Latest TMR Report Explores Impact of COVID-19 Outbreak on Immunoassay Instruments Market
The global immunoassay instruments market is mostly consolidated with the presence of few established players that hold more than 50% of the overall market, as per a market and business intelligence study by Transparency Market Research (TMR).
Prominent companies operating in the global immunoassay instruments market are Roche Diagnostics, Sysmex Corporation, Merck Millipore, Thermo Fishaer Scientific, DiaSorin S.p. A, F. Hoffmann-La Roche Ltd., Beckman Coulter Inc., Siemens Healthcare, Ortho Clinical Diagnostics, and bioMerieux, and Abbott Laboratories. Rigorous research initiatives to develop novel products coupled with expansion into emerging economies are the focus of key players in the immunoassay instruments market.
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As per the TMR report, the global immunoassay instruments market pegged a value of US$13.5 bn in 2013. Expanding at a CAGR of 8.10% between 2014 and 2020, the market is predicted to be worth US$23.3 bn by the end of 2020. By type, chemiluminescene analyzers held prominence in the immunoassay instruments market in 2013; the growth of this segment is mainly because of high accuracy and sensitivity of chemiluminescene analyzers for detection of analytes. Going forward too, chemiluminescene analyzers segment is expected to stay at the fore. In terms of application, the immunoassay instruments market has been classified into oncology, endocrinology, therapeutic drug monitoring, cardiology, drugs abuse, autoimmune diseases, and infectious diseases. Geography-wise, North America is the leading market for immunoassay analyzers due to high rate of adoption of newer immunoassay procedures in the region.
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Technological Advances Leading to Enhanced Capabilities Benefits Market
The rising prevalence of chronic diseases is the main factor behind the growth of immunoassay instruments market. Moreover, increasing rate of HIV infections and rising demand for personalized medicine are some other key factors driving the immunoassay instruments market.
Technological advancements leading to the development of efficient bioanalytical platforms is a growth driver of immunoassay instruments market. Currently, market players are striving to develop immunoassay platform with enhanced capabilities such as higher sensitivity, broad menu of tests, and specificity. Shorter turnaround times, easy operation, and higher productivity to ensure efficient detection and determination are some other capabilities that researchers are vying to incorporate in new immunoassay instruments.
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Significant advances in the design of immunoassay platforms leading to a shift from conventional non-competitive assays to competitive assays is a trend that has come to the fore. The new design of immunoassay instruments that enable efficient detection of small molecules such as metabolites and drug pollutants is giving a thrust to the immunoassay instruments market. For example, ADVIA Centaur CP Immunoassay System introduced by Siemens Healthcare is a mid-sized immunoassay system that provides a broad spectrum of tests and enhanced workflow. The system enables overall cost reduction and eliminates the need for multiple systems.
Increasing Adoption in Diagnostic Laboratories Fuels Growth
The increasing use of immunoassay instruments in commercial diagnostic laboratories owing to their diagnostic capabilities and short turnaround times is boosting the immunoassay instruments market. Topnotch diagnostic laboratory brands are currently focusing on expanding operations in less developed areas by acquiring small laboratories with minimal services. This stokes robust demand for compact and portable assay platforms with a high degree of reliability and sensitivity.
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The review presented is based on the findings of a TMR report, titled “Immunoassay Instruments Market (Product Chemiluminescence (CLI), Immunofluorescence (IFA) & Radioimmunoassay (RIA) Analyzers, Enzyme Linked Fluorescence (ELFA) & Multiplexed Assay Systems, Enzyme Immunoassay Instruments Application Oncology, Endocrinology, Infectious Diseases, Therapeutic Drug Monitoring, Cardiology, Autoimmune Disorders & Drugs of Abuse) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
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