The emergence of automation in the medical sector is one of the many drivers that will fuel automated immunoassay analyzers market. The product has been gaining immense popularity of late, with a rapid increase in the number of biochemical tests performed to measure proteins. The deployment of automation in the current and forthcoming product portfolio will lead to consumers giving preference to automated immunoassay analyzers, which is likely to boost automated immunoassay analyzers industry size noticeably. In addition, most of the biotechnology and pharmaceutical companies have been adopting these products to enhance their R&D services, which will play a major role in the discovery of new drugs. On that note, Biokit, Luminex Corporation, Abbott Diagnostics International, Siemens Healthcare, BioMérieux, and Roche Diagnostics are the prominent players in automated immunoassay analyzers market.
According to Global Market Insights, Inc., “Worldwide automated immunoassay analyzers market having had a revenue of USD 8 billion in 2016, will collect a revenue of USD 25 billion by 2024 with an annual growth rate of more than 15% over 2017-2024.” Considering the cost effectiveness of the product, most of the government and private hospitals have been shifting from conventional labs to the automated ones. Speaking of which, automated immunoassay analyzers industry share from hospitals is slated to generate considerable revenue by 2024. The rising number of corporate hospital chains across the globe will also favorably enhance the product demand.
U.S. Automated Immunoassay Analyzers Market Size, By Product, 2013-2024 (USD Billion)
India is one of those regions that is likely to observe exponential growth in automated immunoassay analyzers market. In India, the government and public sectors have been investing heavily to improve the healthcare infrastructure. In addition, the government has also been promoting public & private partnerships to provide excellent medical service mainly across rural areas, which consequentially, will fuel Asia Pacific automated immunoassay analyzers market share considerably. Furthermore, the number of pathology labs and public & private hospitals are growing significantly, which may favor industry growth over the years ahead.
The use of the automated immunoassay analyzers for cardiac ailments, endocrine diseases, and cancer has observed a rise since the last few years, owing to the accurate and speedy diagnosis capability of the product. These analyzers have been gaining prominence among consumers subject to the requirement of monitoring therapeutic drugs, which is likely to augment automated immunoassay analyzers industry size substantially. With the world treading toward the path of developing innovative and effective lab equipment to improve diagnosis quality and capability, the requirement for technologically advanced equipment has also been growing due to the surging occurrence of infectious diseases. On these grounds, automated immunoassay analyzers market size from infectious diseases will collect a revenue of more than USD 7 billion by 2024. An enhanced healthcare system along with growing occurrence rate of infectious diseases among rising elderly population will stimulate product demand.
To carry out vital activities like analysis and evaluation of test results, this product is prominently used in various diagnostic laboratories, subject to which automated immunoassay analyzers market share from diagnostic laboratories will exhibit the highest annual growth rate over the coming timeframe. The emergence of software based technological advancements in instruments to perform multiple tests at the same time is also bound to favorably enhance the automated immunoassay analyzers industry growth.
The United States has been one of lucrative business avenues for automated immunoassay analyzers market. The country has deployed automation on a large scale in diagnostic laboratories to provide effective healthcare services to consumers. Pertaining to the same, U.S. dominated North America automated immunoassay analyzers market share in 2016, by accounting for 90% of the regional contribution. The U.S. government is also promoting the usage of automated products by implementing supportive regulatory norms, which will significantly propel U.S. automated immunoassay analyzers market share.
Chemiluminescence, basically a chemical reaction, constitutes one of the lucrative product segments of automated immunoassay analyzers industry. It offers high sensitivity and superior accuracy, which has resulted in an upsurge in its demand. Deployment of chemiluminescence based immunoassay analyzers will help to improve the overall work efficiency of the instrument. As per the market statistics, in 2016, chemiluminescence covered largest share in automated immunoassay analyzers industry and will record a noticeable CAGR over 2017-2024. ELISA is another lucrative product segment, which will surpass a revenue collection of USD 6 billion by 2024.
Many players operating in automated immunoassay analyzers market have been striving to develop cost effective and user-friendly products, which may credit lucrative revenue to the overall industry. High costs associated with the transition from conventional systems to automated instruments may restrain the industry growth. However, market players are putting in their efforts to overcome this challenge by investing heavily in research and development activities. Regional expansion and product differentiation are also among the many growth strategies adopted by the industry giants.