(MENAFN- GlobeNewsWire - Nasdaq) New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Immunochemistry Diagnostic Devices And Equipment Global Market Report 2023' -
The global immunochemistry diagnostic devices and equipment market will grow from $16.22 billion in 2022 to $17.59 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The immunochemistry diagnostic devices and equipment market is expected to grow to $21.86 billion in 2027 at a CAGR of 5.6%.
The immunochemistry diagnostic devices and equipment market consists of sales of chemiluminescence immunoassay (CLIA) analyzers, immunofluorescence (IFA) analyzers, enzyme immunoassay (EIA) analyzers, radioimmunoassay (RIA) analyzers, enzyme-linked fluorescent assay (ELFA) systems, and multiplexed assay systems that are used in immunochemistry diagnostics. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
North America was the largest region in the immunochemistry diagnostic devices and equipment market in 2022.Asia Pacific was the second-largest region in the immunochemistry diagnostic devices and equipment market.
The regions covered in the immunochemistry diagnostic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Immunochemistry is the the study of components and function of immune system. Immunochemistry diagnostic devices and equipment are designed to diagnose diseases or conditions by studying the functions of the immune system through the analysis of the nature of specific proteins, antigens, antibodies and their interaction.
The main product types are immunochemistry analyzers, immunochemistry stainers, incubators, microscopes, centrifuges, autoclaves, and consumables.Centrifuges are machines using centrifugal force for separating substances of different densities, removing moisture, or for simulating gravitational effects.
The immunochemistry analyzers are chemiluminescence immunoassay (CLIA) analyzers, immunofluorescence (IFA) analyzers, enzyme immunoassay (EIA) analyzers, radioimmunoassay (RIA) analyzers, enzyme-linked fluorescent assay (ELFA) systems, and multiplexed assay systems.The immunochemistry stainers are automated stainers and semi-automated stainers.
The consumables are antibodies, antigens, enzymes, reagents, stains, buffers, disposables, and others. The various applications are endocrinology, oncology, cardiology, therapeutic drug development and monitoring, infectious disease testing, drugs of abuse testing, and others that are used by various end-users are hospitals and clinics, diagnostic laboratories, research labs, and institutes, biopharmaceutical and biotechnology companies, and others.
An increase in the incidence of target diseases is a major driver for the immunochemistry diagnostic devices and equipment market.The incidence rate of diseases such as viral infections, cardiovascular diseases, cancer, or hormonal disorders is increasing worldwide, mainly due to poor lifestyle choices.
For example, according to the American Heart Association, cardiovascular disease is the leading global cause of death, accounting for over 17.6 million deaths per year. This number is expected to grow to over 23.6 million by 2030.
Stringent regulatory policies related to the approval of immunoassay instruments and consumables are a major restraint for the immunochemistry diagnostic devices and equipment market.Immunochemistry devices and equipment manufacturers are required to obtain multiple and separate clearances from the Food and Drug Administration (FDA) for launching their products.
The entire process of regulatory approval is time-consuming, with a minimum of about 18-30 months required for approval of class III devices and around 6-9 months required for approval of class II devices.
Companies in the immunochemistry diagnostic devices and equipment market are increasingly investing in automated immunoassay systems.This is mainly because automation has led to an increase in the capabilities of diagnostic devices in testing higher volumes of patient specimens.
In addition, the development of various integrated clinical chemistry systems has immensely improved the efficiency of the analytical phase of clinical chemistry laboratory testing and led to further automation. For example, ichroma-50 is an automatic immunoassay analyzer of Boditech Med Inc. that measures the concentration of the targeted analyte in body fluids such as blood, urine, and other samples in a few minutes, and reduces the labor cost and human error in the process.
In the USA, the immunochemistry diagnostic devices and equipment market is regulated by the U.S. Food and Drug Administration (FDA), and all diagnostic laboratory tests are regulated by the clinical laboratory improvement amendments of 1988 (CLIA), which is administered by the Centers for Medicare & Medicaid Services (CMS). A CLIA/FDA compliant laboratory is required to file a PMA/510(k) for market approval of any immunochemistry device. Hence, the regulatory scenario related to immunochemistry diagnostic devices and equipment will keep a check on the companies that manufacture these devices and equipment.
The countries covered in the immunochemistry diagnostic devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The immunochemistry diagnostic devices and equipment market research report is one of a series of new reports that provides immunochemistry diagnostic devices and equipment market statistics, including immunochemistry diagnostic devices and equipment industry global market size, regional shares, competitors with a immunochemistry diagnostic devices and equipment market share, detailed immunochemistry diagnostic devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the immunochemistry diagnostic devices and equipment industry. This immunochemistry diagnostic devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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