Increase in incidence of cancer, cardiovascular diseases and infectionscoupled with rise in healthcare expenditure and improvement in healthcare insurance scenario would drive the growth of the global immunoprotein diagnostic testing industry.
The global immunoprotein diagnostic testing market was valued at $10,136.40 million in 2019 and is projected to reach $18,387.19 million by 2027, registering a CAGR of 6.6% from 2020 to 2027.
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.
The growth of the global immunoprotein diagnostic testing market is propelled by increase in incidence & prevalence of infectious and chronic diseases, rise in geriatric population, and growth in demand for early diagnostic services. In addition, technological advancements in immunodiagnostic instruments and introduction of novel automated systems are all set to augment the growth of the immunoprotein diagnostic testing market during the forecast period.
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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 2021, 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.
Key Findings Of The Study
- By type, the immunoglobulin diagnostic tests segment dominated the market in 2019, accounting for 25.48% of the share, and is projected to grow at a CAGR of 7.8%.
- By application, the infectious disease testing segment accounted for the highest share of 22.93% in 2019.
- Enzyme-linked immunosorbent assay technology dominated the market in 2019 and is expected to grow with a CAGR of 65.27% during the analysis period.
- North America accounted for the highest share of 40.56% in 2019 and is projected to grow at a CAGR of 6.4%.
- U.S. was the major shareholder in the North American immunoprotein diagnostic testing market, accounting for 87.23% share in 2019.
- Asia-Pacific is expected to show the highest growth rate during the analysis period, registering a CAGR of 7.7%.
- China is expected to grow at the highest CAGR of 10.6% in the Asia-Pacific immunoprotein diagnostic testing market.
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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