According to a report,“Immunoassay Market Size, Share & Trends Analysis Report By Product (Reagents & Kits, Software & Services), By Technology (RIA, EIA, Rapid Test), By Application, By End Use, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., the global immunoassay market size is expected to reach USD 25.41 billion by 2025. It is anticipated to expand at a CAGR of 5.0% during the forecast period. Extensive usage of immunoassay techniques for detection of infectious and chronic diseases is the prime factor driving the growth. In addition, launch of novel products coupled with rapid technological advancements are anticipated to drive the market. For instance, Quidel Corporation received CE mark approval in 2018 for its product Sofia, which is a Quantitative Vitamin D Assay used with Sofia instrument.
Key Takeaways from the report:
Reagents and kits accounted for a significant market share of about 72.0% in 2018, owing to extensive application of the products
Closed-ended systems is expected witness a profitable CAGR over the forecast period due to associated advantages, such as sterility, and cheaper rates as compared to open-ended systems
Asia Pacific is anticipated to witness significant CAGR over the forecast period due to rising healthcare spending and healthcare investments by many companies
Key players operating in the immunoassay market are Quidel Corporation; Ortho Clinical Diagnostics; Roche Diagnostics; and Thermo Fisher Scientific, Inc. among others
The industry participants engage in extensive research activities to develop novel immunoassays for diagnosis of infectious and chronic diseases.
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Moreover, collaborations and partnerships among medical device giants are expected to provide new growth platforms for immunoassay techniques, such as radioimmunoassay, rapid tests, and enzyme immunoassays among others. For instance, Roche Diagnostics and GE Healthcare entered into a partnership to develop and market digital clinical decision systems in January 2018. This partnership aided in improving cancer and critical care.
Furthermore, automation has benefits such as efficiency and optimal usage of labor and space in laboratories. Thus, the immunoassay market is witnessing lucrative growth as some players are introducing automated laboratory systems, point-of-testing compact, and portable assay tests. For instance, launch of innovative products such as compact and portable ichroma II by Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument used for influenza screening.
North America held a significant market share in 2018, attributed to high R&D investments by pharmaceutical and medical device manufactures and favorable government insurance policies. For instance, in May 2018, a bill was approved by the U.S. congress, as per which an individual can try unproven medical aids, which includes drugs, medications, and devices, in case of severe illness.
Grand View Research has segmented the global immunoassay market on the basis of product, technology, application, end use, and region:
Immunoassay Product Outlook (Revenue, USD Million, 2014 – 2025)
Reagents & Kits
Analyzers/ instruments
Open-ended Systems
Closed-ended Systems
Software & Services
Immunoassay Technology Outlook (Revenue, USD Million, 2014 – 2025)
Radioimmunoassay (RIA)
Enzyme Immunoassay (EIA)
Chemiluminescence Immunoassays (CLIA)
Fluorescence Immunoassays (FIA)
Rapid test
Others
Immunoassay Application Outlook (Revenue, USD Million, 2014 – 2025)
Therapeutic drug monitoring
Oncology
Cardiology
Endocrinology
Infectious disease testing
Autoimmune diseases
Immunoassay End Use Outlook (Revenue, USD Million, 2014 – 2025)
Hospitals
Blood banks
Clinical laboratories
Pharmaceutical and biotech companies
Academic research centers
Immunoassay Regional Outlook (Revenue, USD Million, 2014 – 2025)
North America
The U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Belgium
Switzerland
Netherlands
Poland
Austria
Greece
Sweden
Turkey
Finland
Asia Pacific
China
India
Japan
Sri Lanka
Malaysia
Australia
New Zealand
Thailand
Vietnam
Singapore
Latin America
Mexico
Brazil
Chile
Peru
Columbia
Argentina
Middle East & Africa
South Africa
Saudi Arabia
Jordan
UAE
Qatar
Nigeria
Egypt
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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