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Immunoassay is the bioanalytical technique that uses the property of affinity of antigen-antibody to distinguish and measure molecules of interest in biological samples. Immunoassays are rapid and precise tests that can be used in the laboratory to detect specific molecules. An increase in the research and development activities, upsurge in disease diagnostics, cancer markers, cardiac analysis, therapeutic drug monitoring, and clinical research practices are also expected to drive the market growth. An immunoassay can be used in hospitals and medical laboratories to run automated biochemical examinations to detect the occurrence and concentration of particular substances in the samples. The roles of immunoassays in various bioanalytical applications, such as medical diagnostics, ecological monitoring, biopharmaceutical analysis, and food testing are driving the growth of the market.
Factors such as escalation in incidences and the prevalence of infectious diseases are the major factors to drive market growth. According to the World Health Organization (WHO), more than 30 different diseases have appeared in the last two decades, and together these diseases pose a threat to the health of millions of people. Moreover, the WHO also estimated that 7% of hospitalized patients in developed countries and 10% of hospitalized patients in developing countries are expected to acquire at least one health-related infection. Thus, the growing volume of patients with infectious diseases is predicted to result in high demand for immunoassay instruments globally.
However, insufficient reimbursement policies are expected to obstruct the growth of the immunoassay market.
Key Market Driver -
Rise in the prevalence of infectious diseases and an increase in the disease diagnostics research are projected to boost the market
Key Market Restraint -
Lack of proper reimbursement policies is likely to hinder the market growth
The global immunoassay market can be segmented on the basis of products, technology, applications, end-users, and region. In terms of products, the market can be segmented into instruments and consumables. Based on the technology, the market can be segmented into radioimmunoassay, Enzyme-linked immunosorbent assays (ELISA), fluoroimmunoassay, chemiluminescence immunoassay, and others. Based on the applications, the market can be segmented into cardiology, oncology, autoimmune diseases, infectious diseases, therapeutics, and others. Based on the end-user, the market can be segmented into biotechnology & pharmaceutical industries, clinical diagnostic laboratories, academic & research institutes, and others.
Geographically, the immunoassay market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global immunoassay report include Abbott, bioMérieux SA, Ortho Clinical Diagnostics, Siemens Healthcare Private Limited, F. Hoffmann-La Roche Ltd, Sysmex Corporation, Merck KGaA, Agilent Technologies, Inc., DiaSorin S.p. A, Beckman Coulter Inc., and other prominent players.
Geographically, the global immunoassay market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is likely to hold the largest share of the market and is anticipated to follow the same thrust over the forecast period owing to the increasing demand for technologically advanced products. Moreover, rising R&D grants from the government as well as private health care agencies contributing to the advancement of technology supporting the growth of the market. However, the immunoassay market in the Asia Pacific is expected to grow at highest rate due to the increase in the prevalence of infectious diseases, increased biotechnological research activities, and an increase in the healthcare expenditure of the region. Latin America and the Middle East & Africa are expected to show moderate growth during the forecast period.
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