Increasing Demand for Measurement of Hormones & Cancer Markers Drives the World Immunoassay Systems Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Immunoassay Systems markets. The global market for Immunoassay Systems is projected to reach US$13.2 billion by 2018, primarily driven by technology developments and fast expanding application possibilities. Aging population and subsequent growing need for timely diagnostic tests and robust demand from developing markets, Asia-Pacific in particular also augurs well for the future of the market.

Immunoassay Systems: A Global Strategic Business Report

Follow us on LinkedIn – Immunoassays represent a key component and a major revenue contributor in the in-vitro diagnostics (IVD) market. As testing procedures, which use precise antibody binding for measuring an analyte in a test sample, immunoassays have been contributing significantly to the clinical laboratory work since 1960s, and driving the global IVD market over the last few decades. Thanks to the steady expansion in immunodiagnostic market and widespread advancements in the overall healthcare industry in response to escalating demand for better medical care facilities from an expanding base of aging global population, the global immunoassays market has evolved remarkably well over the years, and continues to project a bright outlook for the future. Incremental developments in sensitivity, portability, accuracy, user friendliness and swift turnaround times are expected to fuel demand for immunoassay systems in clinical applications. Personalized medicine and new trade models, such as the sole service provider and bundling of immunoassays with marketed drugs are fast changing paradigms in the market.

Pressure from the recession, which severely impacted most industrial sectors, forced growth to slowdown to a more tempered pace in the once widely opined as recession resilient healthcare industry. The In-Vitro Diagnostics (IVD) market endured the 2007-2009 recession with a short-lived deceleration in growth patterns. The global immunoassay systems market, in particular, witnessed slowdown in growth momentum during the years 2009 and 2010, as a result of health spending flattening out under the heat of the financial crisis.

Loss of health insurance coverage along with loss of employment, reduced visits to the doctor and postponement of surgeries and non-urgent and non-critical care as a result of weak labor market and tight personal finances, were fingered as reasons for the reductions in healthcare spends. Reduced visits to physician clinics impacted most acutely the diagnostic and testing market. Also, the recession that resulted in tight liquidity, lack of credit availability, capital shortages and high borrowing rates, witnessed hospitals and healthcare facilities reduce their capital expenditures on new equipments. At the same time steady rise in equipment utilization rates as a result of demographic pressures prevented deep capital budgets cuts, as hospitals cannot afford to postpone for long the resolution of issues related to workflow, scheduling, throughput, and equipment utilization. This thereby prevented major scaling back of hospital investments in in-vitro diagnostics equipments. Against this backdrop, growth although continued to grow, nevertheless slowed down during the period 2009 through 2011.

Growth in the upcoming years will be driven by fast paced technology developments, which promise to bring new opportunities for immunoassays. As more novel markers are developed for identifying, screening and diagnosing particular conditions, market opportunities will multiply. Government efforts to make critical tests such as cardiac and cancer testing more affordable and easily accessible to patients will also drive companies to develop advanced immunoassay systems. Increasing focus of Government and business agencies on employee drug screening procedures, which promises to drive demand for products useful for screening drugs of abuse will also benefit immunoassay systems market.

With immunoassays now being increasingly utilized for monitoring pesticide and drug residues in foods, production crops, and environmental substances, the usage of immunoassay systems is going beyond the conventional clinical applications and gaining traction in environmental and food sectors. The degree of interest is reflected in the plans voiced by the Environmental Protection Agency (EPA), the Food and Drug Administration (FDA), and the United States Department of Agriculture in researching and developing immunoassays for detection of toxic chemicals at hazardous waste sites, identification pesticides in water, and recognition of bacterial pathogens in food.

Also, as healthcare systems in the developed economies like United and States and Europe succumb to the pressures of rising healthcare costs, the new measures to optimally manage healthcare costs will create new opportunities for growth in the immunoassay systems market. In Europe as a case-in-point, aggravated by the debt crisis, the domestic medical industry continues to feel the pressure exerted by factors, such as, rising cost of defensive medicine, increasing medical liability insurance costs, continued shifting of healthcare costs from public to private payers and reductions in government-mandated benefits. The challenges posed by the latter are expected to intensify further as a result of the European debt crisis. Unequivocal goals of governments in debt ridden countries to reduce the deficit levels will likely result in the realization that maintaining cradle-to-grave government-funded healthcare programs is unsustainable in the long term, thus triggering healthcare reforms. As new reforms limit government’s exposure to rising health-care costs, privatization of healthcare including funding will present opportunities for growth by addressing shortcomings of current pitfalls. For instance, financial incentives provided by the fee-for-service reimbursement, which until now encouraged adoption of expensive treatments and procedures even in the absence of evidence of their relative effectiveness, will now be replaced by medical care supported by firm empirical evidence of treatment effectiveness.

Against this backdrop, personalized medicine will emerge into the spotlight and with it the in-vitro diagnostics (IVD) market, given the ability of this technology in predicting the likelihood of individual patient therapeutic benefits. As modern healthcare systems move into a new world of precision medicine, the role of advanced measurement science will become greater in sync with the changes in healthcare practice, management and reimbursement. The ensuing emphasis on in-vitro companion diagnostics, wherein selection of drugs for patients is through in-vitro diagnostic tests, bodes well for the market. Immunoassay tests in this regard, which are fundamental to personalized medicine, companion diagnostics and public health, will gain in significance and importance in addition to molecular tests. Protein biomarker immunoassays, for instance, will gain in prominence for its ability to differentiate among disease states given patient-heterogeneity in disease causation.

As stated by the new market research report on Immunoassay Systems, the US represents the largest regional market, while Asia-Pacific represents the fastest growing market worldwide. By segment, Enzyme Immunoassay Systems is poised to witness the fastest growth trailing a projected CAGR of 6.3% over the analysis period.

Major players in the marketplace include Abbott Laboratories, Beckman Coulter Inc., bioMérieux, Bio-Rad Laboratories Inc., Ortho-Clinical Diagnostics Inc., Roche Diagnostics, and Siemens Healthcare Diagnostics, among others.

The report titled “Immunoassay Systems: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of current market trends, key growth drivers, and a conceptual overview of immunoassay systems. The report also enumerates recent product introductions/innovations and strategic corporate initiatives in addition to providing profiles of key market participants. The report provides market estimates and projections for Immunoassay Systems in US$ Million for segments including Enzyme Immunoassay Systems, Fluorescence Immunoassay Systems, Chemiluminescence Immunoassay Systems, Radio Immunoassay Systems, and Nephelometric Immunoassay Systems. Geographic markets analyzed include US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Latin America.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Immunoassay_Systems_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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