Global automated immunoassay analysers market is anticipated to cross US $25 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
The growing concern of staff shortage at diagnostic laboratories is promoting the trend of implementing automation for improving the quality of diagnosis. Increasing inclination towards adoption of automated instruments in hospitals and laboratories will amplify the demand for automated immunoassay analysers (AIA) in the upcoming years. These units improve the quality and efficiency of the laboratory operations and hence are poised to witness high demand in the ensuing years, claims the study.
Increasing instances of infectious diseases around the world is reported to be main factor driving the growth of automated immunoassay analysers market. Growing awareness regarding the early detection of these infectious diseases in order to avoid severe body damages, is encouraging the adoption of early diagnostic tests, thereby propelling the use of automated immunoassay analysers, cites the report.
Based on the product type, chemiluminescence immunoassay analysers segment is presumed to grow with a CAGR of 16.4% over the forecast period, owing to the sensitivity and accuracy of the diagnosis provided by the device through low analyte concentration. The device is highly receptive and can identify over hundred analytes per hour.
Considering the application spectrum, AIA market from endocrinology application segment was worth US $1,641.3 million in 2017 and is estimated to register significant growth over the analysis period. Surging adolescent population that is vulnerable to endocrinal disorders due to hormonal imbalance and rising cases of diabetes are the major factors driving the segmental growth, as per the report.
According to the report, pharmaceutical & biotechnology companies end-use segment is expected to grow with a CAGR of 14.4% over the projected timeline, pertaining to rising geriatric population, greater demand for drug profiling & genetic testing, and improved healthcare facilities. The device is used in various drug monitoring applications such as complication diagnosis, drug toxicity, optimal drug identification, and customization depending on the patient requirement.
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In terms of regional contribution, Europe AIA market was dominated by UK with a net worth of US $767.8 million in 2017. This growth is attributed to the growing prevalence of infectious diseases in the region. As per the report, infectious diseases costed the UK economy EUR 30 billion in 2017.
Additionally, automated immunoassay analysers market in India is projected to witness growth at the rate of 18.2% over the forecast period, owing to rising awareness regarding general health, in consort with the expansion of laboratories conducting regular tests in the country.
The key players operating in the automated immunoassay analysers market profiled in the report are Biokit, Roche Diagnostics, Abbott Diagnostics, Luminex Corporation, Siemens Healthcare, and Biomerieux among others.