(PharmaNewsWire.Com, February 27, 2021 ) According to the new market research report Immunoassay Market is expected to reach USD 27.15 Billion by 2023 from USD 20.19 Billion in 2018, at a CAGR of 6.1%.
Factors driving the growth of this market include the increasing adoption of immunoassay-based point-of-care (POC) testing and rising incidence of chronic diseases across the world.
The immunoassays market is consolidated in nature due to the presence of a large number of players. Key players in the market include Abbott Laboratories (US), Roche (Switzerland), Siemens (Germany), Danaher Corporation (US), DiaSorin (Italy), Ortho Clinical Diagnostics (US), Thermo Fisher Scientific (US), QIAGEN (Netherlands), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Merck (Germany), Agilent Technologies (US), Quidel Corporation (US), PerkinElmer (US), Mindray (China), and Bio-Techne Corporation (US).
The key strategies followed by most companies in the immunoassays market are product launches and partnerships, collaborations, & agreements. These strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018 (till March). Some of the leading players who adopted these strategies include Roche (Switzerland), Abbott Laboratories (US), Danaher Corporation (US), bioMérieux (France), and Sysmex Corporation (Japan).
Abbott Laboratories accounted for the second-largest share of the immunoassays market in 2017. With the acquisition of Alere, Inc. (US) in 2017, the company was able to enhance its presence in the immunoassays market. With the completion of this acquisition, Abbott strengthened its diagnostics portfolio and established itself as a leading player in the point-of-care testing and immunoassays market. The company is presently focusing on developing next-generation instrument platforms, such as the PLEX-ID platform and other advanced patient self-testing technologies. Moreover, Abbott Laboratories is also involved in partnerships and collaborations activities to maintain its leading position in the market. For instance, in August 2017, the company partnered with North West London Pathology (UK) to supply all analytical equipment and consumables, including Abbott’s Alinity ci and Alinity h series diagnostic instruments as well as their professional services and informatics solutions known as AlinIQ.
In 2017, Roche was the leading player in the immunoassays market. This position of the company can be attributed to its wide product portfolio, which includes clinical chemistry and immunochemistry solutions, molecular diagnostic products, tissue diagnostic instruments, reagents, and kits. Under its flagship brand, Cobas, the company offers a variety of IVD instruments, reagents, and kits that are widely used by end users across the globe. The company also has a wide geographic presence, spanning North America, Europe, the Middle East and Africa, and Asia, which enables it to cater to customers across the globe. The company mainly focuses on product launches and strategic partnerships and collaborations to maintain its leadership position in the market. For instance, in July 2015, the company launched its Elecsys HTLV-I/II immunoassay test which detects antibodies against Human T-lymphotropic virus I or II infection in routine diagnostic samples and donated samples.
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