Wellesley, MA (PRWEB) May 25, 2013
In 2012, the global demand for immunoassays was $16.3 billion after increasing from nearly $15.6 billion in 2011. With new applications that have recently evolved, the immunoassay market continues to develop. Global demand for immunoassay testing is expected to increase at a five-year compound annual growth rate (CAGR) of 4.7%. Worldwide growth has the potential to expand to nearly $21 billion by 2017. Hence, modest but continuous growth is projected in the immunoassay market over the next five years.
BCC Research estimates the Asian region offers the most opportunities for growth in the global immunoassay market, a trend that is expected to continue through 2017. Asia is expected to exhibit growth that exceeds some of the world’s most vibrant markets of the Americas and Europe by expanding at a CAGR of 5.6% from 2012 through 2017. This exceptional growth trend is expected to prevail throughout the dynamic markets of the Asian region. BCC Research foresees this market expanding from a value of more than $5.5 billion in 2012 to nearly $7.3 billion by 2017.
Europe is likely to experience reasonable growth in demand for immunoassay testing with an estimated CAGR of 4.2% through 2017. The demand for immunoassay technology in Europe is expected to rise significantly higher than the current European community market size of roughly $4.3 billion, reaching nearly $5.3 billion by 2017.
The Americas immunoassay market, led by the United States, is expected to grow at a moderate rate in the coming years. The Americas comprise one of the world’s largest markets for immunoassays. Between 2011 and 2012, the demand for immunoassay technology in this region grew from about $5 billion to an estimated market value of $5.2 billion. This market is expected to increase at a CAGR of 4.1% between 2012 and 2017 and is expected to reach nearly $6.4 billion in 2017.
The emerging markets of the Middle East and Africa had estimated values of $671 million and nearly $535 million, respectively, in 2011. Total demand in these emerging market regions added up to $704 million in the Middle East and nearly $563 million in Africa in 2012, while by 2017 the market in the Middle East is expected to reach $895 million and that of Africa nearly $727 million. BCC expects that the Middle East and Africa will see the demand for immunoassay diagnostics increase at CAGRs of 4.9% and 5.3%, respectively, between 2012 and 2017.
The aging population is already influencing the future direction of the medical device industry due to changing health needs and an accompanying shift in thinking with regard to how and where seniors will be treated. Baby boomers are living longer than previous generations, requiring more sophisticated and longer-term healthcare. This has driven the need for advanced medical electronic devices and raised expectations that new technologies will enhance the quality and length of patients’ lives as they get older.
Global demand for medical devices is being driven by increasing expenditures and greater attention to healthcare by developing markets, construction of hospitals and clinics, and establishment of public health insurance. In addition, global demand should continue to grow due to aging populations in major markets, new and significant emerging markets, and rising global income levels in developing countries. Further, global harmonization of standards and regulatory requirements should help facilitate overall market growth.
BCC Research’s goal for IMMUNOASSAYS: TECHNOLOGIES AND GLOBAL MARKETS (BIO033B) was to determine the current status of the worldwide demand for immunoassays and to assess its growth potential over the five-year period from 2012 to 2017. We were particularly interested in the key industry applications of immunoassay technology in the United States, Europe, Africa, the Middle East, and Asia. In addition, we were interested in the market potential for key prevailing immunoassay technology applications. Our main objective was to present a comprehensive analysis of the current immunoassay technology markets and its future direction.