Global Serological Testing Market Size

Serological Testing Market Analysis

The serological testing market is expected to register a CAGR of 8.8% over the forecast period, 2022-2027.

The serology testing market is driving due to the rising incidences of COVID cases across the globe, and growing healthcare expenditure. However, a shortage of serology test kits for the examination is expected to hamper the growth of the global serology testing market. Moreover, the presence of several market players offering their products, increasing R&D investments for COVID analysis kits, and the presence of supportive government initiatives for rising research in this arena are anticipated to drive demand for the growth of the market for serology testing. For instance, the NCI Serological Sciences Network (SeroNet) is the United States' largest coordinated effort to study the immune response to COVID-19. The network aims to develop, validate, improve, and implement serological testing and associated technologies. Such initiatives will be expected to drive market growth during the forecast period.

Serological tests are important as they offer an additional piece of information to aid in characterizing possible prior exposure to SARS-CoV-2, especially since many infections are mild or asymptomatic in severity. The test analyzes blood, serum, or plasma samples for the presence of immunoglobulin M (IgM) and Immunoglobulin G (IgG) antibodies associated with the coronavirus (SARS-CoV-2). The detection of COVID-19 IgM antibodies tends to indicate recent exposure to COVID-19, and detection of COVID-19 IgG antibodies indicates a later stage of infection, so this combined antibody test could also provide information on the stage of the disease in patients. Thus, an exponential rise in the number of COVID-19 cases globally is boosting the demand for serological testing.

Moreover, the increasing product launches by key players for detecting the COVID pandemic crisis are further responsible for the growth of the market. For instance, in March 2020, Becton, Dickinson and Company, and BioMedomics Launched Rapid Serology Test to Detect Exposure to COVID-19. The new test, developed and manufactured by BioMedomics, is available through BD and distributed exclusively by Henry Schein, Inc. to health care providers throughout the United States.

Also, in August 2020, Transasia Bio-Medicals launched a test kit called ErbaLisa COVID-19 IgG ELISA in the Indian market. Similarly, in August 2020, Promega Corporation announced the launch of its new serological antibody test for COVID-19 to detect the presence of antibodies against the SARS-CoV-2 virus. A positive result may indicate whether an individual has been exposed to, and mounted an immune response to, the virus. Thus, the novel product development and approvals for serological tests for a variety of bacterial and viral infections will provide growth opportunities for the serological testing market during the forecast period.

Furthermore, the higher cases of infectious diseases such as hepatitis, tuberculosis, and HIV/AIDS globally is acting as a leading driver for the serological testing market. The high prevalence of hepatitis C infection is one of the key factors that has widened the growth prospects of the target market. For instance, globally, an estimated 58 million people were having chronic hepatitis C virus infection, with around 1.5 million new infections occurring per year. Additionally, World Health Organization estimated that in 2019, approximately 290000 people died from hepatitis C, mostly from cirrhosis and hepatocellular carcinoma (primary liver cancer). Thus, the increasing cases of hepatitis will likely increase the demand for these diagnostic tests over the forecast period, thereby driving the market.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the Stringent Regulatory Scenario and Reimbursement Policies would impede the growth of the serological testing market during the forecast period. The lack of serology test kits for examination would pose a challenge to the growth of the market in the above-mentioned forecast period.