PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515000
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515000
Loop-mediated Isothermal Amplification Market size was valued at USD 112.14 Million in 2023, expanding at a CAGR of 4.8% from 2024 to 2032.
Loop-mediated isothermal amplification (LAMP) is a molecular biology method for swiftly amplifying DNA with remarkable specificity at constant temperatures. It employs a DNA polymerase enzyme and a set of four to six primers that target six to eight regions of the DNA. LAMP operates at a consistent temperature, typically 60-65°C, eliminating the need for thermal cycling equipment. This technique rapidly produces large amounts of DNA, making it suitable for various applications such as diagnostics, pathogen detection, and genetic testing, particularly in resource-limited settings where advanced laboratory equipment may be lacking.
Loop-mediated Isothermal Amplification Market- Market Dynamics
Increasing prevalence of chronic diseases worldwide to propel market demand
The market's growth is mainly propelled by the escalating prevalence of chronic diseases worldwide. Conditions such as diabetes, cardiovascular ailments, respiratory disorders, and cancer are on the rise due to factors like poor dietary habits and increased stress levels. Consequently, there's a surge in the utilization of loop-mediated isothermal amplification (LAMP) for diagnostics. Research reveals that over 19.8% of India's populace grapples with at least one chronic ailment, while about 10.1% contend with multiple chronic conditions. Additionally, the market's growth is fueled by the growing necessity to detect pathogens in patient samples due to the escalating incidence of infections globally. Infectious diseases like tuberculosis, hepatitis, and influenza claim millions of lives annually. Therefore, the distinctive advantages of loop-mediated isothermal amplification, including disease-specific testing capabilities, position it as a preferred choice across various clinical and industrial sectors. Notably, at least 2 million Americans contract untreatable infections each year, resulting in approximately 23,000 fatalities.
Loop-mediated Isothermal Amplification Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.8% over the forecast period (2024-2032)
Based on End User segmentation, hospital laboratories were predicted to show maximum market share in the year 2023
Based on Application segmentation, diagnostics was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Loop-mediated Isothermal Amplification Market is segmented based on Product Type, End User, Application, and Region.
The market is divided into two categories based on Application: diagnostic and research purposes. The diagnostics segment is expected to command the highest share, fueled by the escalating demand for disease diagnosis worldwide. The shift towards unhealthy lifestyles and consumption of harmful foods has contributed to a surge in illnesses and infections requiring prompt diagnosis and treatment, thereby driving demand for loop-mediated isothermal amplification technology in the coming years.
The market is divided into three categories based on End Users: hospital laboratories, research and academic institutes, and diagnostic centers. Among these, the hospital laboratories segment is anticipated to secure the largest market share by 2033, primarily due to patients' significant expenditure on obtaining test results from reputable laboratories. These laboratories are closely associated with blood banks, hospitals, and specialized diagnostic centers, further bolstering their prominence. Notably, it is projected that by 2024, medical and diagnostic laboratories within U.S. hospitals will generate approximately USD 54 billion in revenue. Additionally, the introduction of precise and state-of-the-art devices, such as companion diagnostics, biochips, and microarrays, is poised to drive growth within the laboratories segment throughout the forecast period.
Loop-mediated Isothermal Amplification Market- Geographical Insights
This market demonstrates a global reach, with a presence in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Nations participating in these regions create further market subdivisions. In the North American region, the LAMP market is forecasted to hold the largest share among all other regions by 2033. This growth is primarily attributed to the rising incidence of chronic diseases, necessitating the use of loop-mediated isothermal amplification as a point-of-care genetic testing solution for treatment purposes. Recent statistics from the USA indicate that 4 in 10 adults suffer from two or more chronic diseases, while 6 in 10 have at least one chronic disease. Additionally, the high prevalence of infectious diseases within the American population presents lucrative opportunities for the adoption of loop-mediated isothermal amplification technology for diagnosis and market expansion in the foreseeable future.
Within the landscape of Loop-mediated Isothermal Amplification (LAMP), major players implement diverse strategies to strengthen their market positions. Strategic alliances with research institutions or diagnostic firms facilitate the exchange of knowledge and access to cutting-edge technologies, expediting product development and market expansion. Additionally, acquisitions of LAMP technology startups or intellectual property rights allow companies to broaden their portfolios and enhance their competitive advantage. Furthermore, investments in the automation and miniaturization of LAMP assays streamline processes and enhance scalability, catering to a wide range of applications from infectious disease diagnosis to food safety monitoring. These strategic initiatives reinforce companies' positions in the swiftly evolving realm of Loop-mediated Isothermal Amplification, ensuring their relevance and leadership in molecular diagnostics and related fields.
In 2023, researchers at Bath University in England unveiled the LoCKAmp test, hailed as the world's fastest COVID test, leveraging reverse transcription loop-mediated isothermal amplification technology.
GLOBAL LOOP-MEDIATED ISOTHERMAL AMPLIFICATION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
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
Others