Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Immunoassay market. In addition, complete analysis of changes on the global Immunoassay market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The immunoassay products play a crucial role in containing the spread of COVID-19.
The rapid tests have proven to be an efficient, rapid and simple molecular test for comprehensive monitoring of COVID-19. Difficulties in detecting SARS-CoV2 have been mitigated through extensive research, evaluations and approvals of various immunoassay solutions and analyzers. Immunoassays such as chemiluminescence, rapid tests, and other techniques are increasingly used.
The market has been impacted by the demanding regulatory standards of the immunoassay product approval market and the technical challenges of immunoassay products and reagents. Due to the widespread diagnosis of COVID-19, the immunoassay industry has witnessed tremendous expansion in different countries throughout the outbreak. Also, as the number of COVID-19 cases increases in the third wave, the market is expected to grow even more. Furthermore, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.
The market growth is driven by a global increase in chronic and infectious diseases, including the COVID-19 outbreak. In addition, the increase in the geriatric population, which is more susceptible to chronic and infectious diseases, will support growth. An increase in the prevalence of chronic diseases such as cancer, infections, cardiovascular diseases, autoimmune diseases, diabetes mellitus and nephrological diseases has led to the widespread use of immunoassay techniques in the diagnosis of diseases. Cancer cases are steadily increasing, which is expected to drive demand for effective diagnostic methods such as immunoassays. This technique is important for determining oncogenesis and diagnosing cancer, whether benign or malignant, and its different stages. It facilitates the use of monoclonal and polyclonal antibodies to detect specific antigens in tissues by determining the presence of tumor antigens. Advanced immunoassay technology provides accelerated results with increased efficacy, detection limits, sensitivity and cost efficiency. The mass adoption of rapid, point-of-care tests for disease diagnosis and drug and alcohol abuse has fueled the growth of the global immunoassay market.
Applications of immunoassay diagnostics are increasing significantly around the world. Awareness campaigns aimed at identifying the symptoms of infectious diseases and how to prevent them play an important role in controlling the epidemic disease. Therefore, the increased patient awareness along with advanced immunoassay techniques has led to a high demand for immunoassays. This is anticipated to increase the number of growth opportunities for the market in the upcoming years. Developing economies, particularly in the Asia-Pacific region are expected to provide new growth opportunities in the forecast period. Growing importance of companion diagnostics, technological advancements in immunoassay products, condition-specific biomarker immunoassays, and other emerging technologies are stimulating the growth of the market.
Regulatory agencies in several countries have established strict regulations for the approval and marketing of immunoassay products and instruments. Additionally, technological hurdles of immunoassay kits and reagents such as antibody cross-reactivity, low detection limits of available antibodies, false negative results, and others are slowing down the growth of the immunoassay market during the forecast period.
Technicians in the immunoassay industry face many design challenges associated with immunoassays, such as misinterpreting results. The lack of skilled professionals in clinical diagnostics has also been a challenge for a long time.
The report provides in-depth analysis of global Immunoassay market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various immunoassay products in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
The global Immunoassay market comprises of different market segment like product type, technology, application, end-user and geography.
By product type, the immunoassay includes key segments of reagents and kits, analyzers and instruments and software services. The reagents and kits segment is likely to have growing demand in the market for the forecast period. The large growth share of the segment is due to the high demand for immunoassay reagents and kits for diagnostic purposes with an increasing prevalence of infectious and autoimmune diseases. Additionally, the approval and launch of new immunoassay kits is expected to support the segment's growth. Also, the high growth rate is attributed to the rise in use of reagents and kits for the diagnostic purposes. The technological development is expected to drive growth of the analyzers and instruments and software services segment in Immunoassay market the upcoming years.
By technology, the immunoassay market includes the segments of radioimmunoassay (RIA), ELISA, rapid tests, fluorescence, rapid test, western blot, PCR, colorimetric, chemiluminescence and others. ELISA segment is anticipated to lead in the global immunoassay market for the forecast period. Some of the major advantages of this method over other methods are shorter test times, quantitative results, and the requirement for limited antisera for analysis. A rapid test, also known as a lateral flow immunoassay, is used to detect the existence of the target analyte without using specialized equipment.
The immunoassay market finds its major application in infectious diseases, oncology, autoimmune diseases, cardiology, blood screening, endocrinology, hematology, toxicology, therapeutic drug monitoring and others. The infectious diseases segment is expected to maintain its lead over the forecast period. This high share can be attributed to the increased incidence of infectious diseases such as HIV, malaria, influenza and the COVID-19 infection. The launch of new products in the field of infectious disease testing is pushing the growth of the market further. The infectious diseases segment is anticipated to lead in the global immunoassay market for the forecast period.
By end-user, the immunoassay market includes the segments of hospitals & clinics, diagnostic centers, blood banks, pharmaceutical and biotechnology companies, clinical laboratories, academic research centers and others. The hospitals and clinics segment is anticipated to lead in the global immunoassay market for the forecast period. The increase in the number of hospitals has led to strong growth in this segment. With the continuing changes in healthcare, the need for hospitals with advanced facilities and equipment has increased.
The global immunoassay market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is anticipated to lead in the Immunoassay market during the forecast period (2022-2028). This is due to the growing demand for diagnostics due to the increased incidence of cancer and the ready availability of technologically advanced diagnostic techniques. Furthermore, the high incidence of infectious diseases in the region, such as HIV, tuberculosis and influenza, is increasing the demand for detection and treatment.
The competitive landscape analysis of immunoassay market is majorly focused on expanding the global growth of Immunoassay with new product launches, partnership/ agreement and merger & acquisitions which has boosted the market growth at highest pace. Besides, presence of wide range of manufacturer operating in the market offers range of products in different application to fulfill the required demand has further contributed healthy growth in the market.
The key players studied in market are Siemens Healthineers, Abbott Laboratories, Thermo Fisher Scientific, Danaher, Bio-Rad Laboratories, Ortho Clinical Diagnostics, BioMrieux, DiaSorin, Becton, Dickinson & Company, Agilent Technologies, Quidel Corporation, Ortho Clinical Diagnostics, J. Mitra & Co. Pvt. Ltd., Cell Sciences, Biological Technology, Epitope Diagnostics Inc., among others.
February 2021: Thermo Fisher Scientific Inc. had acquired the private point-of-care molecular diagnostic company Mesa Biotech.
October 2020: Thermo Fisher Scientific had launched its EliA SARS-CoV-2-Sp1 IgG test and OmniPATH COVID-19 Total Antibody ELISA test, for the diagnosis of COVID-19 antibodies.
Immunoassay is a test which is carried out to determine the concentration of macromolecule in a solution using antibodies or immunoglobulin. The proven macromolecule is known as an analysis. Immunoassay is used to measure the amount of analytes in serum and urine for medical and research purposes. The global immunoassay market comprises of different market segments like product type, technology, application, end-user and geography. By product type, the immunoassay includes key segments of reagents and kits, analyzers and instruments and software services. The reagents and kits segment is likely to have growing demand in the market for the forecast period. By technology, the immunoassay market includes the segments of radioimmunoassay (RIA), ELISA, rapid tests, fluorescence, rapid test, western blot, PCR, colorimetric, chemiluminescence and others. ELISA segment is anticipated to lead in the global immunoassay market for the forecast period. The immunoassay market finds its major application in infectious diseases, oncology, autoimmune diseases, cardiology, blood screening, endocrinology, hematology, toxicology, therapeutic drug monitoring and others. The infectious diseases segment is expected to maintain its lead over the forecast period. By end-user, the immunoassay market includes the segments of hospitals & clinics, diagnostic centers, blood banks, pharmaceutical and biotechnology companies, clinical laboratories, academic research centers and others. The hospitals and clinics segment is anticipated to lead in the global immunoassay market for the forecast period. The global Immunoassay market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW).
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2022-2088 is the forecast period in the market report.
Who are the key players studied in the Immunoassay market?
The key players studied in market are Siemens Healthineers, Abbott Laboratories, Thermo Fisher Scientific, Danaher, Bio-Rad Laboratories, Ortho Clinical Diagnostics, BioMrieux, DiaSorin, Becton, Dickinson & Company, Agilent Technologies, Quidel Corporation, Ortho Clinical Diagnostics, J. Mitra & Co. Pvt. Ltd., Cell Sciences, Biological Technology and Epitope Diagnostics Inc. among others.
Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).
