The global immunoassay market is estimated to display substantial growth in the estimated timeframe. The market stood at a value of USD 18,626.7 Million in 2018 and is likely to expand at a CAGR of 5.9% over the forecast period. This growth is primarily attributable to the rising occurrence of several chronic diseases and infections causing deaths.
Additionally, the market is likely to benefit from the increasing adoption of the immunoassay-based testing which relies on the point-of-care (POC) testing. The immunoassay is a method to detect or measure the specific proteins through the antigens or antibodies in the biological substances. In addition, the prospering biotechnology and pharma sector globally is also catering multiple options of growth in the coming years.
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Further, the technological advancements in the immunoassays, the medical instruments, and automated systems are benefiting the market growth. For instance, the American Chemical Society (ACS) suggested that clinical laboratories perform nearly 7 billion tests in the U.S. every year. Also, this number is likely to increase in the coming years owing to its efficacy and growing incidences of chronic illness globally.
Moreover, the substantial rise in the geriatric population is likely to benefit market growth as this population is more susceptible to catching several infections. Due to this large population, the incidences of diseases such as arthritis, diabetes, hypertension, and dementia are increasing substantially. According to the United Nations (UN), the population of elderly people was 962 million and is likely to reach 2.1 billion by 2050. Also, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) presented a statistic that in 2016, nearly 12.4% of the regional population was elder than 60 years and is estimated to increase more than 1.3 billion by the end of 2050.
Some of the prominent players in the global immunoassay market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., bioMérieux SA, Abbott Laboratories, Siemens Healthineers, Becton, Danaher Corporation, Dickinson and Company, Merck KGaA, Ortho-Clinical Diagnostics/Carlyle Group, Sysmex Corporation, DiaSorin S.p.A., and Quidel Corporation.
The immunoassay market is segmented by product, technology, indication, end user, and region.
On the basis of the product, the market is segmented into reagents and kits, software and services, and analyzers/instruments.
On the basis of the technology, the market is segmented into radioimmunoassay (RIA), enzyme-linked immunosorbent assay (ELISA), enzyme-linked fluorescent assay (ELFA), chemiluminescence immunoassay (CLIA), rapid test, and others.
On the basis of the indication, the market is segmented into therapeutic drug monitoring, cardiology, oncology, endocrinology, autoimmune diseases, infectious diseases, and others.
On the basis of the end user, the market is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical, and biotechnology companies, academic and research institutes, and others.
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Regionally, the immunoassay market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Of these, Americas dominated the global immunoassay market in 2018 and is estimated to remain dominant in the coming future owing to the availability of government funds along with the strong presence of key players in the region. In addition, an increase in adoption of an immunoassay for improved clinical diagnostics especially across the U.S. and Canada. Europe is estimated to grab the second-largest share in the revenue of the global market for immunoassay owing to the higher adoption of advanced technologies and diagnostics measures in the region along with surge in applications of chemiluminescent immunoassay tests for its improved screening abilities. The data from the European Federation of Pharmaceutical Industries and Associations (EFPIA) Europe, held around 21.5% of the world pharmaceutical sales in 2016 and is estimated to increase in the coming years.
Additionally, factors such as increasing awareness about immunoassay tests and higher healthcare spending in the developing countries in the region including China, India, and Australia, are fueling market growth. The market is also getting benefit from the geriatric population in the region, which is prone to several diseases.
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In October 2019, OraSure Technologies announced the FDA has approved for its tests OraQuick Ebola Rapid Antigen. The test is an in-vitro diagnostic and a single-use immunoassay for the qualitative screening of antigens from viruses within the Ebola genus.
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