Immunoprotein Diagnostic Testing Market to Reach $27.29 Billion, Globally, by 2023 at 7.4% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 13, 2018 /PRNewswire/ --
Increase in incidence of cancer, cardiovascular diseases and infections coupled with rise in healthcare expenditure and improvement in healthcare insurance scenario would drive the growth of the global immunoprotein diagnostic testing industry.
Allied Market Research published a report, titled, Immunoprotein Diagnostic Testing Market by Technology (Radioimmunoassay, Immunoturbidity Assay, Chemiluminescence Assay, Immunoprotein Electrophoresis, Enzyme-Based Immunoassay, and Immunofluorescence Assay), by Type (C-reactive Protein Diagnostic Test, Complement System Protein Diagnostic Test, Prealbumin Diagnostic Test, Haptoglobin Diagnostic Test, Immunoglobulin Diagnostic Test, and Free Light Chain Diagnostic Test), and by Application (Autoimmune Disease Testing, Infectious Disease Testing, Allergy Testing, Endocrine Testing, Oncology Testing, and Toxicology Testing): Global Opportunity Analysis and Industry Forecast, 2016-2023. The report offers detailed analyses of the key winning strategies, market dynamics, market size & estimations, top investment pockets, and competitive landscape. As per the report, the global immunoprotein diagnostic testing market garnered $17.74 billion in 2017 and is expected to reach $27.29 billion by 2023, registering a CAGR of 7.4% from 2017 to 2023.
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Rise in prevalence of cancer & cardiovascular diseases drive the growth of the immunoprotein diagnostic testing market. In addition, rise in healthcare expenditure and improvement in healthcare insurance scenario are expected to fuel the market growth during the study period. However, dearth of skilled healthcare professionals and lack of awareness among the population hamper the market growth.
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Chemiluminescence assay segment to exhibit the fastest growth
The chemiluminescence assay (CLIA) segment is expected to register the fastest growth of 7.6% during the forecast period. This is because the adoption of CLIA would increase in future as this technology provides prompt and error-free results. However, the enzyme-based immunoassay (ELISA) segment captured the highest share of 30% in 2017 and would maintain its lion's share through 2023. The growth of the ELISA market is fueled by extensive use of immunoassays in cancer, POC IVD testing, infectious disease testing, therapeutic drug level monitoring alongside introduction of novel biomarkers. The report also analyzes radioimmunoassay, immunoturbidity assay, immunoprotein electrophoresis, immunofluorescence assay, and others segments.
Immunoglobulin diagnostic tests segment to be lucrative through 2023
Among types, the immunoglobulin diagnostic tests segment contributed the highest market share of 25% in 2017 and is expected to remain dominant throughout the forecast period. Moreover, the segment is expected to grow at the fastest CAGR of 8.0% from 2017 to 2023 due to the fact that immunoglobulin diagnostic tests are frequently used by healthcare professionals for diagnosing infectious or autoimmune disorders. The report also analyzes various types of tests such as C-reactive protein diagnostic tests, complement system protein diagnostic tests, prealbumin diagnostic tests, haptoglobin diagnostic tests, free light chain diagnostic tests, and others.
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Infectious disease testing segment to lead in terms of revenue
Among applications, the infectious disease testing segment contributed 23% share of the total revenue in 2017, owing to high incidence of infectious diseases globally. However, the oncology testing segment would witness the fastest CAGR of 7.8% during the study period, owing to the significant rise in various types of cancer cases across the globe including, lung cancer, colorectal cancer, and others. The report also discusses autoimmune testing, allergy testing, endocrine testing, toxicology testing, among others.
North America to dominate, Asia-Pacific to be the fastest growing through 2023
North America accounted for 40% of the market share in 2017 and is expected to maintain its dominant position through the forecast period. This is attributed to the presence of leading diagnostic product manufacturers, higher adoption of advanced and efficient diagnostic products, heavy inflow of investment in proteomics research & drug development, and surge in the number of patients with viral infections and cancer in the region. On the other hand, Asia-Pacific is expected to grow at the fastest CAGR of 8.8% from 2017 to 2023, owing to factors such as higher adoption of point-of-care technology, rapidly growing geriatric population, and rise in incidence of chronic diseases in the region. The other regions discussed in the study are Europe, and Latin America, Middle East, and Africa (LAMEA).
Industry Frontrunners
The leading market players analyzed in the report include Abbott Laboratories, Abcam PLC, Bio-Rad Laboratories, Danaher Corporation, Diasorin, Enzo Life Sciences, Ortho Clinical Diagnostics, Roche Diagnostics, Siemens Healthcare, and Thermo Fisher Scientific. Various strategies such as expansions, joint ventures, mergers & acquisitions, collaborations, partnerships, and others have been implemented by these players to gain a stronghold in the industry.
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