May 04, 2020
Widening Application Scope and COVID-19 Crisis, Set to Boost Market Growth of Immunoassays, Concludes Fact.MR
by Team Fact.MR
As the number of chronic and infectious diseases compound, medical advancements have grown in equal proportion. The global immunoassays market is one such domain. It is poised to register a positive growth trend, expanding at a CAGR of 6.0% throughout the forecast period (2020-2026). Medical practitioners are increasingly relying on analyzer technique such as enzyme-linked immunosorbent assay (ELISA), immunofluorescent assay (IFA) and chemiluminescence immunoassay (CLIA) to detect infectious pathogens.
The novel coronavirus pandemic is an area where the immunoassay market shows promising developments. Key players have been conducting extensive research with the onset of the disease to determine possible antibodies to counter the virus. For instance, in April 2020, Bio-Rad Corporation announced the introduction of a blood-based immunoassay kit for the identification of antibodies for coronavirus. Besides, diagnosis of autoimmune diseases has also found increased applications of immunoassay treatments.
Key Takeaways of Global Immunoassay Market Study:
- By technology, chemiluminescence immunoassay (CLIA) shall capture nearly half of the global immunoassay market during the forecast period, expanding at a CAGR of 6.6% across the forecast period. Following behind is the enzyme-linked immunosorbent assay (CLIA), accounting for more than 30% of the market.
- By product, the consumables segment shall capture greater than 4/5th of the global immunoassay market. Wide usage of immunoassays in diagnosing infectious diseases and endocrine disorders is driving the consumables segment growth.
- By application, both endocrinal disorders and infectious diseases segment shall expand at a CAGR of 6.5% each, capturing 17.1% and 29.3% market shares respectively. Widespread applications of endocrinal testing for several disorders shall leverage growth prospects for endocrinal disorders while the ongoing COVID-19 pandemic is leveraging the infectious diseases segment.
- By end-user, hospitals are anticipated to capture the majority of the market share (~81%) while blood banks shall expand the fastest, at a CAGR of nearly 7.0%. Increasing number of immunoassay tests in hospital settings is anticipated to drive the hospitals segment while increased demand for blood transfusions for curing infectious diseases is anticipated to leverage the blood banks segment.
- By region, North America shall remain the supreme leader, accounting for nearly two-fifths of the global immunoassay market. However, Asia-Pacific promises to offer lucrative opportunities, expanding at a CAGR of 7.0%. Mergers and acquisitions among leading manufacturers and burgeoning investments in the life sciences and healthcare industry are key growth determinants in both regions.
“The global immunoassay market is poised to register positive growth in the future, burgeoned by increasing adoption of testing against the backdrop of rising prevalence of chronic and infectious diseases. In addition, the coronavirus pandemic is anticipated to provide further stimulus to the immunoassay testing market,” concludes a Fact.MR analyst.
Global Immunoassay Market: Competition Structure:
The global immunoassay market is highly consolidated. The top four market players constitute more than half of the total market share. These players are: F. Hoffmann La-Roche Ltd. (Roche Holdings AG), Abbott Laboratories, Siemens Healthineers and Beckman Coulter, Inc. (Danaher).
These players have consolidated their operations by virtue of important collaborations to burgeon production of immunoassay kits. La-Roche, for instance, offers products such as the COBAS C 702 & E 602 Module, the COBAS 4000 & 6000 Analyzer series and Elecsys Assays.
Likewise, Abbott Laboratories offers biotin-free assays to prevent interference in testing and the resulting inaccuracies. Other prominent immunoassay players include DiaSorin S.p.A., Sysmex Corporation, bioMerieux SA, Ortho Clinical Diagnostics, Thermo Fisher Scientific, Inc., Becton, Dickinson and Company and Merck KGaA.
COVID-19 Market Insights:
The COVID-19 pandemic is anticipated to generate credible opportunities for the immunoassay market. However, Thermo Fisher Scientific, a prominent immunoassay market player, reports that while COVID-19 testing is anticipated to generate a US$ 750 million tailwind in the second quarter of 2020, the benefit shall be offset by significant disruptions. This is poised to bring about a decline in its sales by about 15%. Nevertheless, this has not deterred it from providing testing kits to potential healthcare providers. For instance, the company is currently offering the Singleplex kit for SARS-CoV-2 pathogen detection which is based on the RT-PCR technique.
More recently, Bio-Rad Corporation announced the launch of a blood-based immunoassay kit for the identification of antibodies to the SARS-CoV-2. The company has established preliminary performance of the assay and has been clinically evaluated in multiple hospitals to further confirm its performance.
Laboratories and diagnostic companies across the world are racing to produce antibody tests. Serology-based testing is in high demand. This is attributed to its ability to quantify the number of COVID-19 cases, including those who may be asymptomatic or have recovered. ELISA-based testing is equally gaining traction in this regard. At present, Epitope Diagnostics, Inc. is offering the EDI Novel Coronavirus COVID-19 ELISA kits for qualitative detection of the COVID-19 IgG and IgM in human serum.
Looking for more information?
The research study on the global immunoassay market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global immunoassay market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of technology (chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), enzyme linked fluorescence assay (ELFA), radioimmunoassay (RIA) and others), product (analyzers and consumables), application (infectious diseases, endocrinology, oncology, cardiology, orthopedics and others) and end-user (hospitals & diagnostic laboratories, blood banks and others) across five major regions.
>>> To Get more insights on immunoassay market, visit- https://www.factmr.com/report/4766/immunoassay-market
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