Global Immunoassay Market Factors that have resulted in the strong growth include the consistent expansion of the biotechnology and pharmaceutical sectors, cost-effectiveness of the product, along with the excellent level of specificity and sensitivity of immunoassays. Compared to the traditional forms of tests, immunoassays are considered to be the ideal option to provide strongly accurate results, even with the availability of extremely small samples.
Immunoassays are a bioanalytical tool widely used in disease diagnosis and therapeutic drug research, development, and monitoring. Immunoassays provide an accurate quantitative analysis of drug development processes and testing.
The latest studies conducted by Market Research Future (MRFR) point out that the global immunoassay market is projected to reach the valuation of USD 771.1 million by 2023, garnering a CAGR of 8.18% during the forecast period (2017-2023).
The immunologic reactions are considered to be extremely specific, since they occur only when proper immunologic agents are present. To illustrate, an antibody acting against a viral protein does not have the ability bind with an antigen which has been derived from bacteria. Therefore, this excellent specificity points towards high accuracy of the results, enabling elevated sensitivity for detecting the diseases.
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This high sensitivity also helps in eliminating the requirement for secondary verifications, ultimately reducing the overall cost. To sum it up, the high specificity, sensitivity and the cost-saving property of immunoassays are expected to land the immunoassays market at higher levels internationally.
Top Key Players Competitive Dashboard
The leading vendors currently thriving in the worldwide immunoassay market include –
Dickinson and Company
Thermo Fisher Scientific Inc.
Hoffmann-La Roche Ltd
Bio-Rad Laboratories Inc.
The worldwide immunoassay market is segmented on the basis of product & service, type, application, and end user.
Product & service- kits and reagents, analyzers, and software and services, wherein the kits and reagents segment was worth USD 218.8 million in 2017.
Types– enzyme-linked immunosorbent assay (ELISA), enzyme-linked immunospot assay (ELISpot), radioimmunoassay (RIA), chemiluminescence (CLIA), fluoroimmunoassay, among others.
Application– infectious diseases, cancer research, endocrinology, autoimmune disorders, and others.
end-user– pharmaceutical and biotechnology companies, academic institutions and laboratories, and others.
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Chapter 4 Market Dynamics
4.5 Macroeconomic Indicators
4.6 Detection Technique Trends & Assessment
The Americas, Asia Pacific, Europe and the Middle East and Africa are some of the key regions where the global immunoassay market is set to expand during the forecast period (2017-2023).
The Americas has landed at the top position with a value of USD 184.7 million in the year 2017. The region is predicted to retain its leading position well throughout the review period owing to factors including the elevated number of research projects taking place in laboratories. The market in the Americas is further segmented into smaller markets of North and South America. To summarize, the rising rate of incidences of chronic disorders and infectious diseases, the expanding geriatric populace, coupled with the well-established healthcare infrastructure as well as the surging penetration of medical devices will be stimulating the growth of the regional market in the years ahead.
The immunoassays market in Europe is presumed to be the second-biggest during the assessment period on account of the increasing adoption of immunoassay in diagnostic measures. Besides, the high expenditure on research and development (R&D) by various government organizations as well as pharmaceutical companies, for the treatment of diseases and disorders like diabetes and chronic ailments are touted to be the driving force backing the growth of the market during the conjectured time frame.
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Growing at the fastest-rate, Asia Pacific is predicted to soar high on the back of the expanding healthcare infrastructure along with the growth in the disposable income. Other than this, the hike in the number of research and development centers and the growing focus on agreements between the vendors in order expand their market presence will be instrumental in the development of the market in the region.
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