Leading, nimble players in the global immunoassay market are seen setting substantial allocations on product development. They are banking upon product differentiation to grow sales. To that end, they are also seen embarking upon strategic mergers and acquisitions. It not just helps them to easily diversify their product portfolio but also expand geographical outreach.
Players that have come to hold prominent positions in the global immunoassay market with the help of such strategies are Danaher Corporation, Siemens Healthineers, F. Hoffmann-La Roche Ltd., Abbott Laboratories, and Thermo Fisher Scientific Inc. Many of them have partnered with research institutes for strengthening their product offerings and also to grow their footprints into the under tapped emerging markets.
A report on the global immunoassay market finds that it was worth US$ 16.54 bn in 2017. It projects the market to become worth US$ 28.61 bn by 2026 by rising at a CAGR of 6.2% from 2018 to 2026.
The two types of products available in the global immunoassay market are consumables and analyzers. Between the two, the consumables are currently leading with respect to sales growth. The segment consists of test kits, immunoassays, calibrators, reagents, diluents, controls, wash solutions, and buffers. These products, with a relatively shorter lifespan and meant for single use, are cheaper to produce. Hence, they are abundantly available and affordable. This explains their high sales growth. With respect to geography, Asia Pacific is currently rising at an impressive 7.1% CAGR in the immunoassay market. This is because of the large population and rapid economic development in the region.
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Alarming Increase of Chronic and Infectious Diseases Driving Demand for Immunoassays
Acting as a major catalyst for growth in the global immunoassay market is the increasing instances of infectious and chronic diseases worldwide. Elaborates the lead analyst of the report, “Occurrence of endocrinological diseases, namely diabetes mellitus, thyroid dysfunction, osteoporosis, and others is rising because of changing lifestyles. As per the International Diabetes Federation (IDF), around 415 million people in the world were afflicted with diabetes in 2015. A range of ailments, namely diabetes, chronic respiratory diseases (CRD), cancer, chronic kidney diseases (CKD), neurological disorders, and cardiac stroke are resulting in death and disability these days. This has warranted preventive, and predictive diagnosis thus driving up demand in the global immunoassay market.”
The report finds that a large pool of elderly who are prone to several health issues are also having a positive impact on the global immunoassay market.
Automated, Integrated Systems Pave Way for the Future in Immunoassay Market
Going forward, development of automated and integrated systems for diagnosis of viral structural changes and new viral epidemics are expected to pave the way for further growth of the global immunoassay market. Adds our lead in-house analyst, “With rising consolidation in diagnostic laboratories, test volumes are set to rise which would in turn bolster demand for highly integrated multi component systems that are capable of complete automated sample handling and post process sample storage, integration of data with lab automation platforms, and remote monitoring and control.”
The review is based on the findings of a TMR report, titled, “Immunoassay Market (Technology – Chemiluminescence Immunoassay (CLIA), Enzyme-linked Immunosorbent Assay (ELISA), Enzyme-linked Fluorescence Assay (ELFA), Radioimmunoassay (RIA); Product – Analyzer, Consumables; Application – Infectious Disease, Endocrinology, Oncology, Cardiology, Orthopedics; End use – Hospitals and Diagnostics Laboratories, Blood Banks) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026.”