Immunoassay Market Trends

Growth Drivers

• Growing Product Launch & Approval - Several strategic initiatives are adopted by companies including geographic expansion, product collaborations, and strategic agreements for expansion of product portfolio to boost their market share. Moreover, industry key players are focusing on collaborations, acquisitions and mergers, and product approval to sustain their existence in the market. For instance, the development of automated laboratory instruments and equipment has grown for quick testing and results. This automation guides laboratories by boosting efficiency and limiting the necessity for space and labor. Therefore, the market is growing rapidly, since a large number of players in pharmaceuticals offer compact, portable automated laboratory systems and point-of-care tests.
• Surging Growth in the Biotechnology & Pharmaceutical Sector - There has been a surge in the biotechnology & pharmaceutical sector owing to growing investment in R&D along with the development of drugs. Additionally, there have been growing virtual trials conducted by this sector which is also boosting the growth of this sector. Furthermore, the launch of various strict regulations is also projected to influence the biotechnology & pharmaceutical growth. Hence, the factors that are boosting the growth of the biotechnology & pharmaceutical sector are also estimated to drive the market demand for immunoassay.
• Rising Geriatric Population  - The geriatric population in the world has risen steadily in recent years. This shift in demographic is greatly owing to improved health care and living standards, leading to longer life expectancies.   According to the WHO predictions, 1 in 6 people in the globe is estimated to be aged 60 years or more by 2030. By 2050, the population aged 60 years and older is predicted to double (2.1 billion). Hence, with this, the prevalence of disease among them is also growing. This is since, the older people are greatly receptive to different age-related diseases, including cardiovascular diseases, and neurodegenerative disorders. Moreover, the recognition of the genetic risk elements for various diseases is made possible with the adoption of immunoassays, hence authorizing preventive measures and targeted screening. 

Challenges

• Technical Issues in Immunoassay - Immunoassay kits constitute a notable threat to the growth of the global immunoassay sector owing to growing technical issues during the coming years. These challenges may be displayed in various forms, including cross-reactivity, assay variability, or interference from substances in the sample. The precision and reliability of test results are compromised owing to such issues, causing an absence of confidence among end-users, such as research facilities and clinical laboratories. Furthermore, these technical challenges translate into rising operational costs and damage to potential reputational manufacturers. Moreover, laboratories depending on immunoassay kits request compatible performance and accuracy to make certain reliable outcomes of patients and affirm regulatory compliance. Hence, the market for immunoassays is predicted to be hindered over the coming years. 
• High Price of Immunoassay
• Strict Approval for Immunoassay Instruments