PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410033
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410033
The serological testing market is estimated to grow at a CAGR of 4.50% during the forecast period.
Serological testing is a laboratory test that analyses a blood sample to detect the presence of antibodies or other substances, providing valuable information about a person's immune response. The serological testing industry caters to the needs of medical institutions such as hospitals, clinics, diagnostic laboratories, and blood banks that rely on such testing for accurate diagnoses, monitoring patient health, and ensuring the safety of blood transfusions. The growing establishment of new hospitals and blood banks play vital roles as prominent drivers in augmenting the serological testing market size.
Serological testing is done in blood banks to ensure the safety of donated blood and blood products. These tests help identify the presence of specific antibodies or antigens in the blood samples. Blood banks are responsible for conducting serological tests to screen donated blood for infectious diseases, such as HIV, hepatitis B and C, syphilis, and other transfusion-transmissible infections.
Serological testing is used in hospitals as it provides crucial information about a patient's immune response, aiding in accurate diagnoses and monitoring of various diseases. Hospitals rely on serological tests to identify antibodies, detect infectious agents, assess vaccination status, and determine immune system function. The increasing demand for serological testing in hospitals is driven by the growing prevalence of infectious diseases and as hospitals continue to expand, demand for serological testing rises. According to the American Hospital Association, the total number of hospitals in the United States experienced an increase in 2023, reaching 6,129, compared to the previous count of 6,090 hospitals in 2021.
Serological testing due to its ability to identify the presence of antibodies in blood samples is experiencing a boost in public health checkups. Governments worldwide are investing in testing infrastructure, research, and development, and screening programs to control disease outbreaks, monitor population immunity, and ensure blood safety which is accelerating the demand for serological testing. According to the World Health Organization, in 2020, the United States extended a significant contribution of $84 million to WHO and UNICEF which played a vital role in bolstering global surveillance, sustaining the laboratory network, procuring vaccines, providing technical assistance to countries, and fostering community mobilization efforts.
Asia-Pacific will hold a significant share of the serological testing market as the region is experiencing rapid expansion in its healthcare sector, infrastructure development, medical facilities, and technological advancements. This growth is fuelling the demand for serological testing as a critical diagnostic tool. Moreover, government investments in healthcare policies and public health campaigns further support the growth of the serological testing industry in Asia-Pacific. For instance, in the Union Budget 2023-24, the Ministry of Health and Family Welfare received an allocation of Rs. 89,155 crore representing a growth of 3.43% from the previous year's allocation of Rs. 86,200.65 crore in 2021-22.
The cost of serological tests can be a significant hindrance to their adoption, particularly in regions with limited healthcare budgets or where reimbursement systems do not adequately cover these tests. This challenge is particularly pronounced when advanced technologies or multiplex assays are used, as they often involve higher expenses. The high cost of testing acts as a barrier, limiting access to serological testing and preventing its widespread utilization, especially in resource-constrained settings where budgetary constraints play a crucial role in healthcare decision-making.