Immunoassay Instruments Market will Likely to Expand at a Steady CAGR of 8.10% by 2020
The growing prevalence of chronic diseases is the main factor driving the global immunoassay instruments market. In addition, the increasing rate of HIV infections, growing preference for personalized medicine, and technological advancements in immunoassay instruments are propelling the global market. However, the high costs linked with technical advancements is the restraining factor acting upon the global immunoassay instruments market.
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By type, the global market for immunoassay instruments has been segmented into radioimmunoassay analyzers, multiplexed assay systems, enzyme immunoassay instruments, chemiluminescence analyzers, immuno fluorescence analyzers, and enzyme-linked fluorescent systems. In 2013, the chemiluminescence analyzers segment held a share of 27% in the overall market owing to the high accuracy and sensitivity displayed by chemiluminescence analyzers in detection of analytes. This segment is estimated to remain dominant throughout the forecast period.
On the other hand, the enzyme-linked fluorescent systems and immuno fluorescence analyzers segments are also expected to witness significant growth in the next few years. By application, the global market for immunoassay instruments has been classified into oncology, drugs of abuse, endocrinology, autoimmune diseases, therapeutic drug monitoring, infectious diseases, and cardiology.
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By geography, the global market for immunoassay instruments has been divided into North America, Asia Pacific, Europe, and Rest of the World. In 2013, North America held the biggest share in the overall market owing to the high rate of adoption of novel immunoassay procedures in this region. Moreover, the rising incidence of obesity and several types of disorders such as cardiac and endocrine is expected to boost the demand from the immunoassay instruments market in the forecast period. As per statistics provided by the World Health Organization (WHO), at present, around 347 million people across the globe are suffering from diabetes and by the end of 2030, diabetes will be the seventh leading cause of death worldwide.
In Asia Pacific and Rest of the World, the growth of the immunoassay instruments market is significantly low when compared to developed nations such as the U. S., France, and Germany, owing to the low affordability and lack of accessibility. Nevertheless, the use of immunoassay instruments is projected to increase in the forecast period thanks to the growing healthcare expenditure and developing healthcare infrastructure in countries such as China, India, and Brazil.
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