The immunoassay market is expected to reach $23,712.4 million by 2019 from $14,926.3 million in 2014, at a CAGR of 9.7% from 2014 to 2019. This market is categorized on the basis of technology, products and services, applications, end users, and regions. Based on products and services, the immunoassay market is categorized into analyzers, reagents and kits, and software and services. The reagents and kits segment accounted for the largest share of the market and is expected to grow at the highest CAGR in the coming five years. The growth of this market is attributed to the rise in the number of immunoassay tests performed due to the increase in the aging population, the rising number of chronic diseases, the increased variety of reagents and analytical techniques employed, growing trends like the high-growth at-home testing market, and accessibility to a wide range of reagents.
The major factors contributing to the growth of the immunoassay market include rising incidences of chronic and infectious diseases; expanding biotechnology and pharmaceutical industries; extensive usage of immunoassays in oncology; sensitivity, cost-effectiveness, and rapidness of immunoassays; technological advancements; and the growing geriatric population. However, the low detection limits of immunoassays and the implementation of excise duty by the U.S. government are factors expected to restrain the growth of the immunoassay market in the forecast period.
Apart from comprehensive regional and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise basic views on the key players in the immunoassay market and product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The abovementioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, regional focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the firms garner a greater market share. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the immunoassay market. The report analyzes the immunoassay market by technology, products and services, applications, end user, and region
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the immunoassay market
• Competitive Assessment: In-depth assessment of the market strategies, regional and business segments, and product portfolios of the leading players in the immunoassay market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for various immunoassay products across regions
• Market Diversification: Exhaustive information about new products and services, untapped regions, recent developments, and investments in the immunoassay market