Pune: The global immunoassay market is expected to grow at a CAGR of 8.2 per cent from $17.16 billion in 2016 to $25.45 billion by 2021, according to a new market research report by MarketsandMarkets.
The major factors driving the growth of this market are raising incidences of chronic diseases, extensive use of immunoassays in oncology, technological advancements, and cost-effectiveness & rapid analysis of immunoassays, states the report.
The report segments the immunoassay market on the basis of product & service, technology, application, end user, and region. Based on product & service, the immunoassay market is segmented into reagents & kits, analysers, and software & services. The reagents & kits segment is further segmented into ELISA reagents, rapid test reagents, western blot reagents, ELISPOT reagents, RIA reagents, and PCR reagents. The analysers segment is further categorized into purchase mode and type. By purchase mode, the analysers segment is segmented into reagent rental purchase and outright purchase and by type; these are divided into open-end systems and closed-ended systems.
In 2016, the reagents & kits segment is expected to dominate the global immunoassay market. Factors driving this segment include rising number of immunoassay tests due to the increase in aging population, rising prevalence of chronic and infectious diseases, and increased variety of reagents and analytical techniques.
Based on technology, the immunoassay market is segmented into ELISA, rapid tests, western blot tests, ELISPOT, RIA, and PCR. ELISA is further segmented into platform and generation. On the basis of platform, the ELISA market is divided into chemiluminescence immunoassays (CLIA), fluorescence immunoassays (FIA), and colorimetric immunoassays (CI). On the basis of generation, the ELISA market is further divided into first generation, second generation, third generation, and fourth generation and above.
The ELISA segment is expected to account for the largest share of the market, owing to expanding use of immunoassay tests in cancer, point-of-care in vitro diagnostics, infectious disease testing, and therapeutic drug level monitoring.
On the basis of application, the immunoassay market is segmented into infectious diseases, endocrinology, bone and mineral disorders, oncology, cardiology, haematology and blood screening, autoimmune diseases, toxicology, neonatal screening, and other applications.
The infectious diseases segment is expected to account for the largest market share in 2016.
On the basis of end user, the immunoassay market is segmented into hospitals, clinical laboratories, blood banks, research & academic laboratories, pharmaceutical companies, CROs, biotechnology companies, and other end users.
The hospitals segment is expected to account for the largest share of the global immunoassay market in 2016. Major factors driving the growth of this market are the rising prevalence of chronic diseases and increasing healthcare infrastructure.
On the basis of region, the immunoassay market is segmented into North America, Europe, Asia, and the rest of the world.
North America is expected to account for the largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as technological advancement in the immunoassay products and rising incidence of chronic diseases.
Key players in the immunoassay market include F Hoffmann-La Roche (Switzerland), Siemens AG (Germany), Abbott Laboratories (US), Beckman Coulter (US), Ortho-Clinical Diagnostics (US), and bioMerieux SA (France).
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