Global Immunoassay Market To Flourish At Double Digit CAGR During 2020–2026

The need of immunoassay kit for reliable COVID
19 test led the country’s government to reduce the price of these tests, so
that individual belonging to any economic status can afford such tests.

Moreover some of the
immunoassay kits were imported from different regions of the world, however due
to ban and lockdown across borders import of testing kits also stopped. Along
with this, the manufacturing of immunoassay kits in the country itself has also
caused price reduction.

Immunoassay tests in
order to recognize the viral antigen and related immunoglobulin are free at
government laboratories, which again caused price reduction of kits.

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Testing is vital to
save lives today, to develop and deploy vaccines and effective treatments
without delay, to protect healthcare workers and strengthen health systems
against future threats, to inform the safe reopening of economies, and to
protect the global health gains of recent decades.

"Immunoassay
Market research report delivers a comprehensive study on production capacity,
consumption, import and export for all major regions across the world. Report
provides is a professional inclusive study on the current state for the market.
Analysis and discussion of important industry like market trends, size, share,
growth estimates are mentioned in the report."

Market Segment by Applications, can be divided into:

Hospitals

Clinics

Others

Regulations:

Amid the COVID -19 outbreaks, various regulations associated with
immunoassay test kit launch has been relaxed by FDA and other regulatory bodies
due to increasing demand of rapid test for coronavirus detection.

FDA is aware of that
several manufacturers are developing immunoassay test for coronavirus with an
aim of submission of Emergency Use Authorization (EUA) to FDA. As the need of
such test increasing, FDA is not intended for reasonable specimen testing,
which consumes a lot of time.

FDA offers 15
business days to manufacturer for preparation of EUA submission for an
immunoassay test whose performance has already been validated by the
manufacturer.

Following regions are highlighted in this report:

·        
North
America (The US, Canada, and Mexico)

·        
Europe
(Germany, France, the UK, and Rest of the World)

·        
Asia
Pacific (China, Japan, India, and Rest of Asia Pacific)

·        
Latin
America (Brazil and Rest of Latin America.)

·        
Middle
East & Africa (Saudi Arabia, the UAE, , South Africa, and Rest of Middle
East & Africa)

Conclusion:

The pandemic of COVID
19 has led to an urgent need for the detection of coronavirus to progress the
disease stage and to develop a novel vaccine, which can be possible by using
immunoassay kits that provides rapid detection of antibodies formed against
coronavirus. This led to the increasing demand for immunoassay kits and
enhanced the growth of the immunoassay market. Various types of
bans resulted in a shortage of product supplies that are expected to hamper the
market growth, however, initiatives taken by the government related to product
import and investment by some authorities helped the manufacturers to maintain
the supply chain of immunoassay products. Increasing the prevalence of COVID-19
and the availability of immunoassay products is also expected to fuel up the
market growth. Moreover, support by regulatory authorities related to approval
and emergency use authorization for immunoassay products helping the market
players to achieve a lucrative growth.

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