Immunoassay Market Overview:
Immunoassay uses a small antibody or an antigen to determine the presence of a small molecule in a solution. The detected molecule is called an analyte, and it happens to be protein in many cases. Mostly collected from serums or urine, these analytes are analyzed for the various medical and research purposes. Often the process requires a calibrator for a better analysis.
Global Immunoassay Market, as reported in the latest study of the market by Market Research Future (MRFR), is expecting a Growth by 8.5% CAGR to reach USD 771.1 million during the forecast period (2017-2023).
Growing biotechnology and pharmaceutical sectors, across the globe, is all set to provide stimulants for the market growth. Oncology department is also gaining much benefits from its use and concerns regarding the prevalence of cancer can be considered a serious factor. Government initiatives and supportive regulatory framework can also be considered of significant importance. But the complex procedure of the test and lack of specificity in the results can be a market deterrent.
Major players, as reported by MRFR in the global immunoassay treatment market are
- Abbott Laboratories
- Beckman Coulter Inc.
- Arlington Scientific
- Bio-Rad Laboratories
- BioMerieux Inc.
- Fujirebio US
- Dynex Technologies
- Gold Standard Diagnostics
- Hycor Biomedical
- Inova Diagnostics
- Randox Toxicology
- Ortho-Clinical Diagnostics
- Hoffmann-La Roche Ltd.
- ThermoFisher Scientific
- Siemens Healthineers
- Wako Diagnostics
- TOSOH Bioscience
- Shenzhen New Industries Biomedical Engineering Co.Ltd.
- Sysmex Corporation
- and others.
MRFR segments the global immunoassay market by product and service, type, and end-user.
Based on the product and service, the immunoassay market can be segmented into reagents and kits, analyzers, and software and services. The reagents and kits segment includes Enzyme-Linked Immunosorbent Assay (ELISA) reagents & kits, elispot reagents & kits, western blot reagents & kits, rapid test reagents & kits, RIA reagents & kits, and PCR reagents & kits. The analyzers segment can be segmented into portable analyzers and benchtop analyzers.
Based on the type, the immunoassay market can be segmented into Enzyme Immunoassays (EIA) or Enzyme-Linked Immunosorbent Assays (ELISA), Radioimmunoassay (RIA), Fluoroimmunoassay (FIA), Counting Immunoassay (CIA), and Chemiluminescence immunoassay (CLIA).
Based on the application, the immunoassay market can be segmented into infectious diseases, autoimmune disorders, oncology, neonatal screening, toxicology, hematology & blood screening, cardiology, bone & mineral disorders, and others.
Based on the end-user, the immunoassay market includes biotechnology companies, diagnostic laboratories, research & academic laboratories, hospitals & clinics, pharmaceutical companies, and others.
The global immunoassay market has been categorized on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On a regional basis, the Americas would showcase supremacy over other regions throughout the forecast period. This is attributed to headquartered major market participants, increasing expenditure on research and development activities, the rising burden of chronic diseases and sophisticated healthcare infrastructure, and growing adoption of immunoassay in the US and Canada. For instance, as per the data published by Pharmaceutical Research and Manufacturers of America (PhRMA), the US pharmaceutical research and development (R&D) expenditure had grown from USD 2 million in 1980 to USD 71.4 million in 2017.
Europe would follow Americas in terms of value over the forecast period due to flourishing pharmaceutical and biotechnology companies, mounting adoption in diagnostic measures, and growing use of chemiluminescent immunoassay in the UK, Germany, and France. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2016, Europe accounted for 21.5% of world pharmaceutical sales, which rose to 22.2% of global pharmaceutical sales in 2017.
The market in Asia-Pacific would register the fastest market growth over next seven years owing to booming medical tourism, rapid developing healthcare infrastructure, increasing geriatric population coupled with the rising burden of chronic diseases, growing awareness about immunoassay tests in the developing countries, such as China, India, Singapore, and Australia. The World Health Organization (WHO) stated that noncommunicable diseases (NCDs), mainly cardiovascular diseases (CVD), chronic respiratory diseases, cancer, and diabetes are top killers in the South-East Asia Region, claiming an estimated 8.5 million lives every year.
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The Middle East & Africa are projected to demonstrate a steady growth in the global immunoassay market over the forecast period. In addition, the major market share of the region would be held by the Middle Eastern region due to recent activity from governments in the region approaching investors to expand the private sector in healthcare which continues to be encouraging.
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