Only a handful of companies such as bioMerieux, Inc., Abbott Laboratories, and Roche Diagnostics enjoy stronghold in the global automated immunoassay analyzers market. The lead of the companies is attributable to their expansive regional footprint and product portfolio, finds Transparency Market Research (TMR) in a new study. Furthermore, with a strong financial muscle, these companies are looking toward brighter prospects in the near future. As these companies gear to emerge at the fore, the global automated immunoassay analyzers market may witness roll out of novel products. Besides this, customization of existing products is on cards well. Riding on these factors the global automated immunoassay analyzers market is forecast to showcase robust expansion in the coming years.
TMR has pegged the global automated immunoassay analyzers market at US$2.57 bn in 2016. Exhibiting a steady 4.5% CAGR between 2017 and 2025, the market is expected to reach US$3.78 bn by the end of 2025. During the course of this forecast period, Asia Pacific is likely to exhibit the highest CAGR of 4.9%. Among key end users, the market is expected to witness rising demand from diagnostic laboratories across the world.
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Proliferation of Laboratory Consolidation to Enable Market Report Positive Trajectory
The accelerated pace of gains witnessed in the market is aided by diverse factors. For instance, the rising incidence of chronic ailments and disease epidemics such as hepatitis infection, Zica, and HIV are among the chief factors fuelling the demand for automated immunoassay analyzers. The market is also expected to gain from the prevailing trend of preventive healthcare and laboratory consolidation. These trends have stoked the demand for laboratory automation and integration, in turn creating a landscape filled with opportunities for the global automated immunoassay analyzers market. With the demand for result comparability and international standardization scaling high, the use of automated immunoassay analyzers is likely to increase in the forthcoming years.
On the back of rising adoption of advanced technologies, the global automated immunoassay analyzers market is expected to expand considerably in the coming years. While in developed nations, the market will remaining steady, growth is likely to pace up in emerging nations. Besides rising disposable income of consumers, favorable government initiatives and investment toward betterment of the healthcare infrastructure, will help the automated immunoassay market stay strong in emerging nations.
Declining Reimbursement Facilities May Limit Market’s Scope in Developed Nations
On the downside, reeling under cost constraints, smaller diagnostic laboratories will find it particularly difficult to adopt automated immunoassay analyzers. Meanwhile in developed markets, the laboratories may face challenges on account of the declining reimbursements. Such factors are capable of restraining the market’s growth to an extent. Besides these, stringent regulations and the need for operating under escalating pricing pressures may adversely impact the market’s trajectory and also hamper the business flow of laboratories. Therefore, a majority of laboratories are focusing on high volume testing in order to boost profitability per test. In order to provide accurate diagnosis and perform specialized test, many of these laboratories have adopted automated systems. Such factors are likely to give the global automated immunoassay analyzers market significant impetus in the coming years.