The immunoassay market is expected to reach 27.15 billion by 2023 from USD 20.19 billion in 2018, at a CAGR of 6.1% during the forecast period.
Will the development of condition-specific biomarkers and tests create opportunities for growth for players in the immunoassay market?
Biomarkers have gained significant clinical value and interest in the medical industry, as they are very useful in the screening, diagnosis, and treatment of diseases. In the diagnosis process, markers can determine staging, grading, and selection of the initial therapy. During treatments, they can be used to monitor therapy, select additional therapies, or monitor recurrent diseases. Technological advancements in genomics, proteomics, and molecular pathology have helped introduce new biomarkers with potential clinical value. The integration of biomarkers and the availability of biomolecular tools are expected to help in the development of a new range of condition-specific tests, thus creating new growth opportunities in the immunoassays market.
Continuous advancements in genomics and proteomics are expected to offer more sophisticated and specialized diagnostic tests. The discovery of new biomarkers for the diagnosis of various diseases, especially cancer, has brought about revolutionary changes in the global medical sector. Also, continuous developments in sequencing technologies and a better understanding of genomics have increased the efficiency of biomarkers in disease detection. This, in turn, is increasing the demand for precision medicine and is expected to offer significant growth opportunities for market players.
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Are complexities in conducting diagnostic tests challenging the growth of the immunoassay market?
Clinical laboratories across major markets are still evolving. As a result, technicians face operational challenges in ensuring effective sample procurement, storage, and transportation, especially while adopting novel technologies such as chemiluminescent immunoassay and multiplex flow immunoassay (MFI). Laboratory spaces also need to be reconfigured to meet the requirements of conducting specific immunoassay tests used for pathogen detection as a means of avoiding cross-contamination and ensuring efficient time management. This results in considerable cost escalation to maintain and operate advanced immunoassay instruments, particularly those capable of handling a single sample type.
Furthermore, due to the rapid mutation of microbes and the increasing outbreak of epidemics, clinical laboratories need to adopt innovative technologies capable of rapid sample diagnosis. However, the reluctance to move from manual operations towards automation is another major challenge for market growth.
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