NEW YORK, July 09, 2019 (GLOBE NEWSWIRE) -- The global Immunoassay market is predicted to grow at 5.6% CAGR during the forecast period with the market size reaching USD 26.9 billion by 2024. The market is driven by the factors such as the high prevalence of chronic and lifestyle associated diseases, an increasing number of regulatory approvals, technological advancements, and escalating accessibility and alertness about infectious disease POC testing products.
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Rapid adoption of point-of-care testing products to fuel the growth of the global Immunoassay market
The mounting occurrence of infectious diseases, budding government support, mounting occurrence of target diseases, technological improvements and innovative product launches and boosting use of home-based POC devices are supporting the growth of the immunoassay market.
The technological progressions in immunoassay instruments, essential function of immunoassays in drug and alcohol analysis, and advancements in the biotechnology and biopharmaceutical industries are the primary growth drivers for immunoassay market. Mounting occurrence of chronic and infectious diseases is also driving the growth of the market. Increasing significance of companion diagnostics in the immunoassays market, expansion of condition-specific biomarkers and tests, and incorporation of microfluidics technology in immunoassays are also facilitating the growth for the immunoassay market.
Among different technologies ELISA to remain the most used immunoassay technique during the forecast period
On the basis of technology, the market is subdivided into Enzyme-Linked Immunosorbent Assays (ELISA), enzyme-linked immunospot, immuno-PCR, rapid tests, western blotting, and others. Mounting usage of immunoassay tests in therapeutic drug level monitoring and infectious disease are the factors growing the demand of Enzyme-Linked Immunosorbent Assays. Among all technologies, the Enzyme-Linked Immunosorbent Assays accounted for the largest share in the immunoassay market.
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On the basis of product and services, the market is subdivided into analyzers, reagents & kits and software & services. Of all product and services, reagents & kits segment accounted the largest share in the market due to the necessity of the replicate purchase of kits and reagents, mounting number of immunoassay tests and mounting occurrence of chronic and infectious diseases. The reagents and kits market are further subdivided into Elisa reagents & kits, western blot reagents & kits, rapid test reagents & kits, Elispot reagents & kits and others.
On the basis of platform, the market is subdivided into chemiluminescence immunoassays (CLIAs), fluorescence immunoassays (FIAs), colorimetric immunoassays (CIs), radioimmunoassays (RIAs) and others. Low price and elevated compassion of CLIA-based tests are some of the factors responsible for the growth of the chemiluminescence immunoassays segment. Of all the platforms, the chemiluminescence immunoassays accounted foremost share in the immunoassay market.
On the basis of specimen type market id subdivided into blood, urine, saliva, and others. Mounting occurrence of chronic and infectious diseases and escalating number of blood donations are the factors growing the demand for a blood specimen. Among the all specimen type, the blood specimen accounted for the largest share and is expected to grow at the fastest rate in the immunoassay market.
Immunoassays find its largest application in infectious diseases diagnostics
On the basis of application, the market is subdivided into infectious diseases, oncology, cardiology, autoimmune disorders, neonatal screening, endocrinology, bone & mineral disorders, hematology & blood screening, toxicology, and others. Escalating number of product approvals and mounting occurrence of infectious disease are the factors growing the demand for infectious disease application. Among all applications, the infectious diseases accounted for the largest share in the immunoassay market.
Based on product, the immunoassay market is categorized into prefilled and fillable injectors. Of the two products, prefilled injectors hold a larger share in the market and it is predicted that the product category will also grow at the faster CAGR during the forecast period. On the basis of type, the market is categorized into disposable and reusable injectors. Of the two, disposable injectors will witness higher growth during the forecast period.
The different end user of the market is hospitals, blood banks, clinical laboratories, pharmaceutical, and biotechnology companies & contract research organizations (CROs), research & academic laboratories and others. Maximum diagnostic tests are executed in hospitals or hospital-attached laboratories owing to effortless access to reports and effortless logistics are the factors growing the demand of immunoassay in hospitals. Among all end users, the hospitals accounted for the largest share in the immunoassay market.
North America to remain the largest market for immunoassay products and services
North America accounted for the major share in the immunoassay industry in 2018, globally as the players in the region are continuously investing capital for the research and development. Also, the increasing prevalence of chronic disease and infectious diseases, accessibility of government assets, mounting usage of immunoassays in clinical diagnostics, and improved healthcare infrastructure are driving the growth of the North American market.
Asia-Pacific is observed to witness the fastest growth in the market, due to large population base, increasing prevalence of chronic diseases, and technological advancements. In addition, increasing healthcare expenditure, developing healthcare infrastructure, and growing pharmaceutical and biotechnology industry in the region are supporting the growth of the Asia-Pacific immunoassay market.
Development of technologically advanced products is the key to market share growth by industry players
Key players in the immunoassay market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2016, Roche launched the cobas e 801 module, a testing immunoassay solution, in order to meet the demand for increased diagnostic testing. F. Hoffmann-La Roche AG, Agilent Technologies Inc., Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Siemens AG, QIAGEN N.V., Danaher Corporation, Ortho Clinical Diagnostics Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., BioMérieux SA, Becton, Dickinson & Company, and Mindray are the key players offering immunoassay.
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