The global Immunoassay market was estimated at 17.16 billion in 2017. The global immunoassays market is expected to register a CAGR of 9.7% during the forecast period, 2018 to 2023. North America dominates the market due to the technological advancement in immunoassay products and rising incidence of chronic diseases like thyroid and cardiovascular diseases.
Compared to conventional tests, immunoassays have been proven to provide highly accurate results even with very small samples. Immunoassays are considered to have a detection limit of 1pg/ml. This can be attributed to the fact that immunoassays are based entirely on immunologic reactions. Immunologic reactions are highly specific as they can take place only in the presence of proper immunologic agents. Immunoassays have a range of applications in pharmaceutical analysis such as diagnosis of disease, therapeutic drug monitoring, clinical pharmacokinetics and bioequivalence in drug discovery and pharmaceutical industries.
Additionally, cost-effective and rapid analysis by immunoassays and growth in the biotechnology and pharmaceutical sectors are also driving the growth of the global immunoassays market.
Immunoassays have shown high sensitivity and specificity. While they have advantages, there have been many limitations associated with the procedure. The limit of detection (LOD) for most of the immunoassays is limited, primarily by the signal-to-noise ratio provided by the instrument that is used to detect antibody-antigen binding or by non-specific binding (NSB). Immunoassays are very complex to develop and manufacture and employ complex biomolecules, such as antibodies, antigens, and enzymes for the detection of the target molecules. Additionally, complex assay procedures are also acting as a restraint for the global immunoassays market.
The market has been segmented by technology into enzyme immunoassay, fluorescence immunoassay, chemiluminescence immunoassay, radioimmunoassay, nephelometric immunoassay, and others. Based on therapeutic areas, it has been segmented into cardiology, thyroid, autoimmune disease, oncology, infectious disease, hematology, allergy, and others. By end user, the market is segmented into hospital, centralized laboratory, academic institution, pharma & biotech firm, contract research organization, and others. The market is segmented on the basis of geography into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The regions have been further divided into major constituent countries.
North America dominates the global immunoassays market, which is mainly driven by increasing incidence of chronic disease and use of immunoassays in oncology.
Major Players: Abbott Laboratories Inc., Becton Dickinson and Company, Danaher Corporation (Beckman Coulter), Devon Medical Products, EDP Biotech Corporation, Hologic (Gen-Probe), Luminex Corporation, Meridian Life Science Inc., and Qiagen, among others
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