The burden of diseases worldwide has significantly improved the demand for diagnostic antibody testing. The WHO states that cardiovascular diseases, cancers, chronic respiratory diseases, Alzheimer's disease, and diabetes are the major causes of deaths globally. Cancer is one of the major causes of death worldwide. As per cancer tomorrow, the estimated cancer cases worldwide were 19.3 million in 2020, which is expected to rise to 30.2 million by 2040.
Similarly, according to WHO, as of September 2020, nearly 50 million people globally were living with dementia, and the prevalence of dementia is expected to rise by 152 million by 2050. The high prevalence of chronic diseases worldwide is expected to improve the demand for diagnostic antibodies for detecting chronic diseases.
The high incidences of infectious diseases worldwide are expected to increase testing demand. Sexually transmitted disease, such as AIDS, has affected millions of people globally. For instance, the Joint United Nations Programme on HIV/AIDS (UNAIDS) stated that approximately 38 million people worldwide were infected with HIV/AIDS in 2019.
Furthermore, liver infections, such as hepatitis, cause numerous deaths worldwide. The WHO in the European Region Factsheet for 2019 stated that 56,000 people die every year due to Hepatitis B. The factsheet also states that; 15 million people were affected with Hepatitis B in the WHO European Region in 2019. Thus, the high incidences of infectious diseases worldwide are further expected to positively impact the growth of the market.
Smoking and drinking alcohol have significantly contributed to the incidences of diseases. For instance, the United States Centers for Disease Control and Prevention (CDC) states that smoking leads to 7 million deaths every year worldwide, and this number is expected to rise to more than 8 million by 2030. Similarly, in 2018, the Alcohol Change U.K. reported that around 49% of adults drink alcohol at least once a week in England. Also, the National Institutes of Health (NIH), U.S., in 2019, stated that 85.6% of people aged 18 and older had consumed alcohol at some point in their lifetime. Thus, the significant rise in the number of people smoking and drinking alcohol is expected to increase the disease burden and drive the demand for diagnostic antibodies for testing.
Public organizations are actively taking initiatives to eradicate infectious diseases. For instance, in 2020, the CDC announced a strategic plan to eliminate the spread of hepatitis in the U.S. by 2030. The plan was aimed at developing and promoting hepatitis testing in the country. Similarly, in 2020, the WHO launched a plan to end the TB epidemic globally by 2030. This initiative was aimed at providing proper diagnosis and treatment to 40 million people suffering from TB worldwide. These initiatives are expected to have a positive impact on market growth.
Due to the COVID-19 pandemic, various public organizations took initiatives to improve testing rates in different countries. The European Commission in December 2020 signed an agreement with Abbott Laboratories (U.S.) and F. Hoffmann-La Roche AG (Switzerland) to purchase 20 million rapid antigen tests for the Member States of the EU for mass screening.
Similarly, the WHO in September 2020, partnered with Access to Covid-19 Tools (ACT) Accelerator, Africa Centers for Disease Control and Prevention (Africa CDC), the Bill & Melinda Gates Foundation, the Foundation for Innovative New Diagnostics (FIND), the Clinton Health Access Initiative (CHAI), the Global Fund, and UNITAID for providing COVID-19 antigen tests to the low and middle-income countries to improve the rate of testing. Such actions by public organizations are expected to have a positive impact on the market
Thus, the growing burden of diseases globally and initiatives to improve the diagnosis by public and private organizations to eradicate diseases are driving the demand for diagnostic antibodies globally. The global diagnostic specialty antibodies market is expected to grow at a CAGR of 4.6% to reach $39.99 billion by 2029, according to Meticulous Research®.
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