Continuous Innovation backed by increasing Geriatric Population to drive the Immunoassay Market
“Chemiluminescence Immunoassay (CLIA), due to benefits like light absorption or fluorescence detection, is expected to account for 50% of the market share” says a Fact.MR analyst.
Fact.MR, a market research and competitive intelligence provider: The global Immunoassay market would reach US$ 28 Bn in 2022 and witness a decent CAGR of 6% from 2022 to 2032. Fact.MR mentions that with an increasing number of infectious and chronic ailments, the immunoassay market is bound to grow on a reckless note in the forecast period. Along these lines, the global Immunoassay market is projected to reach US$ 3.9 Bn by the year 2032.
The increasing geriatric population is also known for being at a higher risk of infectious and chronic diseases, which bound to revolutionize the immunoassay market in the forecast period.
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Key Takeaways from Market Study
According to Fact.MR, in 2021, North America had the largest revenue share of 35.0%, and it is expected to continue dominating the market throughout the study period. With nearly two-fifths of the global immunoassay market, the region will remain the market leader. An increase in the incidence of cancer as well as the ease of acquiring technologically advanced diagnostic techniques may be responsible for this rise in demand of this market.
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Immunoassays are used in numerous bioanalytical applications including medical diagnosis, biopharmaceutical analysis, environmental monitoring, and food testing, which is driving the market's growth. From 2022 to 2032, the global market is forecast to expand 1.8x.
A number of automated laboratory instruments and equipment have been developed as a result of technological advancements. Laboratories benefit from automation because of increased efficiency and reduced space and labor usage. Thus, the market is experiencing substantial growth as some players are offering automated laboratory systems and point-of-care tests that are compact, portable.
Worldwide immunoassay market growth is being fueled by the widespread use of quick tests and point-of-care tests for disease diagnosis and alcohol and drug addiction.
The key participants are stressing on mergers, acquisitions, new product development, and region-wise expansion.
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Key Segments Covered in the Immunoassay Market Report
Fact.MR, in its new offering, presents an unbiased analysis of the global immunoassay market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by technology type (Chemiluminescence Immunoassay (CLIA), Enzyme Linked Fluorescence Assay (ELFA), Enzyme-linked Immunosorbent Assay (ELISA), Radioimmunoassay (RIA), and likewise)), by product (Analyzer Immunoassay and Consumable Immunoassay), by application (infectious diseases, orthopaedics, cardiology, oncology, endocrinology, and likewise), by end-user (blood banks, hospitals & diagnostic laboratories, and others (pharmaceutical & biotech companies, academic & research institutes, forensic labs, etc.), and by region (North America, LATAM, Europe, East Asia, South Asia & Oceania, and MEA).
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