Global Immunoassays Market - Segmented by Technology, Therapeutics Area and End Users - Growth, Trends and Forecasts (2018 - 2023)
The global Immunoassay market has been estimated to reach 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 the immunoassay products and rising incidence in the chronic diseases like thyroid, cardiovascular diseases.
High Sensitivity and Specificity
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 effectives and rapid analysis by the immunoassays and growth in the biotechnology and pharmaceutical sectors are also driving the growth of the Global Immunoassays Market.
Limitations Associated with Immunoassay
Immunoassays have shown high sensitivity and specificity. While this 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 employs 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.
North America to Dominate the 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.
Key Developments in the market