“Grand View Research, Inc. – Market Research And Consulting.”

According to a report,“Immunoassay Market Size, Share & Trends Analysis Report By Product (Reagents & Kits, Software & Services), By Technology (RIA, EIA, Rapid Test), By Application, By End Use, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., the global immunoassay market size is expected to reach USD 25.41 billion by 2025. It is anticipated to expand at a CAGR of 5.0% during the forecast period. Extensive usage of immunoassay techniques for detection of infectious and chronic diseases is the prime factor driving the growth. In addition, launch of novel products coupled with rapid technological advancements are anticipated to drive the market. For instance, Quidel Corporation received CE mark approval in 2018 for its product Sofia, which is a Quantitative Vitamin D Assay used with Sofia instrument.

Key Takeaways from the report:

• Reagents and kits accounted for a significant market share of about 72.0% in 2018, owing to extensive application of the products

• Closed-ended systems is expected witness a profitable CAGR over the forecast period due to associated advantages, such as sterility, and cheaper rates as compared to open-ended systems

• Asia Pacific is anticipated to witness significant CAGR over the forecast period due to rising healthcare spending and healthcare investments by many companies

• Key players operating in the immunoassay market are Quidel Corporation; Ortho Clinical Diagnostics; Roche Diagnostics; and Thermo Fisher Scientific, Inc. among others

• The industry participants engage in extensive research activities to develop novel immunoassays for diagnosis of infectious and chronic diseases.

Browse More Reports in Medical Devices Industry:

• Moist Wound Dressings Market: increasing cases of acute and chronic wounds, such as surgical, diabetic and traumatic wounds, lacerations, and diabetic ulcers. As per estimates provided by Elsevier, about 300 million acute wound injuries occur per year.

• Hypertrophic Keloid Scar Treatment Market: Rise in awareness about esthetic appeal has led to the Hypertrophic Keloid Scar Treatment market growth. According to Plastic Surgery Statistics Report, 182,321 reconstructive procedures for scar revision were performed in 2017. Hence, the demand for reconstructive procedures also plays an important role in boosting the market growth.

Moreover, collaborations and partnerships among medical device giants are expected to provide new growth platforms for immunoassay techniques, such as radioimmunoassay, rapid tests, and enzyme immunoassays among others. For instance, Roche Diagnostics and GE Healthcare entered into a partnership to develop and market digital clinical decision systems in January 2018. This partnership aided in improving cancer and critical care.

Furthermore, automation has benefits such as efficiency and optimal usage of labor and space in laboratories. Thus, the immunoassay market is witnessing lucrative growth as some players are introducing automated laboratory systems, point-of-testing compact, and portable assay tests. For instance, launch of innovative products such as compact and portable ichroma II by Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument used for influenza screening.

North America held a significant market share in 2018, attributed to high R&D investments by pharmaceutical and medical device manufactures and favorable government insurance policies. For instance, in May 2018, a bill was approved by the U.S. congress, as per which an individual can try unproven medical aids, which includes drugs, medications, and devices, in case of severe illness.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: Switzerland
Website: www.grandviewresearch.com/industry-analysis/immunoassay-market