Transparency Market Research (TMR has published a new report titled, “Immunoassay Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global immunoassay market was valued at US$ 16.54 Bn in 2017 and is projected to expand at a CAGR of 6.2% from 2018 to 2026. The report suggests that high prevalence of chronic and infectious diseases, rise in demand for development of new immunoassays and systems, and increase in trend for international accreditations and result comparability across the world are anticipated to drive the global immunoassay market in the next few years.
North America and Europe are projected to dominate the global immunoassay market during the forecast period, primarily due to rapidly aging population, well-established health care infrastructure, presence of a large number of in vitro diagnostic players, and rise in demand for preventive health care in these regions. The immunoassay market in Asia Pacific is projected to expand at a significant CAGR from 2018 to 2026. It can be attributed to rapidly improving health care infrastructure, increase in foreign direct investment in the health care and biotechnology industries in emerging countries, such as, China, India, South Korea, and Malaysia, and rise in per capita health care expenditure in the region.
Rise in awareness of biomarkers for various chronic diseases has driven industry experts and researchers to develop new assays to expand the applications of immunoassay analyzers. Development in genomics and proteomics has expanded the database of biomarkers used by industry players to develop new assays that cascade the onset of a disease or disorder. For example, there has been a development of vitamin D deficiency testing chemiluminescence assay, which was earlier diagnosed through manual ELISA methods. Key players are investing in the development of novel immunoassays in the infectious disease domain with the help of the growing database on genetics and biomarkers of various infectious pathogens.
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In terms of end-user, the hospitals & diagnostic laboratories segment is projected to dominate the global immunoassay market, expanding at a CAGR of 6.4% during the forecast period. A large number of clinical diagnostic tests are performed in hospital and diagnostic laboratories for detection of various diseases. Prominent market share of hospitals and diagnostic laboratories can be attributed to the large base of hospitals and diagnostic laboratories across the globe. Moreover, rapidly increasing number of hospitals and diagnostic laboratories in emerging countries, expansion of laboratory services, and consolidation among health care institutions in developed countries are projected to drive the segment during the forecast period.
The blood banks segment accounted for the second-leading share of the global immunoassay market in 2017. Rise in demand for blood and blood products in health care and life sciences industries had led to the significant share of the segment. Epidemic outbreaks and increase in incidence of infectious diseases have boosted the adoption of automated immunoassay analyzers in blood banks. Stringent regulations regarding quality of IVD tests and demand for patient safety are projected to boost the growth of the segment during the forecast period.