Immunoassay Market Overview, Key Company Prospects, Innovative Development Strategies and Forecast to 2023


Market Highlights:
The global immunoassay market size accounted for USD 18,626.7 million in 2018 and is projected to register a CAGR of 5.9% over the forecast period. Immunoassay is a biochemical test that relies on biochemistry to measure the presence and concentration of an analyte (protein, lipid, nucleic acid, among others) in solution (serum, urine, etc.) by using antibody-antigen reactions. Some of the factors characterizing the market growth are rising R&D expenditure in the healthcare sector, rising prevalence of chronic and infectious diseases, increasing adoption of immunoassay, technological advancements in immunoassay instruments and the introduction of novel automated systems, and surging elderly population across the world. For instance, the World Health Organization (WHO) reported that global elderly population was 841.0 million in 2013, increased to 962.3 million in 2017, which is projected to reach more than 2.0 billion by the end of 2050. In contrast, limitations associated with immunoassay techniques, lack of reimbursement policies in some countries are anticipated to impede the market growth from 2019 to 2025.
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Key Players:
·         Thermo Fisher Scientific Inc
·         F. Hoffmann-La Roche Ltd
·         bioMérieux SA
·         Siemens Healthineers
·         Abbott Laboratories
·         Becton
·         Dickinson and Company
·         Danaher Corporation
·         Merck KGaA
·         Sysmex Corporation
·         Ortho-Clinical Diagnostics
Segmentation:
·         The global immunoassay market has been segmented into product, technology, indication, end user, and region.
·         By product, the market has been segmented into reagents and kits, analyzers/instruments, software, and services.
·         On the basis of technology, the market has been divided into radioimmunoassay (RIA), enzyme-linked immunosorbent assay (ELISA), enzyme-linked fluorescent assay (ELFA), chemiluminescence immunoassay (CLIA), rapid test, and others.
·         By indication, the global immunoassay market has been categorized into therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious diseases, autoimmune diseases, and others.
·         Based on end user, the market has been classified into hospitals, clinical laboratories, blood banks, pharmaceutical and biotechnology companies, academic and research institutes, and others.
Regional Analysis:
The global immunoassay market has been categorized on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On a regional basis, the Americas would showcase supremacy over other regions throughout the forecast period. This is attributed to headquartered major market participants, increasing expenditure on research and development activities, the rising burden of chronic diseases and sophisticated healthcare infrastructure, and growing adoption of immunoassay in the US and Canada. For instance, as per the data published by Pharmaceutical Research and Manufacturers of America (PhRMA), the US pharmaceutical research and development (R&D) expenditure had grown from USD 2 million in 1980 to USD 71.4 million in 2017.
Europe would follow Americas in terms of value over the forecast period due to flourishing pharmaceutical and biotechnology companies, mounting adoption in diagnostic measures, and growing use of chemiluminescent immunoassay in the UK, Germany, and France. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2016, Europe accounted for 21.5% of world pharmaceutical sales, which rose to 22.2% of global pharmaceutical sales in 2017.
The market in Asia-Pacific would register the fastest market growth over next seven years owing to booming medical tourism, rapid developing healthcare infrastructure, increasing geriatric population coupled with the rising burden of chronic diseases, growing awareness about immunoassay tests in the developing countries, such as China, India, Singapore, and Australia. The World Health Organization (WHO) stated that noncommunicable diseases (NCDs), mainly cardiovascular diseases (CVD), chronic respiratory diseases, cancer, and diabetes are top killers in the South-East Asia Region, claiming an estimated 8.5 million lives every year.
The Middle East & Africa are projected to demonstrate a steady growth in the global immunoassay market over the forecast period. In addition, the major market share of the region would be held by the Middle Eastern region due to recent activity from governments in the region approaching investors to expand the private sector in healthcare which continues to be encouraging.
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