The Immunoassays Market - Worldwide Growth, Trends and Forecasts (2019-2024) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 2, 2019--The “Immunoassays Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The immunoassays market is expected to register a CAGR of 9.7%, over the forecast period.
Factors that are responsible for the growth of this market include cost-effectiveness, growth in the biotechnology and pharmaceutical sectors, and high sensitivity and specificity of immunoassays.
Compared to conventional tests, immunoassays have been proven to provide highly accurate results even with very small samples. These immunoassays are considered to have a detection limit of 1pg/ml, which can be attributed to the fact that immunoassays are based entirely on immunologic reactions. Immunologic reactions are highly specific, as they can take place only in the presence of proper immunologic agents.
For instance, an antibody against a viral protein cannot bind with an antigen that is derived from bacteria. This high specificity indicates high accuracy in results, which enable high sensitivity in the detection of diseases. This high sensitivity not only helps in easy detection, but also eliminates the need for secondary verifications, which ultimately saves a lot of costs. Thus, the high sensitivity, specificity, and cost-saving nature of immunoassays are driving the growth of the immunoassays market. However, factors, such as complex assay procedures and limitations associated with immunoassays, may hinder the market growth.
Infectious Disease Segment, under Application, is Expected to Lead the Market
Immunoassays for infectious disease are expected to lead the market, and continue the same during the forecast period. This can be mainly attributed to the upsurge in the prevalence of infectious diseases, such as Lyme disease, salmonella infections, tuberculosis (TB), and meningococcal ailments cases.
For instance, according to the Centers for Disease Control and Prevention (CDC), one-fourth of the world’s population is infected with TB. In 2017, there were approximately 10 million people, around the world, who were infected with TB, and 1.3 million deaths occurred due to TB, across the world. Therefore, utilization of immunoassays may help in detecting these diseases, which is anticipated to increase the market growth.
North America Dominates the Market and is Expected to do the Same during the Forecast Period
Currently, North America dominates the market for immunoassays, and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. This can be majorly attributed to the increasing incidence rates of chronic disorders, infectious diseases, increasing number of geriatric population, as well as due to the well-developed healthcare infrastructure and increasing penetration of medical devices in the region.
Moreover, high expenditure on R&D by government organizations and pharmaceutical companies, for disorders and diseases, such as chronic ailments and diabetes, are some of the primary factors driving the regional market.
The immunoassays market is moderately competitive and consists of several major players. In terms of the market share, few of the major players currently dominate the market. With rising need for healthcare development and the advances in immunoassays, few other smaller players are expected to enter the market.
Some of the major players of the market are Abbott Laboratories Inc., Becton Dickinson and Company, Danaher Corporation, Hologic Inc., and Qiagen NV, among others.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Sensitivity and Specificity of Immunoassays
4.2.2 Cost Effectiveness
4.2.3 Growth in the Biotechnology and Pharmaceutical Sectors
4.3 Market Restraints
4.3.1 Complex Assay Procedures
4.3.2 Limitations Associated with Immunoassays
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Enzyme Immunoassay
5.1.2 Fluorescence Immunoassay
5.1.3 Chemiluminescence Immunoassay
5.1.5 Nephelometric Immunoassay
5.1.6 Other Technologies
5.2 By Therapeutic Area
5.2.3 Autoimmune Disease
5.2.5 Infectious Disease
5.2.8 Other Therapeutic Areas
5.3 By End User
5.3.1 Hospital and Centralized Laboratories
5.3.2 Pharma and Biotech Firm
5.3.3 Other End Users
5.4.1 North America
5.4.4 Middle East & Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories Inc.
6.1.2 Becton Dickinson and Company
6.1.3 Danaher Corporation
6.1.4 Devon Medical Products
6.1.5 EDP Biotech Corporation
6.1.6 Hologic Inc.
6.1.7 Luminex Corporation
6.1.8 Meridian Life Science Inc.
6.1.9 Qiagen N.V.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/5jq6wq
View source version on businesswire.com:https://www.businesswire.com/news/home/20190502005482/en/
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Related Topics:In Vitro Diagnostics
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY
SOURCE: Research and Markets
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PUB: 05/02/2019 09:27 AM/DISC: 05/02/2019 09:26 AM