Immunoassays are bio analytical procedures which are used in the diagnosis of various disease. The increased adoption of these assays in pharmaceutical analysis can be attributed to high throughput and high sensitivity of tests for analysis of wide range of biological samples for disease diagnosis. Increasing burden of chronic diseases and need for the early detection to reduce mortality around the world are providing a thriving environment for the immunoassay market. In addition, highly developed laboratories in the developed countries and improving healthcare infrastructure in emerging economies are also positively impacting the market in the coming years.
Global immunoassay market is segmented by product & service, platform, technology, specimen, application, and end user.
By product & service, the market is segmented into reagents and kits, analyzers, and software & services. The reagents and kits segment is expected to grow at the fastest CAGR. The growth can be attributed to repeated purchase of kits and reagents in combination with increasing number of immunoassay are being performed.
Based on platform, the global immunoassay market is segmented into chemiluminescence immunoassays (CLIAs), colorimetric immunoassays (CIs), fluorescence immunoassays (FIAs), radioimmunoassays (RIAs), and other platforms. chemiluminescence immunoassays is expected to hold the largest share due to low cost of the test and high sensitivity of results.
By technology, the immunoassays market is segmented globally into enzyme-linked immunosorbent assays (ELISA), rapid tests, western blotting, enzyme-linked immunospot (ELISPOT), immuno-PCR, and other technologies. The ELISA segment is expected to generate the highest revenue in the forecast period as it is the most preferred immunoassay tests for the diagnosis of cancer, infectious diseases, and therapeutic drug level monitoring.
Based on specimen type, the market is segmented into blood, urine, saliva and other specimens. Blood samples is expected to register the highest register. This can be attributed to high prevalence of chronic disease.
By application, the global immunoassays market is divided into infectious diseases, endocrinology, bone and mineral disorders, oncology, cardiology, hematology and blood screening, autoimmune disorders, toxicology, neonatal screening and other applications. The infectious diseases segment in expected to witness the highest CAGR in the assessment period as there is high in number of infectious disease and increasing product approvals.
End user segment is classified into hospitals, clinical laboratories, blood banks, research and academic laboratories, pharmaceutical and biotechnology companies and contract research organizations (CROs), and other end users. The hospitals segment can account for the largest share as diagnostic tests in hospitals are easily accessible, time saving and provide smooth process.
Geographically, the global immunoassay market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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North America is likely to dominate the immunoassay market due to increasing application of immunoassay techniques in cancer research, increasing adoption of low cost and compact immunoassay instruments and demand of quality of infrastructure for laboratory and clinical research.
Europe is likely to emerge as the second largest immunoassay market globally. This can be attributed to increasing cancer disease burden and strong government policies to reduce the number of chronic disease.
Asia pacific immunoassay market is expected to witness significant growth on account of increasing development and production of vaccines & drugs, growing medical treatment for infectious and chronic diseases, huge number of investment opportunities for market player and increasing number of diagnostics laboratories.
LAMEA is expected to witness steady growth as government health budgets in Latin America are small compared to developed economies. In addition, various cancer-awareness programmers exist but understanding of cancer risks is still inadequate.