Infectious Disease Testing is a Dominant Application in the Global Immunoassay Market
" The global immunoassay market is expected to witness a CAGR of ~6% during 2019–2025 to exceed $28 billion by 2025 "
Bangalore, India, August 21, 2019: With its recently published study “Global Immunoassay Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for immunoassay is expected to witness mid-single-digit growth during 2019–2025. Widespread use of immunoassay techniques for the detection of infectious & lifestyle diseases and increasing adoption of immunoassay-based point-of-care diagnostics are the key factors driving the market growth. Also, increasing technological advancements, coupled with the introduction of innovative products to meet rising demand, are expected to drive the market. For instance, in March 2019, Beckman Coulter announced the launch of Access PCT assay, the newest addition to its extensive portfolio for the sepsis identification and management.
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The global immunoassay market, by products and services, is segmented into instruments, reagents & kits, and software & services. Reagents & kits occupied a significant share in 2018 due to the need to repeat the purchase of assay kits & reagents and increasing prevalence of chronic & infectious diseases. Among various immunoassay applications, oncology is estimated to grow at a high CAGR during the forecast period due to increasing technological advancements that aid in the precise identification of cancer-causing organisms and upsurge in the number of cancer cases globally.
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North America occupied a significant market share in 2018, and Asia Pacific is anticipated to grow at a high CAGR during the forecast period. Continuous investment in R&D for innovative product development, increasing use of immunoassays in clinical diagnostics, growing disease cases, and upgraded healthcare infrastructure have made North America the dominant shareholder in the market. Increasing patient base for chronic & infectious diseases, raising awareness, growing healthcare expenditure, and technological advancements make Asia Pacific the fastest-growing region during the forecast period 2019–2025.
“Technological improvements in immunoassay instruments are likely to have a positive effect on the market growth. Automated laboratory instruments are largely replacing hand-operated units since they offer benefits such as efficiency and reduced space & labor requirements. For instance, in January 2019, Beckman Coulter announced the launch of its next-generation fully automated microplate system for donor blood testing, the PK7400, designed for use in plasma centers, blood donor centers, and large reference laboratories,” pointed out Arpitha Shetty, Research Analyst, Infoholic Research
Key Segments of the Report Include:
- Products and Services:
- Reagents and Kits
- Software and Services
- Infectious Disease Testing
- Autoimmune Disease
- Other Applications
- Hospitals and Laboratories
- Pharmaceutical and Biotechnology Companies
- Other End-users
- North America
- Asia Pacific
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities