Kenneth Research has evaluated the current market opportunities in Immunoassay Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Immunoassay Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Immunoassay Market By Products and Services (Instruments, Reagents & Kits, Software & Services), By Applications (Oncology, Infectious Disease Testing, Cardiology, Endocrinology, Autoimmune Disease, Other Applications), By End-users (Hospitals & Laboratories, Pharmaceutical & Biotechnology Companies, Other End-users), By Regions (North America, Europe, Asia Pacific, Rest of the World) – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
This market research report includes a detailed segmentation of the global immunoassay market by products and services (instruments, reagents & kits, software & services), applications (oncology, infectious disease testing, cardiology, endocrinology, autoimmune disease, other applications), end-users (hospitals & laboratories, pharmaceutical & biotechnology companies, other end-users), and regions (North America, Europe, Asia Pacific, Rest of the World).
Overview of the Global Immunoassay Market
Kenneth’s market research report predicts that the “global immunoassay market” will grow at a CAGR of ~6.0% during the forecast period 2019–2025. Growing patient base, improvements in technology, increasing significance of companion diagnostics in the immunoassay market, launch of innovative products, and rising elderly population are few of the factors facilitating the growth of the immunoassay market.
The market continues to grow as immunoassay is one of the most widely used techniques for disease diagnosis and measuring treatment effectiveness. Key market players are focusing on increased product launch and strategic deals to strengthen their market position. The market generates significant revenue from the key players operating in this field, and few of them include Roche Diagnostics, bioMérieux SA, Abbott Laboratories, Becton Dickinson & Company, and Siemens Healthineers.
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According to Kenneth Research analysis, North America accounted for the largest share of the global immunoassay market in 2018 and Asia Pacific is expected to grow at a high CAGR during the forecast period. Immunoassays offer a broad array of applications in disease diagnosis with high specificity and sensitivity when compared to other tests. According to the National Cancer Institute, in the US, an estimated 1,735,530 new cancer cases were diagnosed and approximately 609,640 deaths were recorded in 2018. The biggest infectious disease killers, currently in the US, are pneumonia and flu, which are responsible for nearly 40% of all deaths from infectious diseases.
By Products and Services:
• Instruments
• Reagents and Kits
• Software and Services
Reagents and kits, in terms of immunoassay products and services, held a significant market share in 2018, owing to the need to repeat the purchase of assay kits & reagents, increase in the rate of chronic and infectious diseases, and growing number of immunoassay tests.
By Applications:
• Oncology
• Infectious Disease Testing
• Cardiology
• Endocrinology
• Autoimmune Disease
• Other Applications
Among various applications, the infectious disease testing segment occupied the largest share in 2018. Oncology is estimated to grow at a high CAGR during the forecast period due to increasing technological advancements that assist in the precise identification of cancer-causing organisms and rising number of cancer cases globally.
By End-users:
• Hospitals and Laboratories
• Pharmaceutical and Biotechnology Companies
• Other End-users
The hospitals and laboratories segment occupied the largest market share, i.e., more than 30% in 2018, and is expected to remain dominant during the forecast period 2019–2025.
By Regions:
• North America
• Europe
• Asia Pacific
• Rest of the World
North America was dominant in the global immunoassay market in 2018. The significant share of the North American region comes from the US due to improved healthcare infrastructure, high usage of immunoassays in clinical diagnostics, and favorable reimbursement facilities.
Immunoassay Market Research Competitive Analysis – The market is growing at a steady rate with mid-single-digit CAGR during the forecast period 2019–2025. The market players are continuously focusing on R&D to deliver innovative products in the market. The increasing usage of technology has resulted in strategic collaborations, new product launch, and increased funding. For instance, in March 2019, Beckman Coulter announced the launch of Access PCT assay, the newest addition to its extensive portfolio for the sepsis identification and management. In April 2019, Thermo Fisher Scientific announced the availability of the new immunoassay, Thermo Scientific CEDIA Mitragynine (Kratom) assay, its latest drugs of abuse test that comprises supporting calibrators and controls. In August 2019, Bio-Techne Corporation and Cygnus Technologies, a part of Maravai LifeSciences, announced a strategic partnership for the quantification of Chinese Hamster Ovary Host Cell Proteins (CHO-HCP) on the ProteinSimple-branded Ella immunoassay platform. According to agreement terms, both the companies are introducing the co-developed third-generation CHO-HCP assay in the proprietary Simple Plex immunoassay cartridge for customers in North America and Europe.
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Key Vendors:
• Roche Diagnostics
• bioMérieux SA
• Abbott Laboratories
• Becton Dickinson & Company
• Siemens Healthineers
Key Competitive Facts
• The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
• The requirement of high capital investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
Benefits – The report provides complete details about the sub-segments of the global immunoassay market. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the diagnostics segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.
Key Takeaways:
• Understanding the potential market opportunity with precise market size and forecast data.
• A detailed market analysis focusing on the growth of immunoassay industry.
• Factors influencing the growth of the immunoassay market.
• In-depth competitive analysis of dominant and pure-play vendors.
• Prediction analysis of the immunoassay market in both developed and developing regions.
• Key insights related to major segments of the immunoassay market.
• Latest market trend analysis impacting the buying behavior of the consumers.
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