New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global Loop-mediated Isothermal Amplification (LAMP) Market size is projected to expand at ~ 6% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 180 Million by the end of 2033, up from a revenue of ~USD 110 Million in the year 2022. The growth of the market can be attributed to the increasing prevalence of chronic diseases across the globe. For instance, in India, according to a study, approximately 10.1% of people have multiple chronic illnesses, while more than 19.8% of people have at least one chronic condition.
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Furthermore, the Loop-mediated Isothermal Amplification (LAMP) Market process is used in certain laboratory procedures to detect the pathogen and infection carrier. Numerous infectious diseases claim millions of lives each year, including tuberculosis, hepatitis, and influenza. Thus, loop-mediated isothermal amplification has become a favored alternative in a variety of clinical and industrial settings due to its benefits, which include disease-specific testing possibilities. Hence, the rising need for accurate and on-time testing of infections and the growing cases of infectious diseases across the world are predicted to drive market growth during the forecast period. It was reported that each year, at least 2 million Americans have an infection that goes untreated, and at least 23,000 of them die.
Global Loop-mediated Isothermal Amplification (LAMP) Market: Key Takeaways
- Market in North America to propel highest growth
- Hospital laboratories segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Growing COVID-19 Pandemic and Rising Healthcare Expenditure to Drive Market Growth
The growth of the market can be attributed to the increasing prevalence of the COVID-19 pandemic. The Loop-mediated Isothermal Amplification (LAMP) Market plays an important role in testing this infection in the laboratory and gives real-time results. The tests, including PCR and real-time PCR, can be performed by employing the LAMP mechanism. For instance, as of January 2022, there were around 664,097,132 confirmed cases of COVID-19 and nearly 6,716,108 deaths owing to it around the world. Moreover, the rising need for genetic testing owing to the increasing prevalence of genetic disorders is predicted to propel market growth during the forecast period. Also, the DNA amplification method is less complicated and more affordable than traditional PCR, and it reacts more quickly. Along with real-time detection and target quantification, the use of intercalating dyes also contributes to improving the detection's sensitivity via the DNA testing method. In addition to this, with the increasing healthcare expenditure across the globe on account of the high prevalence of diseases worldwide, more money is being spent on diagnostic and therapeutic procedures, which is expected to increase the rate of Loop-mediated Isothermal Amplification (LAMP) Market. Furthermore, the rising government investments in the healthcare industry are expected to create new opportunities for market expansion during the projected time frame. For instance, global health spending has surged over the past 20 years, according to the World Health Organization, doubling in real terms to reach USD 8.5 trillion in 2019 and 9.8% of GDP, up from 8.5% in 2000.
Global Loop-mediated Isothermal Amplification (LAMP) Market: Regional Overview
The global loop-mediated isothermal amplification (LAMP) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Healthcare Infrastructure and Rising Chronic Disease Prevalence to Drive Growth in North America
The loop-mediated isothermal amplification (LAMP) market in the North American region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed to the growing healthcare infrastructure, backed by the rising spending on healthcare in the region. It was noted that major countries in the region, including the USA and Canada, spend around USD 30 billion on healthcare, and the total healthcare expenditure in Canada in 2022 was estimated to be more than USD 8,560 per person and is estimated to rise further owing to increasing awareness of the importance of proper care and diagnosis and rising disposable income in the region. Apart from this, the increasing prevalence of chronic diseases, including cardiovascular diseases, respiratory diseases, and diabetes, is predicted to boost market growth over the upcoming years. It was found that around 34.2 million people in the US live with diabetes, and this number is predicted to increase significantly during the forecast period owing to the growing prevalence of unhealthy lifestyle habits and a lack of exercise among people. Furthermore, the increasing burden of treating and managing these chronic diseases is quite costly, which is estimated to boost market growth during the forecast period.
Rising Infectious Disease Cases and a Growing Geriatric Population to Drive Growth in the Asia Pacific Region
The loop-mediated isothermal amplification (LAMP) market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The growth of the market can be attributed to the increasing rate of the geriatric population in the region, which is more prone to acquire various chronic diseases and needs hospital assistance and lab testing very often. For instance, in the Asia Pacific region, it is anticipated that one in four people will be older than 60 by 2050. Additionally, the region's rising treatment costs for these impairments and the area's doubling disposable income are anticipated to fuel market expansion during the projected period. Furthermore, the increasing prevalence of infectious diseases, including measles, hepatitis A and B, influenza, diarrhea, and COVID-19, in the major countries of the region, which include China, Japan, and India, is predicted to fuel market growth over the forecast period. It was noted that infectious diarrhea was the second-most prevalent communicable disease in China in 2021, with about 1.35 million cases reported there, and hand-foot-mouth disease was the second-most prevalent infectious disease in the region. Moreover, the rising investment by the major key players in the region in research and development is expected to propel market growth during the forecast period.
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Global Loop-mediated Isothermal Amplification (LAMP), Segmentation by End-User
- Hospital Laboratories
- Research and Academic Institutes
- Diagnostic Centers
The hospital laboratories segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the patients' hefty outlays for test findings from reputed labs and those labs' affiliations with blood banks, clinics, and specialized diagnostic facilities. According to recent research, hospital medical and diagnostic laboratories in the United States are expected to generate close to USD 54 billion in revenue by 2024. Additionally, hospitalizations owing to an increase in communicable diseases and the increasing spread of COVID-19 have led to a noticeable increase in the number of hospitals across the globe, as the majority of COVID-19 patients require laboratory testing, hospital admission, and ICU care, all of which are predicted to fuel segment growth over the course of the forecast period. It was noted that in 2021, COVID-19 patients filled around 80% of hospital beds in the US and almost 79% of hospital ICUs. Additionally, expanding autoimmune disease awareness, rising healthcare spending, and rising healthcare investment are expected to contribute to segment growth over the course of the projection period.
Global Loop-mediated Isothermal Amplification (LAMP), Segmentation by Application
- Diagnostic
- Research Purposes
The diagnostic segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the increasing need among the population for quick and effective diagnosis of various chronic and communicable diseases. Furthermore, the rate of infectious diseases is predicted to rise further during the forecast period owing to people's abrupt transition to unhealthy lifestyles and the consumption of calorie-dense foods. As a result, the demand for loop-mediated isothermal amplification is estimated to increase over the upcoming years. It was found that over one-third of American adults, or 36.6 percent of all adults, or around 85 million people, consume fast food every day. Furthermore, increasing investment in research and development to improve diagnostic facilities and techniques is expected to fuel segment growth during the forecast period. It was found that innovation investments were at an all-time high prior to the COVID-19 havoc. Research and development expanded in the US at a historic rate of 8.5% in 2019. Also, Switzerland, Sweden, the United States, and the United Kingdom have continued to lead the list for innovation for the past three years.
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Global Loop-mediated Isothermal Amplification (LAMP), Segmentation by Technology
- Microfluidic
- Advanced Infrared Optical
- Modern Microsystem Technology
Few of the well-known market leaders in the global Loop-mediated Isothermal Amplification (LAMP) market that are profiled by Research Nester are Thermo Fisher Scientific, Bio-Rad Laboratories, Inc., New England Biolabs, Inc., Nippon Gene Co., Ltd., Omega Bio-tek, Inc., LGC Limited, Excellgen.com, Meridian Bioscience, Inc., HiberGene Diagnostics, Jena Bioscience GmbH, and other key market players.
Recent Development in the Global Loop-mediated Isothermal Amplification (LAMP) Market
- The Gibco CTS DynaCellect Magnetic Separation System (DynaCellect), which was unveiled by Thermo Fisher Scientific, would make it easier for companies researching cell therapies to move from the process and clinical development to commercial manufacture.
- HiberGene Diagnostics has announced that it would offer its state-of-the-art point-of-care (POC) and near-patient testing solutions to healthcare professionals in the UK and Ireland. One can choose from a variety of tests for infectious and communicable diseases with these excellent selections.
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