Immunoassay Instruments Market to Reach USD 23.3 Billion by 2024

Posted by carol miller on February 4th, 2020

The global immunoassay instruments market was valued at USD 14.7 billion in 2015 and is expected to reach a value of USD 23.3 billion by 2024. The prime factors driving the immunoassay analyzers market growth include constant introduction of advanced products. In addition, growing clinical applications for investigation and diagnosis of various chronic and related infectious diseases is expected to drive the growth of the market. 

The industry is rapidly growing due to the constant introduction and adoption of automated as well as advanced techniques for laboratory instruments and analyzers in developed countries. Rising prevalence of infectious diseases and chronic conditions, which require early diagnosis, prevention, and treatment, is one of the main factors boosting the demand for immunoassay analyzers and compact consumable products in the healthcare sector. In addition, industry is gaining speed with the launch of innovative products such as compact and portable ichroma II of Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument. Moreover, with the U.S. FDA approval of the iStat cardiac Troponin I test cartridge that uses enzyme-linked immunosorbant assay (ELISA) method, commercialization of such immunoassay products is also expected to increase significantly over the next few years. 

In North America, the government authorities and private companies have significantly contributed toward development of technology, supported research funding, and helped in commercialization of immunoassay analyzers and associated instruments. For instance, in June 2016, Abbott diagnostic launched Architect i1000SR, an automated immunoassay instrument that works on the principle of chemiluminescence. Using this system, number of different assays can be performed in a very short time.

Further Key Findings from the Study Suggest:

• Rapid adoption of advanced technology and automation of laboratory work flow, laboratory instruments, and analyzers is expected to fuel the market growth with CAGR of around 5% over the forecast period.
  
  
• Consumables segment was the largest revenue generating space with over 70% market share in 2015. Repeated purchase of consumables and portable point-of-care kits have contributed to its growth, thus capturing the largest revenue share.
  
  
• In 2015, North America captured the largest revenue share of around 37% of the global market. The continuous research on treatment of infectious diseases and subsequent grants from government healthcare agencies are contributing toward the development of a potential market for the expansion of immunoassay analyzers in the region.
  
  
• Asia Pacific is expected to rise as the fastest growing region during the forecast period. The growing geriatric population in India, China, and Japan has led to the increase in the prevalence of infectious diseases, such as tuberculosis, cholera, typhoid, and various chronic conditions, such as cancer and autoimmune diseases, thereby promoting the utilization of immunoassays in the region.
  
  
• The immunoassay instruments sector is dominated by a few key participants, such as Abbott Laboratories, bioMerieux, Inc. and Roche Diagnostics. Some of the other prominent players operating in the market include, but are not limited to, Becton Dickinson & Company; Diasorin S.p.A; Bio Rad Laboratories; and Siemen Healthcare GmbH. Introduction and adoption of automated systems and innovative designs is expected to intensify the competition by changing the industrial framework over the forecast period.

Access full research report on global immunoassay instruments market: www.grandviewresearch.com/industry-analysis/immunoassay-instruments-analyzers-market