Immunodiagnostics Market Is Growing At A CAGR of 7.3% from 2016 to 2022 | Latest Research Report

Reagents and consumables is expected to dominate the world immunodiagnostics market throughout the forecast period. North America would continue to lead during the forecast period, accounting for more than one-third share of the world immunodiagnostics market in 2015.

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Global immunodiagnostics market would reach $17.83 billion by 2022, growing at a CAGR of 7.3% from 2016 to 2022.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Rise in incidence of infectious diseases-one of the most common disease burden globally mainly drives the market. Growth in baby boomer generation with high-risk of targeted diseases and increase in adoption of next generation immunodiagnostics platform propels the market growth.

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Rise in focus of the key players toward innovative immunodiagnostics technologies (such as automated systems, laboratory integrated customized system, and point of care testing among others), along with the growth in immunodiagnostics labs further drives the market growth. However, stringent government regulations, high cost of the sophisticated immunodiagnostics testing such as analyzers and assays, reluctance to adopt newer technology in emerging economies restrain the market growth.

Infectious diseases (such as hepatitis, retrovirus, HIV, dengue fever, malaria, and others) is a leading segment in the immunodiagnostics application market accounted for over one-fifth of total share in 2015. Owing to diversified use of immunodiagnostics devices in the diagnosis of varied infectious diseases with lower risk followed by quick, reliable, and high success rate has favored its growth in infectious diseases market.

Chemiluminescence Immunoassays (CLIA) is expected to grow at the fastest rate, owing to their associated benefits such as improved outcome in terms of quantification at low concentration of samples from complex mixture, non-radioactive nature, and high accuracy and sensitivity in detection of analytes in the test sample. Rapid tests is expected to grow at a CAGR of 7.5%, owing to technological advancements in the segment.

Clinical laboratories would maintain its lead in the overall immunodiagnostics market throughout the analysis period, primarily due to the growth in number of immunodiagnostics laboratories equipped with technologically advanced devices in the developed economies. Although, the chronic diseases and infectious diseases are prevalent in developing economies as well, however due to the low awareness, less initiative for preventive care and unmet medical needs at economical cost has restricted the market growth in these areas. On the other hand, the growth in demand of immunodiagnostics products in developed economies such as North America and Europe have further boosted the market growth due to the high incidence rate of complex diseases such as cancer and cardiovascular diseases, rapidly increasing ageing population, and rapid development in cancer and cardiac markers, which aids in quick diagnosis using antigen-antibody reaction. Furthermore, academics and research centers is anticipated to exhibit the highest growth, with a CAGR of 8.7% during the forecast period. This is owing to the rise in need for drug monitoring and high investment for research and development.

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The Major Key Players Are:

• Abbott Laboratories
• Immunodiagnostic Systems Holdings Plc (IDS)
• DiaSorin S.p.A.
• Johnson & Johnson
• F. Hoffmann-La Roche Ltd
• Siemens AG
• Sysmex Corporation
• Danaher Corporation
• Thermo Fisher Scientific Inc.
• Bio-Rad Laboratories, Inc.
• Arkray, Inc.

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