Immunoassay Market Outstrip US$ 37,987.8 Mn by 2027 Global Analysis and Forecasts By Product, Technology, Application and Geography
Immunoassay Market: Insight
According to The Insight Partners market research study titled Immunoassay market to 2027 - Global Analysis and Forecasts by Product, Technology, Application, End User'. The global immunoassay market is expected to reach US$ 37,987.8 Mn in 2027 from US$ 21,800.00 Mn in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027. The report highlights the trends prevalent in the global immunoassay market and the factors driving the market along with those that act as deterrents to its growth.
Europe is the one of the largest geographic market and is expected to be the significant revenue contributor in forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced immunoassay in order to increase the efficiency of diagnostics in the region. The growth is driven by factors such as the rise in the demand for diagnostic tools, stringent regulations pertaining to disease diagnoses, and increase in the investment for research and development in the European countries.
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Immunoassay Market Competitive Landscape
The major players operating in the immunoassay market include F. Hoffmann-La Roche Ltd., Abbott, Siemens, bioMérieux SA, BD, Danaher Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Thermo Fisher Scientific Inc., and Quidel Corporation. The market has witnessed various organic as well as inorganic developments during recent years in the immunoassay market. For instance, during November 2016, Siemens Healthineers has acquired Conworx Technology, a company specializing in point-of-care device interfaces and big data management, for an undisclosed sum.
The market for immunoassay is expected to grow, owing to factors such as rising incidences of chronic and infectious diseases, technological advancements in immunoassay devices, and growing biotechnology & biopharmaceutical industries have been boosting the market over the years. However, the stringent regulatory requirements for immunoassay devices are likely to have a negative impact on the growth of the market in the coming years.
Growing Incidences of Chronic and Infectious Diseases
Immunoassay is used to measure the concentration of small molecules such as lipids, protein, nucleic acids, etc. in solutions using antigen-antibody reactions. It is majorly used to detect several infectious disorders like dengue, hepatitis, human immunodeficiency virus (HIV). Increasing incidences of infectious diseases such as HIV is the primary global public health issue. In 2018, the World Health Organization (WHO) having claimed that more than 32 million HIV people are diagnosed, out of which 770,000 people died. At the end of 2018, around 1.7 million people were reported to be newly infected globally, including 62% of adults and 54% of children. According to the HIV and AIDS organization (AVERT), in 2018, 1.1 million U.S. residents were infected with HIV, whereas APAC registered 5.2 million HIV-infected population. According to the European CDC, ~2 million people in Europe were infected with HIV in 2018.
These statistics determine an increase in the demand for advanced HIV diagnostics across the globe. Hence, driving the growth of the immunoassay market during the forecast period.
Technological Advancements in Immunoassay Devices
Immunoassay is a precise bioanalytical method which measures the presence of analytes extending from small molecules to macromolecules in a solution with the use of an antibody or an antigen as a biorecognition agent. This method has been examined by the various market players to accomplish exceptional precision by the broad discovery in the product design and innovations. Various recent technological developments are marked in the evolution of immunoassay techniques over the past few years. New technologies or products are being refined and improved to provide more comfortable to use devices with incremental improvements in analytical performance. For instance, in April 2019, Thermo Fisher Scientific launched the CEDIA mitragynine (Kratom) Assay, the latest drugs of abuse test, which include supporting calibrators and controls. This test is majorly performed for criminal justice and forensic use only. Thus, the innovative steps and technological advancements undertaken by new entrants as well as established market players, improves the quality and efficacy of immunoassay tests and is expected to favor the growth of the market during the forecast period.
Immunoassay Market: Segmentation
The global immunoassay market by product was led by reagents and kits segment. In 2018, the reagents & kits accounted for the largest market share in the global immunoassay market. The various kits are used for the detection of multiple proteins and molecules that include growth factors, cytokines, and markers for infectious diseases, tumor, diabetes, drugs, small molecules, and more. The reagents used in the immunoassay include antibodies, sample diluents, conjugate stabilizer diluents, coating and wash buffers, and substrates for immunoassays. The extensive usage of the products for the discovery of ailment-causing pathogens in dengue, HIV, and cancer and other chronic diseases. Thus, Owing to above mentioned factors it is expected that the market is likely to increase significantly during the forecast period.
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