New York, Sept. 12, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Immunoassays in R&D Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global Immunoassays in R&D Market Size:
The global immunoassays in R&D market is estimated to garner a notable revenue by growing at a ~18% CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing cancer, autoimmune disease, infectious disease, endocrine disorders, and other chronic diseases for which immunoassays is used in research and development. As per the World Health Organization (WHO), cancer is the leading reason for mortality, and approximately 10 million deaths happened in the year 2020, or nearly one in sex deaths. An increase in the cancer rate has resulted in more expenditure on cancer research and is expected to increase the growth of the global immunoassays in R&D market. Additionally, environmental problems and growing pollution increase the risk of autoimmune diseases, which require better medication to control the diseases. Hence, increasing environmental problems is also anticipated to be a factor to drive the market growth. Moreover, the growth of the market can be attributed to the increasing prevalence of cancer, awareness amongst cancer patients about early disease diagnosis, increasing health expenditure per capita worldwide, and advancement in biotechnology & pharmaceuticals.
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Global Immunoassays in R&D Market: Key Takeaways
- The Asia Pacific region gains the largest portion of the revenue
- The cancer research segment to dominate the revenue graph
- Software & services segment remains prominent in the product & services segment
Increasing Oncology Spending across the Globe to Boost Market Growth
Economical spending towards cancer treatment and development of treatment procedures across various health sectors around the globe has been increasing throughout the years. Hence, it will be significantly responsible for the growth of the global immunoassays in R&D market. It was noticed that in 2021, global oncology spending accounted to approximately USD 185 billion. To compare, the oncology spending stood at approximately USD 85 billion six years earlier. Moreover, upsurge in number of cancer cases and cancer deaths all over the world, and governmental campaigns and endeavors to spread awareness about treatment procedures among mass are estimated to be major factors to propel the market.
In addition to this, the global immunoassays in R&D market is also estimated to grow owing to the growing number of private organizations and governmental investments into cancer research & development field. For instance, according to research reports, global research and development spending has more than tripled in real terms since 2000, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019. Moreover, the rising investments in the R&D activities to continuously bring up more feasible solutions for medical procedures along with launch of new products are predicted to propel the market over the forecast period. Besides, growing patient population across the world and advancement in healthcare infrastructure are anticipated to notably drive the market growth.
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Global Immunoassays in R&D Market: Regional Overview
The global immunoassays in R&D market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapidly Growing Population Expected to Fuel Market Growth in the Asia Pacific Region
The Asia Pacific region in the immunoassays in R&D market is expected to witness noteworthy growth over the projected period on the back of rapid increase in the population, and more expenditure on health infrastructure in countries such as India and China. According to the World Bank, China and India are among the countries with the largest population, having 1.41 and 1.39 billion populations respectively, in 2021, and their numbers are increasing on a yearly basis. Additionally, the rising health awareness among the population and increasing expenditure on research related to cancer, autoimmune disease, infectious disease, endocrine disorders, and other chronic diseases in this region are further expected to boost the market growth. Moreover, the role of government in spreading awareness about the treatment procedures are expected to boost the growth of the market in this region.
Advanced Healthcare Facilities to Favor Market Growth in the North America Region
The North America region is estimated to witness a substantial growth in the immunoassays in R&D market over the projection period. This growth can be accredited to the availability of advanced technologies, and well-established healthcare facilities. Additionally, increasing percentage of healthcare expense in overall GDP is also expected to be an important factor to boost the growth of the market in the region. As per the data by the World Bank, as of 2019, current health expenditure in North America accounted to 16.32% in regional GDP. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to fuel the market growth. In addition to this, the boost in the market growth can be associated with the rising investment in R&D activities, and the presence of key market players in the region.
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Global Immunoassays in R&D Market, Segmentation by Application
- Cancer Research
- Infectious Diseases
- Autoimmune Diseases
The cancer research segment is expected to hold the largest share in the global immunoassays in R&D market over the forecast period. The growth of this segment can be attributed to the increase in the cancer rate that requires immunoassays in research and development for earlier diagnosis of cancer and for the development of cancer medicine as well as for estimating the right dosage of the drug that needs to be given to the patient. It was observed that in 2018 there were about 16 million new cancer cases and roughly 9 million cancer deaths worldwide. It is expected to grow to about 27 million new cancer cases and nearly 16 million cancer deaths simply because of the growth and aging of the population across the world.
Global Immunoassays in R&D Market, Segmentation by Product & Services
- Software & Services
- Kits & Reagents
The software & services segment is estimated to hold a substantial market share in the global market during the forecast period. This segmental growth can be attributed to the increasing adoption of software and on-cloud services across various enterprises, rapid digitalization of services around the world, and easy accessibility and increasing penetration of internet among the individual population of the world. It was noted that in 2020, worldwide spending on digital transformation reached approximately USD 1 trillion, growing about 11 percent year-on-year. Furthermore, according to the data by the World Bank, in the year 2020, 60% of individual population worldwide used internet.
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Global Immunoassays in R&D Market, Segmentation by End-Use
- Academic Laboratories & Institutions
- Biotechnology & Pharmaceutical Companies
Few of the well-known market leaders in the global immunoassays in R&D market that are profiled by Kenneth Research are Abbott, Abcam plc, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., Sysmex Corporation, Danaher Corporation, bioMérieux, Inc., Becton, Dickinson and Company, Siemens Healthcare GmbH, and others.
Recent Developments in the Global Immunoassays in R&D Market
- In January 2022, the Pharmaceuticals and Medical Devices Agency has received an application from Sysmex Corporation for an assay kit that supports the measurement of Aβ.
- In February 2021, Mindray and Thermo Fisher Scientific Inc., announced to work together on clinical chemistry analyzers to use with drugs of abuse immunoassays.
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