Immunoassay Market: Growing Adoption of Immunoassay in Oncology to Ensure Market Growth
Growing incidence of chronic and infectious diseases is anticipated to fuel demand for immunoassay. For example, as per a report published by the World Health Organization (WHO), in 2017, approximately 65 million individuals in the U.S. were diagnosed with Chronic Obstructive Pulmonary Disease (COPD). The factor is likely to boost regional immunoassay market.
Meanwhile, growing geriatric population across the world is anticipated to be a key driving factor for immunoassay market at global level. Owing to low immunity factor associated with old age, elderly population is more susceptible to chronic diseases and various infections.
Thus, most of diseases among arthritis, hypertension, diabetes, and dementia among others are diagnosed in elderly population.
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For example, as per a report published by the United Nations, in 2017, the count of geriatric population was 962 million worldwide. The count is estimated to reach 2.1 billion by the end of 2050. This, in turn, is likely to pave potential opportunities for growth of the global immunoassay market.
Further, growing incidence of infectious diseases such as hepatitis, dengue, neurological disorders, and AIDS is a prominent factor projected to present tremendous opportunities for growth of immunoassay market over the forecast period (2018-2026).
For example, in 2017, as per data given by the WHO, approximately 5.8 million cases of severe dengue were identifies in Americans.
Rise in prevalence of such diseases is likely to provide lucrative opportunities for the prominent market players. In order to speed-up the diagnosis process, the companies operating in the global immunoassay market are focusing on development of novel immunoassay products.
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The growth of the global immunoassay market largely depends on advancements in medical treatments and therapies. The healthcare industry is following a multifaceted route to cure and immunize patients against widespread infections and diseases. It is important for medical practitioners to understand the root causes of an infection in order to administer the right treatment line. Several diseases are related to the biochemical reactions going on inside the human body. Furthermore, the development of a seamless medical industry also calls for the study of biochemical reactions in the human body. There has been an increase in the incidence of infectious diseases in recent times. Medical practitioners mandate the use of macromolecular tests to understand the nature and type of disease or infection. The use of antibodies and antigens to conduct immunoassays has helped in increasing the rate of diagnosis across the medical and healthcare fraternities.
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In this review, Transparency Market Research (TMR) uncovers a range of factors responsible for the growth and expansion of the global immunoassay market. The review elucidates the applications of immunoassays in key healthcare domains, creating new opportunities for market expansion. Furthermore, the segments pertaining to the immunoassay market have also been enunciated herein. It is worthwhile to understand that immunoassays can be used in various medical and healthcare verticals depending upon the type of requirement. Use of analytes, antigens, and antibodies for immunoassays has generated humongous opportunities the market players. The need for studying and quantifying analytes present in biological liquid samples such as urine or serum is felt across key domains. Immunoassays can help in achieving the aforementioned goal. The growth of the medical research fraternity across several regions shall be a launch pad for revenue generation across the market.
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Use of Multiple Types of Immunoassay Markers
Medical practitioners study body proteins to analyse the reasons and causes behind the occurrence of a particular medical condition. Furthermore, the molecular composition of the human body is also analysed before administering a treatment line for critical infections. Several kinds of proteins and macromolecules can be studied through immunoassays. This factor has generated humongous opportunities for growth and expansion within the global immunoassay market. Medical professionals use several types of immunoassays that come in different formats. These immunoassays can be blended with certain reagents in order to enhance the performance of the former. Heterogeneous immunoassays have gained popularity across the medical industry. Physical measurements pertaining to immunoassays are under review, and favourable results could contribute to the growth of the market. The medical research industry is continually scouting for new technologies that can help in improving the performance of immunoassays. The application of protein-analysis in key domains within healthcare has played to the advantage of the immunoassay market.
Use of Immunoassays for Clinical Tests and Key Treatment Lines
The detection of analytes through immunoassays has helped the medical industry in fostering quality across primary treatment lines. Several types of clinical tests involve the use of immunoassay techniques, also known as immunodiagnostic tests. The use of immunoassays for pregnancy detection at home has emerged as an important driver of demand within the global market. Until a decade ago, there was widespread contention related to the accuracy of immunoassay tests. However, in recent times, the medical fraternity has acknowledged the use of immunoassay as medical markers. The use of immunoassay to measure insulin levels and diagnose heart diseases has also gained momentum in recent times. A number of pharmaceutical entities and research labs use immunoassay to test key compounds. On account of the factors mentioned herein, it is legit to expect that the global immunoassay market would grow at a sturdy pace in the times to follow.
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Rising Incidence of Various Forms of Cancers
The use of immunoassays for diagnosing cancers has emerged as a vital driver of demand within the global market. The high incidence of cancer across several regional pockets has raised concerns across medical circles. Use of immunoassay for diagnosing prostate cancer has increased, mainly due to the ease of assessing prostate-specific antigens and hypoglycaemia through immunoassays. Over the course of the next decade, the total volume of revenues within the global immunoassay market is set to multiply. Assessment of heart disease can also be done with the help of specialised immunoassays.
Anti-Doping Analysis for Sportspersons
Doping is a severe crime in the sports fraternity, and sportspersons are required to steer clear and clean of doping tests. The consumption of restricted drugs and power boosters for sportspersons follows from several rules and regulations. Therefore, it is important to set up anti-doping analysis laboratories to test samples of players. The use of recombinant human growth hormone can result in increased power and skill in sportspersons. Therefore, medical professionals use immunoassays for conducting anti-doping tests. The demand graph of the global immunoassay market is set to escalate in the times to follow. The popularity of photoacoustic immunoassays is set to given an impetus to market growth and maturity.
The leading vendors operating in the global immunoassay market are focusing on developing multiple-marker technologies. The development of customized immunoassays that can help in diagnosing cancers, heart diseases, and other problems shall help market players in capturing new markets. The relevance of immunoassays across multiple medical domains shall propel sales across the market. Some of the leading players operating in the global immunoassay market are Dickinson and Company, Abbott Laboratories, Ortho Clinical Diagnostics, F. Hoffmann-La Roche Ltd., and Danaher Corporation.
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