Expensive Radioimmunoassay to Trail Other Assay Market Segments
Based on technology, chemiluminescence assay is a rapidly growing segment and growth of this market can be attributed to a wide scope of application, increased sensitivity, and ease of use. Fuelled by the development of multiple ELISA technologies, the ELISA market is expected to grow in a significant manner. On the contrary, the radioimmunoassay segment is expected to lose its footing in the market due to government restrictions on the use of radioactive substances and high cost of assay equipment and safety devices. In addition, the segment will experience a downfall as better and safer technologies such as chemiluminescence assay, ELISA, and immunofluorescence assay will replace radioimmunoassay soon. Immunofluorescence and immunoturbidity assay segments are expected to grow at a modest CAGR of about 5% during the forecast period.
The application of immunoprotein diagnostic testing can be found in infectious diseases, oncology testing, endocrine testing, toxicology testing, allergy testing, and autoimmune disease testing. Oncology testing is projected to account for a large market share in the forecast period. Commoditization of products, growing demand for quick, accurate, and preventive healthcare, especially in emerging economies, technological developments, expansions in the field of immunochromatography, and strengthening network of distributors at a global level will contribute to the market growth – generating maximum revenue of US$4,943.0 mn by 2019.
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High Prevalence of Chronic Diseases to Push Sales in the U.S.
The immunoprotein diagnostic testing market is geographically segmented into North America, Europe, Asia Pacific, and Rest of the World. High incidence of chronic and infectious diseases, shift to POC rapid diagnostic tests, laboratory automation, and increased FDA approval for new products are some of the key factors that have led North America to dominate the said market. According to the report, this region is projected to continue enjoying its top position in the forecast period as well.
Developing economies of Asia Pacific are also expected to contribute to the market growth in the years to come. Better healthcare facilities, increase in disposable income, improving literacy rate, and growing awareness about major infectious and chronic diseases are few of the factors that are fuelling the demand for immunoprotein diagnostic testing in this region.
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