Sellbyville, DE -- (SBWIRE) -- 03/28/2019 -- Automated Immunoassay Analyzers Market size is set to exceed USD 25.0 billion by 2024; according to a new research study published by Global Market Insights, Inc. Renowned players operating in automated immunoassay analyzers market recently witnessed one of their co-participants, Thermo Fisher Scientific, the reputed American biotech company, launch a novel mass spectrometry-based clinical analyzer, called Thermo Scientific Cascadion. Known sources cite that the company has introduced this device as a tool that depicts that properties of convenient usage, robustness, and automation, as a combined characteristic that is far improved than that of a conventional immunoassay analyzer.

With this launch of this product, Thermo Fisher Scientific has conveniently established itself as one of the global leaders operating in automated immunoassay analyzers industry. This business sphere is characterized by novel, technologically advanced product launches such as the aforementioned. Companies such as Siemens Healthcare, Abbott Diagnostics, Luminex Corporation, Biokit, Roche Diagnostics, and Biomerieux, which accumulate a major chunk of automated immunoassay analyzers market, have been focusing on expanding their product portfolio in terms of assay menu, automation level and test volumes, to come up with unique, innovative products and give a competitive edge to their rivals.

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Automated immunoassay analyzers are basically deployed for carrying out various types of immunoassay testing for research and academic laboratories, and also to test and diagnose infectious diseases, cardiological, endocrinological, and oncological diseases, and allergies. They are also used heavily for drug monitoring in hospitals, research organizations, and diagnostics laboratories. While it is rather overt that the product has a massive application spectrum, its application in oncology is most widely popular. Standing as a vital testimony to the aforementioned pointer, Global Market Insights, Inc., estimates that automated immunoassay analyzers market size from oncology will register a CAGR of 16.5% over 2018-2024. The growth can be credited to the escalating cases of different cancer types across the globe, in addition to the surging demand for biological and targeted drug therapies.

Another vital factor that plays a major role in upping the ante of automated immunoassay analyzers market from oncology is the patent expiry of pivotal cancer drugs. As the impact of biosimilars begins to increase and the approval of oncology products depicts an upsurge, on account of the rising awareness of their durable tumor responses, automated immunoassay analyzers industry from oncology applications is all set to register commendable growth in the years ahead.

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Speaking of the regional spectrum, it is imperative to mention that Japan stands as one of the most revolutionary grounds when it comes to the development of automated immunoassay analyzers industry. Indeed, estimates claim that Japan, in 2017, emerged as the dominant regional player in the Asia Pacific automated immunoassay analyzers market, with a collective remuneration of around USD 780.2 million. The growth in the region can be aptly credited to the increase in the geriatric population since the last few years, heavily susceptible to chronic diseases.

The United States does not stand far behind when it comes to the expansion of automated immunoassay analyzers industry. U.S. automated immunoassay analyzers market has been touted to depict a double-digit CAGR of 14.7% over 2018-2024, a feat that can be attributed to the surging prevalence of infectious diseases in the U.S. As per statistics, around 14.5 million Americans are diagnosed with cancer as on 2014. With the growing spate of in the number of people diagnosed with cancer, U.S. automated immunoassay analyzers market is expected to witness a steep growth ahead.

Automated immunoassay analyzers are heavily used in laboratories, hospitals, clinics to perform biochemical tests with a view to detect and predict that concentration of a substance in the test samples. Of late, small laboratories have been facing the brunt of increased costs, owing to the rapidly changing trends of automation. Since small labs do not adapt quickly to technological changes, protocol changes, staff training, and system revaluation, automated immunoassay analyzers industry has been facing a minor hindrance in terms of costs associated with the shifting of conventional products to automated product.

In all likeliness, the constraint may be overcome if manufacturers strive to introduce suitable replacement systems or budget-friendly analyzer systems. In addition, manufacturers have been striving to focus on multiplex technologies using protein and peptide arrays to launch multi-parametric assays systems, thereby contributing toward the positive growth rate of automated immunoassay analyzers market.