Increasing Use of Immunoassay in Oncology Supports the Market Growth of Immunoassay market 2025 which grow at a CAGR of 7% from 2019 to reach $18.66 billion by 2025

Meticulous Research®– leading global market research company published a research report titled “Immunoassay Market by Product (Kits & Reagents, Analyzers, Software), Platform (Chemiluminescence, Radioimmunoassays) Application (Infectious Diseases, Cardiology), End User (Hospitals, Academic Laboratories), and Geography – Global Forecast to 2025”.

According to this latest publication from Meticulous Research®, the global immunoassay market is expected to grow at a CAGR of 5.1% from 2019 to reach $21.2 billion by 2025. The high growth of immunoassays market is mainly attributed to increasing incidence of chronic and infectious diseases, growing use of immunoassay in oncology, rise in drug and alcohol testing, and technological advancements in immunoassay. In addition, emerging markets and increasing epidemic potentials offer significant growth opportunities for the players operating in this market. However, limitations of immunoassay and development of alternative technologies are the key factors expected to hinder the adoption of immunoassay products.

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The global immunoassay market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025-by product (immunoassay kits & reagents, immunoassay analyzers, immunoassay software & services), platforms (chemiluminescence immunoassays, fluorescence immunoassays, colorimetric immunoassays, radioimmunoassays, other platforms) application (infectious diseases, cardiology, endocrinology, oncology, bone & mineral disorders, autoimmune disorders, allergy, other applications), end user (hospitals & clinics, clinical laboratories/reference labs, blood banks, pharmaceutical and biotechnology companies, research & academic laboratories, other end users). The study also evaluates industry competitors and analyzes the market at regional and country level.

On the basis of product, the immunoassay kits and reagents segment accounted for the largest share of this market in 2018. The large share of this segment is mainly attributed to increasing number of immunoassay tests being performed across the globe leading to recurrent purchase of kits and reagents. Among kits and reagents segment, ELISpot kits and reagents segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to rising global incidence of chronic diseases, increasing vaccines development to address the challenge of antimicrobial resistance, and technological advancements in ELISpot assay kits and analyzers.

On the basis of detection technology or platform incorporated, the immunoassay market comprises Chemiluminescence Immunoassays (CLIAs), Colorimetric Immunoassays (CIs), Fluorescence Immunoassays (FIAs), Radioimmunoassays (RIAs), and other platforms, including turbidimetric immunoassays and counting immunoassays. The CLIAs segment accounted for the largest share of the global immunoassays market in 2018. The large share of this segment can primarily be attributed to wide adoption of CLIAs in clinical diagnostics, research applications, and in pharmaceutical analysis due to low cost per test and high sensitivity.

On the basis of application, infectious diseases accounted for the largest share of the global immunoassay market in 2018. The rising incidence of infectious diseases and growing adoption of immunoassay diagnostics in infectious diseases are the key factors responsible for the large share of this segment in the market. Oncology segment is expected to grow at the highest CAGR in the forecast period. Rising prevalence of cancer, increasing focus towards tumor market development, technological advancements, and growing awareness about cancer are expected to drive the growth of this market.

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The hospitals segment accounted for the largest share in 2018 and is expected to grow at the highest CAGR during the forecast period. This is primarily attributed to large volume of tests performed in hospitals and hospital-associated laboratories. Ease of access and need of faster turnaround time are some of the key factors that lead to large volume of tests performed in hospitals.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global immunoassays market in 2018, followed by Europe and Asia Pacific. However, Asia Pacific region is expected to grow at the higher CAGR during the forecast period. The immunoassays market in Asia Pacific, especially in China, India, and Japan is expected to witness high growth during the forecast period. Growth in this market is expected to be driven by large pool of patient population, increasing prevalence of infectious diseases and cancer, increasing government spending on the healthcare, and increasing disposable income of the population that improved the access to diagnosis and treatment. In addition, favorable government policies and healthcare structural reform are further expected to drive the market growth. Furthermore, the lack of stringent regulations and liberalization in Asian countries is also a key factor making Asia Pacific a lucrative market.

The major players operating in the global immunoassays market are F. Hoffman La Roche AG (Switzerland), Abbott Laboratories (U.S.), Siemens AG (Germany), Danaher Corporation (U.S.), Sysmex Corporation (Japan), bioMérieux (France), Ortho Clinical Diagnostics (U.S.), DiaSorin SPA (Italy), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific (U.S.), Becton, Dickinson and Company (U.S.), Merck (Germany), Bio-Rad Laboratories (U.S.), Agilent Technologies (U.S.), PerkinElmer (U.S.), Quidel Corporation (U.S.), Bio-Techne Corporation (U.S.), and Mindray (China) among others.

Key questions answered in the report-

Which are the high growth market segments in terms of product, platforms, application, end user, and region/countries?
What was the historical market for immunoassay across the globe?
What are the market forecasts and estimates for the period 2019-2025?
What are the major drivers, restraints, opportunities, and challenges in the global immunoassay market?
Who are the major players in the global immunoassay market?
How is the competitive landscape and who are the market leaders in the global immunoassay market?
What are the recent developments in the global immunoassay market?
What are the different strategies adopted by the major players in the global immunoassay market?
What are the geographical trends and high growth regions/ countries?

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This release was published on openPR.