Immunodiagnostic Market to exhibit a CAGR of 4.7% and Reach USD 22,732.7 Million by 2025, Increasing Awareness for Quality Healthcare Services to Fuel Demand, says Fortune Business Insights

Key Companies Covered in the Immunodiagnostic Market Research Report Are Abbott, F. Hoffmann-La Roche AG (Roche Diagnostics), DiaSorin, Danaher Corporation, QIAGEN, bioMérieux, Thermo Fisher Scientific, Quest Diagnostics and other key market players.

Pune, Sept. 10, 2020 (GLOBE NEWSWIRE) -- According to the report, the global immunodiagnostic market size was valued at USD 15,777.5 Million in 2017. Moreover, the global market is forecasted to exhibit 4.7% CAGR and reach USD 22,732.7 Million by the end of 2025.  In terms of product type, the regents and consumable segment is expected to exhibit growth at a high pace during the forecast period 2018-2025.

Immunodiagnostic is a new method to conduct analysis, hence its application reach is less at present. However, increasing adoption of immunodiagnostic in the diagnosis of cancer, endocrine disease, and others is likely to propel the demand in the global immunodiagnostic market.

Product launch and approval for new immunodiagnostic products and services is also expected to increase the growth rate in the global market. For instance, in 2017 the OPKO Health Inc., received approval from the U.S. Food and Drug Administration to conduct a full prostate-specific antigen text with immunoassay analyzer. Rising adoption of immunoassay analyzer will facilitate cost effectiveness and minimal steps diagnostic procedure. This is a chief driver of the market.

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Rising Prevalence of Chronic Diseases to Drive the Global Market

The rising incidence of diseases such as HIV, respiratory, cancer, and others is likely to push the growth in the global immunodiagnostic market. Additionally, growing geriatric population and favorable reimbursement policies are expected to drive the global immunodiagnostic market during the forecast period 2018-2025.

North America emerged dominant in the global immunodiagnostic market in 2017. Rising investment towards research and development to find novel therapeutics and diagnosis methods for the treatment of aforementioned diseases is creating growth opportunities for the market in North America. Furthermore, government support towards these initiatives will augur well for the overall immunodiagnostics market.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Asia Pacific also held a significant share in the global market. The Asia Pacific immunodiagnostic market was worth US$ 3939.1 Mn in 2017. The region is forecasted to progress at a higher CAGR. Moreover, high potential for increasing penetration of immunodiagnostics in Asia Pacific will enable growth in the regional market.

Increasing purchasing power, technological advancements, and growing demand for quality healthcare services are key factors boosting the global immunodiagnostic market. Moreover, changing patient diagnostic preference towards minimal procedure is also anticipated to fuel the demand in global market. On the downside, is lack of awareness about immunodiagnostics may restrain the market’s expansion in underdeveloped regions.

Strong Supply Chain Network to Facilitate Market Players

Abbott, Roche Diagnostics, Danaher Corporation, and DiaSorin are among the leading players in the global immunodiagnostic market. Growth witnessed by these organizations is facilitated by the presence of robust supply chain network and their diverse product portfolio. Besides this, increasing investment in research and development activities and cost management by market players is helping organizations to gain higher share in the global market.

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List of the organizations operating in the global immunodiagnostic market:

  • Abbott
  • F. Hoffmann-La Roche AG (Roche Diagnostics)
  • DiaSorin
  • Danaher Corporation
  • bioMérieux
  • Thermo Fisher Scientific
  • Quest Diagnostics
  • Other prominent players

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Immunodiagnostic Market Segmentations:

By Product           

•              Instruments

•              Reagents & Consumables

By Application     

•              Oncology & Endocrinology

•              Hepatitis & Retrovirus

•              Cardiac Markers

•              Infectious Diseases

•              Others

By End user

•              Clinical Laboratories

•              Hospitals

•              Physician’s Offices

•              Others

By Geography      

•              North America (USA and Canada)

•              Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

•              Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

•              Latin America (Brazil, Mexico and Rest of Latin America)

•              Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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