Immunoassay Market Insights, Scope And Forecast By 2020-2026
Posted by Anup Kumar on February 4th, 2021
As the number of chronic and infectious diseases compound, medical advancements have grown in equal proportion. The global immunoassays market is one such domain. It is poised to register a positive growth trend, expanding at a CAGR of 6.0% throughout the forecast period (2020-2026). Medical practitioners are increasingly relying on analyzer technique such as enzyme-linked immunosorbent assay (ELISA), immunofluorescent assay (IFA) and chemiluminescence immunoassay (CLIA) to detect infectious pathogens.
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The novel coronavirus pandemic is an area where the immunoassay market shows promising developments. Key players have been conducting extensive research with the onset of the disease to determine possible antibodies to counter the virus. For instance, in April 2020, Bio-Rad Corporation announced the introduction of a blood-based immunoassay kit for the identification of antibodies for coronavirus. Besides, diagnosis of autoimmune diseases has also found increased applications of immunoassay treatments.
Key Takeaways of Global Immunoassay Market Study:
• By technology, chemiluminescence immunoassay (CLIA) shall capture nearly half of the global immunoassay market during the forecast period, expanding at a CAGR of 6.6% across the forecast period. Following behind is the enzyme-linked immunosorbent assay (CLIA), accounting for more than 30% of the market.
• By product, the consumables segment shall capture greater than 4/5th of the global immunoassay market. Wide usage of immunoassays in diagnosing infectious diseases and endocrine disorders is driving the consumables segment growth.
• By application, both endocrinal disorders and infectious diseases segment shall expand at a CAGR of 6.5% each, capturing 17.1% and 29.3% market shares respectively. Widespread applications of endocrinal testing for several disorders shall leverage growth prospects for endocrinal disorders while the ongoing COVID-19 pandemic is leveraging the infectious diseases segment.
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• By end-user, hospitals are anticipated to capture the majority of the market share (~81%) while blood banks shall expand the fastest, at a CAGR of nearly 7.0%. Increasing number of immunoassay tests in hospital settings is anticipated to drive the hospitals segment while increased demand for blood transfusions for curing infectious diseases is anticipated to leverage the blood banks segment.
• By region, North America shall remain the supreme leader, accounting for nearly two-fifths of the global immunoassay market. However, Asia-Pacific promises to offer lucrative opportunities, expanding at a CAGR of 7.0%. Mergers and acquisitions among leading manufacturers and burgeoning investments in the life sciences and healthcare industry are key growth determinants in both regions.
“The global immunoassay market is poised to register positive growth in the future, burgeoned by increasing adoption of testing against the backdrop of rising prevalence of chronic and infectious diseases. In addition, the coronavirus pandemic is anticipated to provide further stimulus to the immunoassay testing market,” concludes a Fact.MR analyst.
Global Immunoassay Market: Competition Structure:
The global immunoassay market is highly consolidated. The top four market players constitute more than half of the total market share. These players are: F. Hoffmann La-Roche Ltd. (Roche Holdings AG), Abbott Laboratories, Siemens Healthineers and Beckman Coulter, Inc. (Danaher).
These players have consolidated their operations by virtue of important collaborations to burgeon production of immunoassay kits. La-Roche, for instance, offers products such as the COBAS C 702 & E 602 Module, the COBAS 4000 & 6000 Analyzer series and Elecsys Assays.
Likewise, Abbott Laboratories offers biotin-free assays to prevent interference in testing and the resulting inaccuracies. Other prominent immunoassay players include DiaSorin S.p.A., Sysmex Corporation, bioMerieux SA, Ortho Clinical Diagnostics, Thermo Fisher Scientific, Inc., Becton, Dickinson and Company and Merck KGaA.