Immunoassay instruments market is witnessing a rapid technological growth that has resulted in significant market opportunity for efficient bioanalytical platforms. Currently, market players are engaged in developing immunoassay platforms with enhanced capabilities such as broad menu of tests, higher sensitivity and specificity. Other major advances introduced to researchers include shorter turnaround times (TAT), higher productivity and easy operation thereby ensuring efficient detection and determination with accurate results. The market is witnessing significant advances in the design of immunoassay platforms shifting from conventional non-competitive assays to competitive assays that are permitting the efficient detection of small molecules such as drug pollutants and metabolites. For instance, introduction of ADVIA Centaur CP Immunoassay System by Siemens Healthcare, a mid-sized immunoassay system that provides a broad menu of tests and enhanced workflow which enables overall cost reduction and eliminate the need for multiple systems.
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Although, the use of immunoassay platforms has been confined to hospitals and reference laboratories, currently, there is an increasing preference for commercial diagnostic laboratories owing to their special care and short turnaround times as compared to hospitals. Tier-1 diagnostic laboratories are currently focusing on expanding their operations in less developed areas by acquiring Tier – 2 and Tier – 3 laboratories with minimal infrastructure. This creates a strong demand for compact and portable assay platforms with high reliability and sensitivity. In addition, these platforms can run on batteries in case of power failure and can be moved in ambulances in case of emergency requirements. All these features along with high affordability are expected to provide impressive growth opportunities for immunoassay instruments market.
Chemiluminescence analyzers are the fastest growing segment owing to their high sensitivity and accuracy as compared to other assay platforms. Immunofluorescence analyzers and ELFA systems constitute other major instrument segments that provide high reliability and accuracy in detection. The use of radioimmunoassay analyzers is diminishing owing to the harmful effects of radioisotopes used in the assays. The market for immunoassay instruments is influenced by consistent product modifications such as use of efficient assay substrates, and low cost light sources.
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Immunoassays aid in the detection of several analytes and diagnosis of several infectious diseases. Growing preference for personalized medicine (a medical model focusing on development of patient specific therapeutics), will further enhance the scope of growth and development of immunoassay platforms. Endocrinology, cardiology, detection of autoimmune disorders and infectious disease confirmation represent other potential applications of immunoassay platforms. The global market for immunoassay instruments market was valued at USD 13.51 billion in the year 2013 and is anticipated to reach USD 23.31 billion by 2020, growing at a CAGR of 8.1% from 2014 to 2020.
Geographical landscape elucidates the market trends based on four major geographies namely North America, Europe, Asia-Pacific and Rest of the World (RoW). North America and Europe dominated the immunoassay instruments market accounting for more than 50% of the total market. This is majorly attributed to the presence of technologically sophisticated diagnostic laboratories along with ready acceptance of novel assay technologies. In addition, these regions are characterized by the presence of major market players operating in immunoassay instruments market. Asia-Pacific and RoW regions are anticipated to record highest growth rates owing to increasing demand for immunoassay platforms and rising incidences of several disorders (infectious, endocrine, etc.). In addition, these regions provide lucrative growth prospects due to huge patient population and unexplored areas of medical research as compared to North America and European countries that indicate a mature market for immunoassay instruments.
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The overall immunoassay instruments market is consolidated characterized by the presence of few established players accounting for more than 50% of the total market share. Roche Diagnostics, Siemens Healthcare, Beckman Coulter, bioMerieux and Ortho Clinical Diagnostics are some of the key players operating in this market. Rigorous research investments coupled with operational expansion in emerging economies by majority of the market players are evident for promising growth prospects in this market. The factors that influence the proliferation of market are perennial product amendments followed by increasing patient population worldwide. On the other hand, high cost of the immunoassay procedures followed by unfavorable reimbursement policies might impede the market growth.
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