Immunoassay Market Research by Product (Reagents and Kits, Analyzers/Instruments, Software and Services), Technology [Radioimmunoassay (RIA), Enzyme-linked Immunosorbent Assay (ELISA), Enzyme-linked Fluorescent Assay (ELFA), Chemiluminescence Immunoassay (CLIA), Rapid Test, Others], Indication (Therapeutic Drug Monitoring, Oncology, Cardiology, Endocrinology, Infectious Diseases, Autoimmune Diseases, Others), End User (Hospitals, Clinical Laboratories, Blood Banks, Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Others) and Region – Global Forecast till 2025.
The global immunoassay market is estimated to display substantial growth in the estimated timeframe. The market stood at a value of USD 18,626.7 Million in 2018 and is likely to expand at a CAGR of 5.9% over the forecast period.
This growth is primarily attributable to the rising occurrence of several chronic diseases and infections causing deaths.
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The technological advancements in the immunoassays, the medical instruments, and automated systems are benefiting the market growth. For instance, the American Chemical Society (ACS) suggested that clinical laboratories perform nearly 7 billion tests in the U.S. every year. Also, this number is likely to increase in the coming years owing to its efficacy and growing incidences of chronic illness globally.
Some of the prominent players in the global immunoassay market include –
Hoffmann-La Roche Ltd
Thermo Fisher Scientific Inc.
Dickinson and Company
Ortho-Clinical Diagnostics/Carlyle Group
The immunoassay market is segmented by product, technology, indication, end user, and region.
On the basis of the product, the market is segmented into reagents and kits, software and services, and analyzers/instruments.
On the basis of the technology, the market is segmented into radioimmunoassay (RIA), enzyme-linked immunosorbent assay (ELISA), enzyme-linked fluorescent assay (ELFA), chemiluminescence immunoassay (CLIA), rapid test, and others.
On the basis of the indication, the market is segmented into therapeutic drug monitoring, cardiology, oncology, endocrinology, autoimmune diseases, infectious diseases, and others.
On the basis of the end user, the market is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical, and biotechnology companies, academic and research institutes, and others.
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Moreover, the substantial rise in the geriatric population is likely to benefit market growth as this population is more susceptible to catching several infections. Due to this large population, the incidences of diseases such as arthritis, diabetes, hypertension, and dementia are increasing substantially. According to the United Nations (UN), the population of elderly people was 962 million and is likely to reach 2.1 billion by 2050. Also, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) presented a statistic that in 2016, nearly 12.4% of the regional population was elder than 60 years and is estimated to increase more than 1.3 billion by the end of 2050.
Regionally, the immunoassay market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
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