At 7.3% CAGR, Global Immunodiagnostics Market Accelerating the Growth Opportunities in Industry during COVID-19 Scenario
Pune,Maharashtra, India,Nov 17 2020 (WiredRelease) Allied Analytics–:UPDATE AVAILABLE ON-DEMAND
The research report published by Allied Market Report states that the global Immunodiagnostics market is estimated to reach $17.83 billion by 2022. The report provides an in-depth analysis of growth factors, opportunities, market trends, key segments, and competitive landscape. Current market conditions and the future scenario of various regions have been analyzed in the report to help market players in devising expansion strategies. Moreover, it includes country-wise analysis of each region. Product portfolio and business segments of leading market players outline the competitive scenario. The report provides insights to help investors, stakeholders, and new entrants to determine potential opportunities and tap on them to gain competitive advantage.
Reagents and consumables is expected to dominate the world immunodiagnostics market throughout the forecast period. North America would continue to lead during the forecast period, accounting for more than one-third share of the world immunodiagnostics market in 2015.
Rise in incidence of infectious diseasesone of the most common disease burden globally mainly drives the market. Growth in baby boomer generation with high-risk of targeted diseases and increase in adoption of next generation immunodiagnostics platform propels the market growth. Rise in focus of the key players toward innovative immunodiagnostics technologies (such as automated systems, laboratory integrated customized system, and point of care testing among others), along with the growth in immunodiagnostics labs further drives the market growth. However, stringent government regulations, high cost of the sophisticated immunodiagnostics testing such as analyzers and assays, reluctance to adopt newer technology in emerging economies restrain the market growth.
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Infectious diseases (such as hepatitis, retrovirus, HIV, dengue fever, malaria, and others) is a leading segment in the immunodiagnostics application market accounted for over one-fifth of total share in 2015. Owing to diversified use of immunodiagnostics devices in the diagnosis of varied infectious diseases with lower risk followed by quick, reliable, and high success rate has favored its growth in infectious diseases market.
Chemiluminescence Immunoassays (CLIA) is expected to grow at the fastest rate, owing to their associated benefits such as improved outcome in terms of quantification at low concentration of samples from complex mixture, non-radioactive nature, and high accuracy and sensitivity in detection of analytes in the test sample. Rapid tests is expected to grow at a CAGR of 7.5%, owing to technological advancements in the segment.
Clinical laboratories would maintain its lead in the overall immunodiagnostics market throughout the analysis period, primarily due to the growth in number of immunodiagnostics laboratories equipped with technologically advanced devices in the developed economies. Although, the chronic diseases and infectious diseases are prevalent in developing economies as well, however due to the low awareness, less initiative for preventive care and unmet medical needs at economical cost has restricted the market growth in these areas. On the other hand, the growth in demand of immunodiagnostics products in developed economies such as North America and Europe have further boosted the market growth due to the high incidence rate of complex diseases such as cancer and cardiovascular diseases, rapidly increasing ageing population, and rapid development in cancer and cardiac markers, which aids in quick diagnosis using antigen-antibody reaction. Furthermore, academics and research centers is anticipated to exhibit the highest growth, with a CAGR of 8.7% during the forecast period. This is owing to the rise in need for drug monitoring and high investment for research and development.
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North America accounted for the major share in the immunodiagnostics market in 2015, and is expected to maintain this trend throughout the forecast period. This is mainly due to the rise in prevalence of chronic diseases coupled with increase in geriatric population, high adoption rate of technologically advanced immunodiagnostics devices, and high awareness regarding the benefits of next generation immunodiagnostics platform. In addition, presence of highly sophisticated healthcare infrastructure, rise in measures for preventive healthcare, and favorable reimbursement scenario has propelled the market growth. However, Asia-Pacific region is anticipated to grow rapidly during the analysis period attributed to the presence of ample growth opportunities in terms of unmet medical needs for the diagnosis of infectious and chronic diseases in this region and quest for improved quality of life in emerging countries.
Product launch and acquisition were the key strategies followed by the leading companies to strengthen their market positions.
The Major Key Players Are:
• Abbott Laboratories
• Immunodiagnostic Systems Holdings Plc (IDS)
• DiaSorin S.p.A.
• Johnson & Johnson
• F. Hoffmann-La Roche Ltd
• Siemens AG
• Sysmex Corporation
• Danaher Corporation
• Thermo Fisher Scientific Inc.
• Bio-Rad Laboratories, Inc.
• Arkray, Inc..
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Key Findings of Immunodiagnostics Market:
• In 2015, reagents and consumables was the leading product type, and is projected to grow at a CAGR of 8.1% during the forecast period.
• CLIA is expected to grow at a remarkable CAGR of 8.0%, owing to the non-radioactive nature, high sensitivity, and simple equipment designed for well-equipped clinical laboratories.
• Oncology & endocrinology application is projected to grow at a high CAGR of 8.1% during the analysis period.
• U.S. alone contributes over three-fourth market share in the North America region of immunodiagnostics market in 2015.
• China is the major shareholder in the Asia-Pacific region accounting for around one-third of the Asia-Pacific immunodiagnostics market.
• North America is expected to dominate the immunodiagnostics market followed by Europe, during the analysis period.
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