Immunoassay Market Achieving a CAGR of 5.9% during the forecast period (2019-2025), the global immunoassay market’s valued in 2018 was USD 18,626.7 million, says Market Research Future (MRFR).
Pune, India - July 8, 2019 /MarketersMedia/ —
Immunoassay Market Growth Boosters and Key Barriers
With the rising incidence of infectious and chronic diseases, the demand for immunoassay is expected to accelerate as well. The World Health Organization (WHO) reports that in 2017, close to 65 million people in the United States (U.S.) were afflicted with Chronic Obstructive Pulmonary Disease (COPD). These numbers are indicative of the optimistic outlook of the worldwide market in the future.
The expanding geriatric population could be another critical factor favoring the market. This is an important factor as the lowered immunity of elderly people makes them prone to a variety of infections and chronic diseases. Owing to this, the geriatric populace is highly susceptible to diseases including hypertension, arthritis, dementia, and diabetes, among others.
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The surge in incidence of infectious disorders such as AIDS, hepatitis, dengue, and neurological disorders is believed to hold immense potential with respect to market growth. To elaborate this point, WHO says that in 2017, about 5.8 million cases of severe dengue were found in the Americas. Thus, the increasing prevalence of these diseases is presumed to act as a fuel for prominent players in developing novel immunoassay products. This factor aids in timely identification of different diseases and is also projected to stimulate market growth in the subsequent years.
Prominent Companies
The prominent companies competing in the worldwide immunoassay market include,
bioMérieux SA
Ortho-Clinical Diagnostics/Carlyle Group
Thermo Fisher Scientific Inc.
DiaSorin S.p.A
Danaher Corporation
Hoffmann-La Roche Ltd
Merck KGaA
Sysmex Corporation
Abbott Laboratories
Quidel Corporation
Siemens Healthineers
and Becton
Dickinson and Company to name a few.
Market Segmentation
The worldwide market for immunoassay has been segmented on the basis of product, technology, indication, and end user.
Depending on the product, the market can be considered for reagents and kits, analyzers/instruments, software, and services. The reagents and kits segment covered the largest share of the market in 2018, with the rise in chronic and infectious diseases and the increasing use of reagents and kits acting in its favor.
Technology-wise, the market can be split into radioimmunoassay (RIA), enzyme-linked immunosorbent assay (ELISA), enzyme-linked fluorescent assay (ELFA), chemiluminescence immunoassay (CLIA), rapid test, and others.
Indication-based segments in the immunoassay market are therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious diseases, autoimmune diseases, and others.
The various end users in the market are hospitals, clinical laboratories, blood banks, pharmaceutical and biotechnology companies, academic and research institutes, and others.
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Regional Outlook
The main markets for immunoassay are Europe, Asia Pacific, Middle East & Africa, and the Americas.
Americas was found to be the leading immunoassay market in 2018, backed by the availability of government funds and the presence of established companies. Also, the boost in the number of research projects in labs combined with rising adoption of immunoassay in clinical diagnostics in the US and Canada benefits the market. Vendors like Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Abbott Laboratories, Quidel Corporation, and Danaher Corporation are located in the US, resulting in early market initiation as well as prompt service delivery and product supply.
In 2018, Europe was the second-most profitable immunoassay market and will remain so throughout the appraisal period. The main reasons behind the lucrative growth include the surging adoption in diagnostic measures and the increasing use of chemiluminescent immunoassay. The prospering expansion of the pharmaceutical and biotechnology companies in Germany, France, and the United Kingdom (UK) also adds to the strength of the market. The European Federation of Pharmaceutical Industries and Associations (EFPIA) reported that in 2016, Europe controlled nearly 21.5% of the worldwide pharmaceutical sales, which rose to 22.2% by 2017.
In the coming years, Asia Pacific can expect to climb higher in the global immunoassay market with support from factors like huge geriatric population and the hike in chronic diseases. Additionally, the boost in awareness about immunoassay tests and the accelerated healthcare spending in developing countries like India, Australia, and China increase the growth scope of the market.
The Middle East & Africa market could project modest growth in the ensuing years. Middle East will be the leading market as the healthcare sector in the region is expanding favorably. Besides, the advancing healthcare infrastructure in the Gulf Cooperation Council (GCC) countries like the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain will lead to further market expansion.
LIST OF TABLES
Table 1 Global Immunoassay Market Synopsis, 2019–2025
Table 2 Global Immunoassay Market Estimates And Forecast, 2019–2025 (USD Million)
Table 3 Global Immunoassay Market, By Region, 2019–2025 (USD Million)
Table 4 Global Immunoassay Market, By Product, 2019–2025 (USD Million)
Table 5 Global Immunoassay Market, By Technology, 2019–2025 (USD Million)
Table 6 Global Immunoassay Market, By Indication, 2019–2025 (USD Million)
Table 7 Global Immunoassay Market, By End User, 2019–2025 (USD Million)
Table 8 North America: Immunoassay Market, By Product, 2019–2025 (USD Million)
Table 9 North America: Immunoassay Market, By Technology, 2019–2025 (USD Million)
… To be Continued.
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Recent Developments
June 2019: Hamilton Company is collaborating with Enable Biosciences with the aim of offering automated processing of close to 96 liquid biopsy samples at once, making use of a novel ultra-sensitive as well as a specific immunoassay.
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