According to our new research study on “Immunoassay Market Forecast to 2027 – Global Analysis – by Product, Technology, Application, End User, and Geography,” the market size is expected to reach US$ 37,987.76 million by 2027 from US$ 21,800.00 million in 2018; it is estimated to grow at a CAGR of 6.5% during 2019-2027. The report highlights trends prevailing in the market and factors driving its growth. The immunoassay market growth is attributed to growing biotechnology & biopharmaceutical industries, and increasing adoption of immunoassay products. However, complex assay procedures and limitations associated with immunoassays may hinder the growth of market.
North America is biggest market for immunoassay with the US holding the biggest portion of the overall industry. The development of the North American immunoassay market is portrayed by the developing commonness of different sicknesses, government support for clinical gadgets reception, and expanding endeavors in Research and development exercises and different exercises embraced by the market players working on the lookout. Moreover, mechanical headways in the conclusion business is probably going to be a significant development trigger for the immunoassay market in North America. The development of the US immunoassay market is credited to the quickly expanding occurrence of constant sicknesses like malignant growth in the nation and the developing interest for diagnostics. Immunoassay recognizes and gauges specific substances utilizing the limiting property of antigen and neutralizer. For example, immunoassays measure the estrogen receptors in bosom disease. For instance, according to the Public Disease Foundation, ~1,735,350 new instances of malignant growth were analyzed in the country in 2018. Bosom disease, lung and bronchus malignant growth, prostate disease, colon and rectum malignant growth, melanoma malignant growth, and liver disease were among the normal sorts.
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Increasing incidences of infectious diseases such as HIV is the primary global public health issue. In 2018, the World Health Organization (WHO) has claimed that more than 32 million HIV people are diagnosed, of which 770,000 people have died. By the end of 2018, around 1.7 million people were reported to be newly infected globally, including 62% of adults and 54% of children. According to the HIV and AIDS organization (AVERT), in 2018, 1.1 million US residents were infected with HIV, whereas APAC registered 5.2 million HIV infections. According to the European CDC, ~2 million people in Europe were infected with HIV in 2018.
Furthermore, there has been a rise in cancer incidence and mortality rates worldwide, making cancer the leading cause of death. According to the WHO in 2018, ~9.6 million deaths across the globe were due to cancer. Similarly, in China, as per the data revealed by WHO, ~4.3 million new cases of cancer were detected as well as 2.9 million cancer deaths were recorded in 2018. Such an increase in the incidence of chronic and infectious diseases is expected to create a demand for immunoassay tests across the world.
Siemens; BD; bioMérieux SA; Abbott; F. Hoffmann La-Roche Ltd.; Danaher; Ortho Clinical Diagnostics (Johnson & Johnson Services, Inc.); Sysmex Corporation; Thermo Fisher Scientific, Inc.; and Quidel Corporation are among the leading companies in the immunoassay market. The immunoassay market share is anticipated to flourish with the development of new innovative products by market players.
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