The global immunoassay instruments/analyzers market was valued at USD 14.7 billion in 2015 and is expected to reach a value of USD 23.3 billion by 2024.
The industry is rapidly growing due to the constant introduction and adoption of automated as well as advanced techniques for laboratory instruments and analyzers in developed countries.
Rising prevalence of infectious diseases and chronic conditions, which require early diagnosis, prevention, and treatment, is one of the main factors boosting the demand for immunoassay analyzers and compact consumable products in the healthcare sector.
In addition, industry is gaining speed with the launch of innovative products such as compact and portable ichroma II of Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument.
Moreover, with the U.S. FDA approval of the iStat cardiac Troponin I test cartridge that uses enzyme-linked immunosorbant assay (ELISA) method, commercialization of such immunoassay products is also expected to increase significantly over the next few years.
Using this system, number of different assays can be performed in a very short time.Further Key Findings from the Study Suggest:Rapid adoption of advanced technology and automation of laboratory work flow, laboratory instruments, and analyzers is expected to fuel the market growth with CAGR of around 5% over the forecast period.Consumables segment was the largest revenue generating space with over 70% market share in 2015.