Personalized medicine pushes the immunoassay instruments market
The global immunoassay instruments market is mostly consolidated with the presence of few established players that hold more than 50 percent of the overall market. Prominent companies operating in the global immunoassay instruments market are Sysmex Corporation, Merck Millipore, Thermo Fisher Scientific, DiaSorin, Beckman Coulter, Siemens Healthineers, Ortho Clinical Diagnostics, bioMerieux, and Abbott Laboratories. Rigorous research initiatives to develop novel products coupled with the expansion into emerging economies are the focus of key players in the market. The global immunoassay instruments market is projected to expand at a CAGR of 8.10 percent from 2017 to 2020 to worth USD 23.3 billion by the end of 2020, projects Transparency Market Research.
The rising prevalence of chronic diseases is the main factor behind the growth of the immunoassay instruments market. Moreover, the increasing rate of HIV infections and rising demand for personalized medicine are some other key factors driving the immunoassay instruments market. Technological advancement leading to the development of efficient bioanalytical platforms is a growth driver. Currently, market players are striving to develop an immunoassay platform with enhanced capabilities such as higher sensitivity, broad menu of tests, and specificity. Shorter turnaround times, easy operation, and higher productivity to ensure efficient detection and determination are some other capabilities that researchers are vying to incorporate in new immunoassay instruments.
Significant advances in the design of immunoassay platforms leading to a shift from conventional non-competitive assays to competitive assays is a trend that has come to the fore. The new design of immunoassay instruments that enable efficient detection of small molecules such as metabolites and drug pollutants is giving a thrust to the immunoassay instruments market. The increasing use of immunoassay instruments in commercial diagnostic laboratories owing to their diagnostic capabilities and short turnaround times is boosting the immunoassay instruments market. Topnotch diagnostic laboratory brands are currently focusing on expanding operations in less developed areas by acquiring small laboratories with minimal services. This stokes robust demand for compact and portable assay platforms with a high degree of reliability and sensitivity.