Immunoassay Market is Driven by Technological Advancements in the Development of New Immunoassays

Global Immunoassay Market: Snapshot

The global immunoassay market is growing at a fast pace in the coming few years, thanks to the rising alcohol and drug testing. The technological developments in this field and the advent of novel automated systems are some of the key factors that are estimated to ensure the development of the immunoassay market over the next few years.

According to the research study, the global market for immunoassay stood at US$ 16.54 Bn in 2017, is anticipated to reach a value of US$ 28.61 Bn by the end of 2026. The market is expected to register a strong 6.20% CAGR between 2018 and 2026.

Technological Developments to Encourage Immunoassay Market in Near Future

A substantial rise in the cases of infectious and chronic disease and the rise in the use of immunoassays in oncology are likely as the main factors that are projected to support the development of the market in the coming years. The rising geriatric population and the technological advancements in this area are estimated to accelerate the growth of the overall market in the next few years. Moreover, the high development in biopharmaceutical and biotechnology industries is another factor that is predicted to create potential growth opportunities over the coming years.

On the flip side, the unfavorable reimbursement environment and the strict rules and regulations concerning the approvals of immunoassay consumables and instruments are estimated to restrict the development of the global immunoassay market in the coming years. In addition to this, the rising complexities in performing diagnostic tests is anticipated to curtail the overall development of the market in the next few years. Nevertheless, the growing opportunities in the developing nations is predicted to ensure the growth of the market in the coming few years.

North America to Experience High Growth in Coming Years

In the last few years, the immunoassay market across North America held a huge share of the market and is likely to remain in the similar position over the next few years. The high number of research projects and the existence of a well-established healthcare infrastructure are projected to accelerate the development of the immunoassay market in North America over the next few years. With rising geriatric population and the development of the biotechnology and pharmaceutical industries are anticipated to accelerate the growth of this region in the coming few years. Also, Asia Pacific is projected to register a promising growth in the coming few years, thanks to the rising number of diagnostic laboratories and hospitals. In addition to this, the rising number of patients is expected to propel the global immunoassay market in the next few years.

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The global market for immunoassay is likely to witness a stiff competition among the prominent players that are engaged in the immunoassay market across the globe. The high development of the medical industry and the increasing investments by the players for research activities are projected to ensure the development of the market in the next few years. Moreover, the high number of collaborations and acquisitions is considered as another key factor that is predicted to ensure the market development in the coming years. The leading players in the immunoassay market across the globe are Becton, Dickinson and Company, Ortho Clinical Diagnostics, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Danaher Corporation, Sysmex Corporation, bioMérieux SA, DiaSorin S.p.A., and Siemens Healthineers.

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