LONDON--(BUSINESS WIRE)--The global C-reactive protein test market is expected to post a CAGR of over 1% during the period 2019-2023, according to the latest market research report by Technavio.
Several collaborations worldwide involving research and academic institutions are making efforts to learn the complex structures of proteins in detail through the exchange of knowledge and molecular biology techniques. Proteins are majorly responsible for a large number of functions in the human body and studying proteins improves the understanding of post-translational modifications, which improves the knowledge of protein functioning, as these modifications directly influence the proteins' function. Therefore, government initiatives, like in the UK, are widespread across the globe to enhance the applications of protein research and production. Hence, the demand for products used in protein research such as CRP tests would be high, which is expected to drive the market growth during the forecast period.
As per Technavio, technological advances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global C-reactive protein test market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global C-reactive protein test market: Technological Advances
CRP testing is most commonly performed by collecting the blood sample of an individual by laboratory professionals for analysis of CRP levels. Because of the delay in test results, CRP testing is not preferred to assess acute infections. It is more often used in investigating chronic conditions. Therefore, it is essential for laboratory professionals to have a test kit that provides accurate test results with faster turnaround time. Hence, vendors are offering products with improved features and specific manufacturing standards to have a competitive edge in the market. The enhanced product features will slow the retention of existing consumers and also attract prospective consumers. For instance, NycoCard READER II by Abbott is a compact battery powered instrument, which is designed to measure all NycoCard products. It consists of an instrument box, operational and calculating unit, and a reader pen, which detects the signal. Such product offerings help in attracting prospective consumers, leading to increased sales and high-volume production among vendors, which will support the growth of the market during the forecast period.
“Apart from technological advances, the rising preference of chronic diseases, rising incidence of HIV in developing nations, the growing presence of service providers, and the rising demand for ELISA kits are some other major aspects that are boosting the growth of the overall global market during the forecast period,” says an analyst at Technavio.
Global C-reactive protein test market: Segmentation analysis
This market research report segments the global C-reactive protein test market by end-user (hospitals, clinical laboratories, others) and geographical regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth due to the high prevalence rate of diabetes and an increase in seminars and conferences in the region, which highlights the use of CRP directly with associated diseases and its significance.
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Five Forces Analysis
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- Vendors covered
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