According to Acumen Research and Consulting, the global Immunoassay market size is estimated to grow at CAGR above 4.9% over the forecast time frame and reach the market value around USD 26.1 billion.
An increase is anticipated to accelerate the demand for chronic and infectious diseases. For example, in 2017 approximately 65 million people in the United States had a Chronic Obstructive Pulmonary Disease (COPD), according to the World Health Organisation. In future years, this factor is expected to well reflect regional demand. In addition it is expected that the growth of the geriatric population will be a key driver of market growth. Reducing old age immunity makes people more susceptible to various infections and chronic conditions. The elderly are therefore vulnerable to, inter alia, illnesses like arthritis, hypertension, diabetes and dementia.
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For example, in 2017, the United Nations estimated that 962 million geriatric population in the world was attained and by 2050, the potential for growth for an immunoassay market is expected to reach $2.1 billion. One of the key factors projected to create market growth opportunities in the period projected to be the increase in incidence of infectious disorder such as AIDS, hepatitis, AIDS, and neurological disorders. For example, by 2017, the WHO reported approximately 5.8 million cases of serious dengue in the Americas. An increase in the incidence of these diseases should provide the key players in the market with lucrative opportunities to launch new immunoassay products which would also help to identify various diseases in good time.
Due to the extensive use of products for detection of pathogens in dengue, HIV, and cancer as well as other chronic illnesses, reagents and kits accounted for the largest share of the immunoassay market in 2018. Immune-assay reagents include ELISA protein standards, test diluents, blocking buffers (substrate and conjugate and diluent), cover packs, washing buffers, substrates. etc. In addition, in view of the increased penetration of IT in healthcare and the increasing need to manage and enjoy instant access to all associated data, software and services will expand over the forecast period in a healthy AGR. The use of immunoassay devices with software makes it easier to perform tests by reducing the time required to achieve results and delivering accurate results.
An important market share was held by the enzyme-linked immunosorbent assays (ELISA) in 2018. ELISA technology has become popular over the years in helping to detect allergies to food, infection with the West Nile virus and various diseases, including AIDS, influenza, Lyme and Ebola, among others. The serum samples of immunized animals or humans can be examined to detect the presence of antibodies to specific types of antigens, ELISA places an essential role in the development of vaccines.
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Due to their application in a wide ranges of diseases, such as dengue and infections caused by legionellas, salmonella and Campylobacter bacteria, it is expected that the second fastest CAGR test segment will occur during the forecast period. Advanced lateral flow testing is also now available in the health sector due to technological progress. Lateral test applications were limited to several diseases but now they range from standard quality tests to complex multi-analyte quantitative tests. The increased use of rapid tests is therefore expected to provide the players operating in the segment with lucrative opportunities.
North America Hold the prominent Share in the market
North America accounted for over 45.0 percent of the market in 2018, due to well-developed healthcare infrastructure, and increased medical device penetration in the area. Furthermore, high R&D expenditure for disorder and disease, such as chronic conditions and diabetes, by government organizations and pharmaceutical companies are a key motivator of the regional market.
Thermo Fisher Scientific, Inc., Siemens Healthineers are Likely to Continue to Lead the Global Immunoassay Market
The Immunoassay market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Dickinson & Company; Becton, Thermo Fisher Scientific, Inc.; BioMérieux; Siemens Healthineers; Abbott laboratories; Roche Diagnostics; Sysmex Corporation; Danaher Corporation; Ortho Clinical Diagnostics; and Quidel Corporation.
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