Technological advancements have worked wonders for the healthcare industry. Modern medical and healthcare solutions are helping the healthcare professionals and patients for easy diagnosis and fast recovery. Immunoassay is one of such advanced technologies of the modern medical care practices used for diagnosis and monitoring. Immunoassay market is largely driven by rising demand across various geographic regions of the world. The market is also significantly drawing business from rising number of infectious diseases. According to the experts, the industry for immunoassay is expected to maintain steady yet strong growth within next four to five years.
Immunoassay Market Synopsis
Immunoassay is a set of quick tests, which has evolved to become an integral part of modern day medical care. These quick and accurate tests are also used for in-laboratory and on-site detection of various molecules. These tests rely on the inherent abilities of the antibodies to hold specific molecular structures. These antibodies are proteins generated by animals in response to the invasion of foreign molecules or antigens in a body. Increased awareness towards health and continuous advancements in the technology are attributed to the strong growth of this market in terms of size as well as applications. Experts claim that the industry will continue growing at a rapid rate, despite its budding stage in the developing countries. Rising awareness about healthcare is said to be a strong driver for the market.
Segmentation and Forecasting for Immunoassay Industry
Global immunoassay market is segmented based on the types of technology, applications, products and demand pattern for these components across various geographic sections of the world. The market is also categorized based on the type of end users in the industry as well. Predominant technologies in the industry include enzyme, chemiluminescence, fluorescent, Radioimmunoassay and others, which include nephelometric, counting and turbidimetric immunoassay technologies. Products available in the market are largely segmented into two parts, namely, reagents and analyzers. Analyzers are further segmented into high, medium and low throughput.
Applications of these technologies are spread across various verticals of the industry including oncology, toxicology, bone and mineral, cardiology, infectious diseases, neonatal screening, hematology, endocrinology and autoimmunity. Based on geographic regions, the market is segmented into North America, Europe, Asia Pacific and rest of the world, which also includes Middle East and Africa. All these regions are categorized based on the demand patterns within various countries. Detailed study of all these segments reveals that the immunoassay market is expected to grow at a CAGR of over 8% from 2013 to 2018. At this rate, the industry is anticipated to become worth $19.1 billion by the end of 2018. In 2013, the market was worth $13.0 billion.