Northrook, IL -- (SBWIRE) -- 07/28/2020 -- The immunoassay-based point-of-care (POC) testing and rapid testing industries have witnessed significant growth over the last few years owing to the increasing adoption of POC testing products in home care as well as in hospitals. Factors such as the rising prevalence of chronic and infectious diseases, technological advancements in POC testing products, and growing patient awareness of POC testing are some of the major factors driving the demand for immunoassay based POC testing and rapid testing across the globe.

How the Market Growth looks like and Industry Segmentation?

The Global Immunoassay Market is expected to reach $27.15 billion, at a CAGR of 6.1%.

On the basis product and service, this market is classified into reagents and kits, analyzers, and software and services. In 2017, the reagents and kits segment accounted for the largest share of the immunoassays market. The large share of this segment can primarily be attributed to the requirement of the repeat purchase of kits and reagents, coupled with the increasing number of immunoassay tests being performed across the globe as a result of the rising incidence of chronic and infectious diseases.

By platform, this market is classified into CLIAs, radioimmunoassays (RIAs), colorimetric immunoassays (CIs), fluorescence immunoassays (FIAs), and other platforms. The CLIAs segment accounted for the largest share of the immunoassays market in 2017. The large share of this segment can primarily be attributed to the low cost and high sensitivity of CLIA-based tests.

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Market Dynamics

Opportunity: Increasing importance of companion diagnostics in the immunoassay market;

Companion diagnostics include tests or assays intended to assist healthcare providers in making treatment decisions for patients based on the best response to therapy. The co-development of companion diagnostics with therapeutic products has the potential to significantly alter the drug development process and commercialize drug candidates by yielding safer drugs with enhanced therapeutic efficacy quickly and cost-effectively. With an increase in the demand for high-priced specialist therapies and safer drugs, the market for companion diagnostics is expected to showcase a high growth potential.

Major Market Growth Drivers:

- Increasing incidence of chronic and infectious diseases
- Technological advancements in immunoassay instruments and introduction of novel automated systems
- Growth in the biotechnology and biopharmaceutical industries
- Increasing adoption of immunoassay-based point-of-care testing and rapid testing
- Vital role of immunoassays in drug and alcohol testing

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Geographical Regions Mapped in Report:

Based on region, the immunoassay market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the market in 2017. The large share of this regional segment is attributed to the increasing incidence of chronic diseases and improved healthcare infrastructure.

Major Key Players Mapped in Research Report:

Key players in the immunoassays market include Roche (Switzerland), Abbott Laboratories (US), Siemens (Germany), Danaher Corporation (US), Sysmex Corporation (Japan), bioMérieux (France), Ortho Clinical Diagnostics (US), DiaSorin (Italy), QIAGEN (Netherlands), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Merck (Germany), Bio-Rad Laboratories (US), Agilent Technologies (US), PerkinElmer (US), Quidel Corporation (US), Bio-Techne Corporation (US), and Mindray (China).