Transdermal Drug Delivery Systems Market Drivers, Challenges, Key Regions and Forecast by 2023 | Novartis AG, Johnson & Johnson, Mylan N.V., Boehringer Ingelheim GmbH, Bayer AG
Global immunoprotein diagnostic testing market generated $17.74 billion in 2017, and is estimated to generate $27.29 billion by 2023, growing at a CAGR of 7.4% from 2017 to 2023. The report provides an extensive analysis of market dynamics, top investment pockets, market size & projections, major segments, and competitive landscape.
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Major determinants of the market
Rise in incidence of chronic and infectious diseases and advancements in technologies have boosted the growth of the global immunoprotein diagnostic testing market. However, stringent regulations hamper the market. On the contrary, potential in the emerging economies and development of condition-specific assays and tests are expected to create opportunities for the market players in the future.
Due to lockdown across the globe, there is significant gap in supply and demand. Moreover, the supply chain has been disrupted.
However, the demand for immunoprotein diagnostic testing is increasing as it could be used to diagnose cardiovascular and infectious diseases.
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Among applications, the infectious disease testing segment held nearly one-fourth of the total share in terms of revenue in 2017, owing to rise in incidence of infectious diseases across the world. However, the oncology testing segment is estimated to grow at the fastest CAGR of 7.8% throughout the forecast period, owing to considerable increase in different types of cancer cases throughout the world including colorectal cancer, lung cancer, and others. The research also analyzes allergy testing, autoimmune testing, toxicology testing, endocrine testing, among others.
The oncology testing segment to manifest the highest share
By type, the oncology testing segment is expected to manifest the highest CAGR of 8.0% during the forecast period, due to increasing number of cancer patients worldwide. However, the infectious disease testing segment held the largest share in 2019, contributing to more than one-fifth of the global immunoprotein diagnostic testing market, owing to higher prevalence of infectious diseases such as hepatitis B, hepatitis C, HIV-1, HIV-1/2, and human T-lymphotropic virus types I & II.
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North America to dominate, Asia-Pacific to be the fastest growing through 2023
Major market players
Ortho Clinical Diagnostics
Enzo Life Sciences
Thermo Fisher Scientific
North America accounted for 40% of the market share in 2017 and is expected to maintain its dominant position through the forecast period. This is attributed to the presence of leading diagnostic product manufacturers, higher adoption of advanced and efficient diagnostic products, heavy inflow of investment in proteomics research & drug development, and surge in the number of patients with viral infections and cancer in the region. On the other hand, Asia-Pacific is expected to grow at the fastest CAGR of 8.8% from 2017 to 2023, owing to factors such as higher adoption of point-of-care technology, rapidly growing geriatric population, and rise in incidence of chronic diseases in the region. The other regions discussed in the study are Europe, and Latin America, Middle East, and Africa (LAMEA).
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