accounted for most of the global mycology immunoassays testing market revenue share. ELISA (Enzyme-Linked Immunosorbent Assay) is a widely used diagnostic technique for detecting fungal antigens or antibodies in clinical samples, making it important for mycology immunoassay testing. It offers high sensitivity and specificity, allowing for accurate diagnosis and better treatment decisions for fungal infections. Moreover, ELISA can be automated, allowing for the simultaneous processing of huge numbers of samples. As a result, it is a useful technique for screening large populations for fungal infections.
ELISPOT is a technique for assessing antigen-specific immune responses. It counts the number of antibody-producing cells in a blood or tissue sample. It can assess how people react to immunizations, diseases, and other stressors. It can also be used to track the progression of disorders like cancer. ELISPOT is a highly sensitive and specific technique that allows the detection of low-frequency antigen-specific T cells. This makes it a valuable tool for studying the immune response to fungal infections in mycology research.
Additionally, the revenue of the rapid tests segment is expected to increase during the forecast period. Rapid tests in mycology immunoassay offer several advantages over traditional methods, including faster results, increased sensitivity and specificity, and the ability to detect multiple fungal species simultaneously. Rapid tests are also relatively simple to perform and require minimal training, making them a valuable asset for healthcare professionals in diagnosing and treating fungal infections.
Mycology Immunoassays Testing Market by End User
Based on end-user, the global mycology immunoassays testing market is segmented into hospitals, clinical laboratories, blood banks, research centers, and others.
The hospital's segment accounted for the largest global mycology immunoassays testing market revenue share. In hospitals, mycology immunoassays can rapidly and accurately diagnose fungal infections, resulting in timely treatment and improved patient outcomes. Furthermore, it can help prevent the unnecessary use of antifungal medicines, leading to lower healthcare expenses and drug resistance rates. Performing mycology immunoassays in hospitals can be cost-effective, as it can reduce the need for more expensive tests or procedures. Furthermore, mycology immunoassays can also aid in hospital infection control efforts by detecting fungal infections early and allowing for appropriate isolation and treatment of afflicted patients.
Mycology immunoassays in clinical laboratories have several advantages, including rapid and accurate identification of fungal infections, early detection of infections before symptoms appear, and the ability to monitor treatment response. This can lead to improved patient outcomes and reduced healthcare costs.
Mycology Immunoassays Testing Market by Region
Based on the region, the global mycology immunoassays testing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global mycology immunoassays testing market with the largest revenue share. The availability of improved medical facilities and the presence of an increasing number of pharmaceutical, healthcare, and biotechnology businesses are factors supporting the global immunoassay testing market revenue growth in North America. Furthermore, the rising demand for early detection of chronic diseases and the increasing use of immunoassay tests in research and development activities will likely fuel the expansion of the North American mycology immunoassay testing market revenue.
Europe's mycology immunoassays testing market revenue is characterized by a growing demand for accurate and reliable diagnostic tools for fungal infections, driven by the increasing prevalence of these infections in immunocompromised patients. Additionally, the market is expected to shift towards automated and high throughput testing platforms to improve efficiency and reduce turnaround time.
During the forecast period, Asia Pacific is expected to show lucrative revenue growth. This is attributed to the increasing patient pool. Rising healthcare expenditure in Asia Pacific and advances in medical technologies are making it accessible to the population. Moreover, the growing awareness about early disease diagnosis and the increasing prevalence of fungal infections drive the demand for mycology immunoassay testing in the region. As a result, key players in the market are focusing on expanding their presence in the Asia Pacific. Furthermore, the region's increasing number of government initiatives and financing for healthcare infrastructure development will likely fuel the expansion of the mycology immunoassay testing market. This is expected to open up potential for market participants in the coming years.
Competitive Landscape of the Global Mycology Immunoassays Testing Market
The competitive landscape of the mycology immunoassays testing market is highly diversified, with various small and major competitors present. The leading players are focused on strategic alliances, collaborations, and mergers and acquisitions to increase their market share and strengthen their position in the industry. Moreover, the global mycology testing market is witnessing a growing trend of research and development activities to introduce innovative and advanced mycology immunoassays testing products, which is expected to intensify further competition among the key players in the market.
The prominent companies operating in the global mycology immunoassays testing market with the largest revenue share are:
Recent Developments in Mycology Immunoassays Testing Market
The ELISA segment accounts for the largest revenue share in the global mycology immunoassays testing market.
The global mycology immunoassays testing market is expected to grow at a revenue CAGR of 7.5% during the forecast period.
Abbott Laboratories Inc., Siemens AG, Beckman Coulter Inc., and Ortho-Clinical Diagnostics Inc. are a few key players in the global mycology immunoassays testing market.
The Asia Pacific region is expected to observe the highest revenue growth in the global mycology immunoassays testing market during the forecast period.
The increasing adoption of molecular diagnostic techniques and the availability of alternative diagnostic methods may limit the growth of the mycology immunoassay testing market revenue. Additionally, a lack of awareness about fungal infections and their diagnosis in developing countries may also restrain market revenue growth.
*Insights on financial performance are subject to the availability of information in the public domain