Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Immunoassay Market (By Technology, By Product, By Application, By End-Use) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, April 11, 2019 (GLOBE NEWSWIRE) -- The global Immunoassay market is anticipated to grow at a constant CAGR around 4.9 % during the forecast period 2018 to 2026 and reach the market value around USD 26.1 billion by 2026.
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According to the report named “Immunoassay Market - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”. The primary driving factor of development is extensive use of immunoassay techniques to detect infectious and chronic diseases. In addition, it is anticipated that new products will also be launched along with rapid technological developments. For example, the 2018 CE mark for its Sofia product, which is a QV assay used for the Sofia instrument, was approved for Quidel Corporation. In the field of immunoassay techniques, such as radiological immunosubsidization, rapid testing and immunoassays, the collaborations and partnerships among medical device giants should be developed.
Automation also has advantages such as efficiency and optimum laboratory use. The immunosupport market is therefore experiencing lucrative growth as some players introduce automated laboratory systems, compact test points and portable tests. For example: launch of Boditech Med, Inc., an FDA-approved fluorescence scanning tool for influenza testing, for innovative products, such as Compact and Portable Ichroma II.
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Infectious disease testing led the market in 2018
The market was led by testing for infectious diseases in 2018. The increase in the prevalence can be attributed to infectious diseases such as TB, Lyme disease, infections of salmonella or meningococcal disease. In 2017, for example, more than 10 million tuberculosis cases have been registered globally and approximately 1.3 million deaths have been caused by the Centers for Disease Control and Prevention (CDC). The use of immunoassays therefore would help detect these diseases, which are expected to increase demand in the market.
Oncology, due to the increased number of cancer cases and technological advances that help to identify malignant organisms, is expected to be the fastest growing sector during the forecast period. For example, the predominance of cancer in the whole world is increasingly reduced by tumor biomarkers and tests. Tumor biomarkers play a major role in the care of cancer, from identification, screening and detection to progression monitoring.
The increase in incidence of endocrinal disorders leads to increased hospital admissions and also holds a significant market share in endocrinology. For example, in 2017, around 210,000 individuals in the U.S. were admitted every year because of acute pancreatitis, according to the Johns Hopkins Health System Corporation. Moreover, around 40 million people in the country are also affected by the osteoporosis.
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End-User Stance
Hospitals represented approximately 32.0 percent of the largest market share in 2018 because they offer advanced facilities including in-house diagnostic labs. The need for hospitals and diagnostic centers for antigen detection in cell cancer has increased with increasing the prevalence of chronic diseases such as cancer, infectious diseases and autoimmune diseases. This factor will bode well in the near future for segment growth.
North America is expected to dominate the Immunoassay Market
Substantial market share for North America in 2018 was attributed to high investment in R&D by manufacturers of pharmaceutical and medical devices as well as favorable government policies. For example, in May 2018 a US Congress bill authorizing a person to test unsuccessful medical devices including medicines, medicines and devices in cases of severe disease was approved.
The growth of disposable income and health spending in the emerging economies such as India, South Korea and China in Asia Pacific is expected to be lucrative in the coming years. Furthermore, increased use of medical devices will also help to build lucrative opportunities in countries like South Korea. For example, on 15 March 2012, a duty-free agreement was signed in Korea on medical devices.
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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