In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The immunoaffinity chromatography market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. This can primarily be attributed to the increasing application of immunoaffinity chromatography in genetic engineering and molecular research. Additionally, immunoaffinity chromatography-based techniques are highly powerful protein purification and isolation techniques, which further makes them suitable for a wide range of applications, including clinical diagnostics to environmental monitoring. Over the past few years, immunoaffinity chromatography has been used extensively for the purification of the protein, which further helps in the detection of various diseases including, liver diseases, infectious diseases, and others.
The market is segmented by product type into reagents & consumables, and instruments. Reagents & consumables are further sub-segmented into protein extract, buffers, columns, centrifuge tubes, and others, while the instruments are divided into centrifuge, rotator, incubator, and others. The reagents & consumables segment is anticipated to capture a larger share of the market owing to the rising demand for immunoaffinity chromatography in immunotherapy procedures that utilizes antibodies for treatment. Based on application, the market has been divided into genetic engineering, drug development, metabolic research, and others. Over the past couple of years, the application of immunoaffinity chromatography has increased significantly in the development of advanced immunotherapeutic procedures for treating cancer. As immunotherapies are becoming widely accepted for cancer treatment, the demand for immunoaffinity chromatography procedures is expected to surge over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. Presently, the immunoaffinity chromatography market in North America is capturing the larger share on account of the extensive research & development activities for the development of cancer drugs and biologics. Since the prevalence of cancer has increased in the region, there have been high investments in research and development by life sciences companies for the development of better-performing drugs. This is also a key factor contributing to the market’s growth in the region. According to the WHO, more than 2.2 million new cancer cases were recorded in the United States in 2020. Out of the total cancer cases, the prevalence of breast, lung, and prostate cancer was relatively high compared to other cancer forms, accounting for approximately 11.1%, 10%, and 9.2%, respectively. Asia-Pacific is anticipated to be the fastest-growing region on account of the improving economic conditions in countries such as India, China, Malaysia, and others accompanied by growing healthcare expenditure. Besides, the increasing cancer research & development activities in the region are also projected to create a surge in demand for immunoaffinity chromatography. Asia-Pacific region holds an estimated 50% of the world's new cancer cases annually.
The global immunoaffinity chromatography market is further classified on the basis of region as follows:
Our in-depth analysis of the global immunoaffinity chromatography market includes the following segments:
Ans: The increasing application of immunoaffinity chromatography in the production of vaccines and the development of cancer therapeutics are some of the key factors driving the market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Ans: High cost of reagents & consumables coupled with lack of skilled professionals are some of the key factors hampering the market growth.
Ans: The market in the Asia-Pacific region will provide ample growth opportunities, which is primarily attributed to the growing production of pharmaceuticals and rising demand for cancer immunotherapies.
Ans: The major players dominating the Immunoaffinity Chromatography Market are Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Merck KGaA, Becton, Dickinson, and Company, Regis Technologies Inc., and WATERS among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, application, end-user, and region.
Ans: Regarding the product type, the reagent & consumable segment is anticipated to hold the largest market share due to the growing requirement of reagents to perform immunoaffinity chromatography, especially in immunotherapy procedures.