Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Global Latex Agglutination Test Kits Market Size, Share & Trends Analysis Report by Product Type (ELISA, Indirect Fluorescent), Test Type (Antibody Detection), Sample Type (Blood), End-use, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global latex agglutination test kits market is expected to reach USD 934.77 million by 2030 and is projected to grow at a CAGR of 5.65% from 2024 to 2030. The surge in infectious and chronic diseases such as rheumatoid arthritis, increasing demand for point-of-care testing, coupled with rising awareness are the key factors boosting the market. Furthermore, increasing investment in R&D activities as well as the growing initiatives by the key players are anticipated to offer lucrative opportunities for the market over the forecast period. 
Latex agglutination test kits market is driven by the rising prevalence of infectious and autoimmune diseases. These tests are readily available and play a crucial role in the diagnosis of diseases such as tuberculosis, hepatitis, meningitis, Haemophilus influenza, typhoid, and pneumonia. For instance, according to the WHO, in 2021, an estimated 10.6 million individuals were affected with tuberculosis globally. Additionally, autoimmune conditions such as lupus and rheumatoid arthritis are on the rise. The availability of specialized kits like SLE Latex agglutination and Waaler Rose latex test kits is contributing to this growth. These tests offer rapid diagnostic capabilities, addressing the urgent healthcare needs associated with infectious and autoimmune diseases. The market expansion is further driven by the demand for accurate and swift diagnostic methods in the face of these healthcare challenges.
These kits offer several advantages such as, eliminates the need for waiting to interpret test results and helps in efficient patient care. In addition, it significantly reduces the cost of diagnosis and contributes to timely treatment decisions, especially in regions with limited laboratory infrastructure and resource constraints. The growing trend of decentralized testing has played a crucial role in driving the global adoption of these products. Thus, the numerous benefits provided by these tests are key factors contributing to their increasing adoption across the globe.
However, the emergence of reliable and novel alternate diagnostic tests, especially in developed economies such as U.S. and UK are anticipated to hamper the market over the forecast period. In addition, the limitations such as cross reactivity & standardization of the kits and technological advancements in point-of-care device for the diagnosis of infectious in various settings including hospitals and clinics many impede the market to certain extent during the study period.
Latex Agglutination Test Kits Market Report Highlights
- ELISA segment dominated the latex agglutination test kits market in 2023 owing to the high prevalence of the disease and increasing R&D activities and growing investments for the diagnosis of diseases
- By test type, antibody detection segment held the largest segment share of the latex agglutination test kits market 2023, attributable to their high specificity and sensitivity
- Blood segment held the largest segment share of the latex agglutination test kits market in 2023, attributable to their reliability and accuracy in disease diagnosis
- By end-use, the hospital pharmacies segment held the largest share of latex agglutination test kits market in 2023. This growth can be attributed to numerous factors, including easy accessibility of these products through hospital pharmacies
- North America has established a strong regional position with a 42.97% share in 2023, owing to the increasing funding for development of novel diagnostics, high disposable income, technological advancements, and presence of key operating players in the region
Companies Featured
- Eurofins Abraxis
- Thermo Fisher Scientific Inc.
- bioMerieuxSA
- Bioloegend Inc.
- HiMedia Laboratories Microbiology International
- Biotium
- Creative Diagnostics
- Bio-Rad Laboratories, Inc.
- Cardinal Health
- Atlas Medical GmbH
For more information about this report visit https://www.researchandmarkets.com/r/dvdb3s
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