Immunoassay Market to Expand with Significant CAGR of 6.20% Between 2018 and 2026

The global market for immunoassay is fragmented in nature with a high number of players engaged in it across the globe, states a new research report by Transparency Market Research. The rapid development of the healthcare sector and the increasing investments by the leading players, especially for research and development activities, which is estimated to enhance the market development and strengthen the competitive scenario of the market over the next few years. Moreover, the rising number of partnerships and mergers and the technological developments in this area are projected to enhance the growth of the global immunoassay market in the coming few years. The leading players operating in the immunoassay market across the globe are Abbott Laboratories, F. Hoffmann-La Roche Ltd., Siemens Healthineers, BioMérieux SA, Becton, Dickinson and Company, DiaSorin S.p.A., Sysmex Corporation, Ortho Clinical Diagnostics, and Danaher Corporation.

As per the research report, in 2017, the global market for immunoassay stood at US$ 16.54 Bn and is estimated to reach a value of US$ 28.61 Bn by the end of 2026. The market is further estimated to exhibit a healthy 6.20% CAGR between 2018 and 2026. The North America market for immunoassay is estimated to hold a key share of the market, further followed by Europe. The strong growth of Europe and North America can be ascribed to the presence of well-established healthcare infrastructure and the development of the biotechnology industry.

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Growing Adoption of Immunoassay in Oncology to Ensure Market Growth

A significant rise in the incidence of infectious and chronic diseases and the tremendously rising geriatric population are the key factors encouraging the growth of the global immunoassay market in the next few years. The rise in the use of immunoassay in the field of oncology and the increasing focus of the key players on technological developments are further predicted to support the development of the market in the near future. In addition to this, the advent of effective and novel automated systems and the rapid development of the biotechnology and biopharmaceutical industries are estimated to accelerate the overall growth of the market in the coming years.

Furthermore, the rise in the adoption of immunoassay-based testing for point-of-care and the important role that is players by immunoassay in the alcohol and drugs testing are some of the other aspects that are predicted to ensure the growth of the market in the near future. In addition to this, the integration of the microfluidics technology in immunoassay is anticipated to enhance the market growth over the next few years.

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Unfavorable Reimbursement Policies to Curb Market Growth in Coming Years

The global immunoassay market is estimated to face a few challenges in the market, due to which the market is likely to experience a slight downfall in the next few years. The increasing complexities in performing the diagnostic tests and the unfavorable reimbursement scenario are the main factors that are predicted to hamper the market growth in the near future. Moreover, the strict rules and regulations regarding the approval of immunoassay consumables and instruments are expected to curb the market growth in the near future. Nonetheless, the increasing potential opportunities in the developing nations and the advent of condition-specific tests and biomarkers are expected to accelerate the market development in the coming few years. Also, the rising consumer awareness for companion diagnostics is likely to supplement the market growth in the next few years.

This information is based on the findings of a research report published by Transparency Market Research (TMR), 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.”