The global Chemiluminescence Immunoassay Market is estimated to be valued at US$ 7.01 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chemiluminescence immunoassay utilizes chemical reaction to produce detectable light signals that are used to detect or quantify substances of interest like proteins, peptides, hormones, drugs, or biomarkers in biological samples. The technology demonstrates high sensitivity and specificity for a large number of tests run by clinical laboratories every day.
Market key trends:
The growing demand for technologically advanced diagnostic platforms from healthcare facilities and rising adoption of automation in clinical testing are expected to propel the market growth over the forecast period. Automated high throughput systems offer greater walkaway time, require less manual intervention and help clinicians in early detection of diseases. Furthermore, the increasing prevalence of chronic and infectious diseases would continue to drive the demand for chemiluminescence immunoassay globally.
SWOT Analysis
Strength: Chemiluminescence immunoassay offers high sensitivity and specificity for detection of various analytes. It provides accurate and reliable results in less time as compared to other immunoassay techniques.
Weakness: Chemiluminescence immunoassay instruments require skilled professionals for operation and maintenance. Lack of uniform testing guidelines and protocols may affect the standardization and comparability of test results.
Opportunity: Rising prevalence of chronic and infectious diseases is driving the demand for diagnostic testing. Increasing adoption of automated chemiluminescence immunoassay analyzers in hospitals and diagnostic laboratories presents an opportunity for market growth.
Threats: High procurement and maintenance costs of chemiluminescence immunoassay instruments pose significant challenges, especially for small laboratories in developing regions. Stringent regulatory framework and compliance issues also act as barriers for new market entrants.
Key Takeaways
The Global Chemiluminescence Immunoassay Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand for automated high-throughput testing.
Regional analysis
North America dominates the global chemiluminescence immunoassay market owing to rising healthcare spending and availability of advanced diagnostic technologies. Asia Pacific is projected to grow at the fastest pace during the forecast period, driven by expanding healthcare infrastructure, increasing medical tourism, and growing geriatric population.
Key players operating in the chemiluminescence immunoassay market are DiaSorin S.p.A., Abbott Laboratories, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers, Beckman Coulter Inc., F. Hoffmann-La Roche AG, Inova Diagnostics, Inc., Maccura Biotechnology Co., Ltd., Tosoh Corporation, and Ortho Clinical Diagnostic.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it