The global automated immunoassay analyzers market is set to exceed USD 25 billion by 2024, according to Global Market Insights. Rising prevalence of infectious diseases and growing geriatric population has led to high diagnostic test volumes, aiding a trend shift toward lab automation. Technological innovation for development of effective lab equipment will drive the market worldwide.
Increasing consolidation in laboratories and hospitals in the wake of healthcare reform to curb healthcare expenses should stimulate the industry growth. Rising number of centralized laboratories and large reference labs should escalate the demand for automated immunoassay analyzer systems. Adoption of innovative diagnostic technologies should lead to prolific growth in the market. New product launches with ability to perform more than one test at a time using software allows diagnostic laboratories to perform routine as well as specialized tests. Stringent regulatory framework and need to operate under rising pricing pressures adversely impacts the profit margins for the laboratories inhibiting the business growth. Laboratories are focusing on high-volume testing to improve profitability per test and adopt automated systems to provide accurate diagnosis with effective workflow solutions.
Chemiluminescence analyzers are expected to witness robust growth owing to the sensitivity and accuracy of diagnosis using low analytes concentration. The automated chemiluminescent immunoassay analyzers improve the work efficiency by identifying over hundreds of analytes per hour. U.S. automated immunoassay analyzers market accounted for more than 90 percent of regional industry revenue in 2016, owing to favorable healthcare reforms for diagnostic care, adoption of innovative products, and increasing consolidation of laboratories.
India is anticipated to witness robust regional growth over the next seven years owing to increasing government focus toward development of healthcare infrastructure by encouraging public private partnership to improve healthcare delivery into rural markets. Furthermore, increasing number of pathology laboratories and rising number of private and public hospitals should fuel automated immunoassay analyzers market growth.
The automated immunoassay analyzers market is dominated by few companies with a strong financial muscle, expanded geographical footprint, and extensive product portfolio. Some of the prominent industry players include Abbott Diagnostics, Biokit, Carolina Liquid Chemistries Corporation, Luminex Corporation, Ortho Clinical Diagnostics, Roche Diagnostics, and Siemens Healthcare.