The rising global prevalence of diseases such as cancer and hepatitis is expected to boost the global immunodiagnostics market. Fortune Business Insights, announced the publishing of a report titled, “Immunodiagnostics: Global Market Analysis, Insights and Forecast, 2018-2025.” As per the report, the Global Immunodiagnostics Market was worth US$ 15,777.5 Mn in 2017. However, the global immunodiagnostics market is anticipated to expand at a CAGR of 4.7% and reach US$ 22,732.7 by the end of 2025. In terms of application, Oncology and Endocrinology were among the highest shareholder in 2017.
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Increasing Awareness About Quality Healthcare to Drive the Market
Technological advancements in diagnostic kits and a growing geriatric population are some factors anticipated to drive the global immunodiagnostics market during the forecast period 2018-2025. Additionally, liberal reimbursement policies and increasing demand for quality healthcare services are likely to fuel the demand in the global immunodiagnostics market.
In 2017 the U.S. Food and Drug Administration (FDA), granted approval to the OPKO Health Inc. to conduct prostate-specific antigen test with immunoassay analyzer. This is likely to increase the adoption of immunodiagnostics and further increase the demand in the global immunodiagnostics market.
North America, Dominating the Global Immunodiagnostic Market
At Present North America is dominating the global immunodiagnostics market. The growth witnessed in the region is due to growing emphasis by government organizations on early diagnosis and prevention from diseases. Changing patient preferences and advancements in diagnostic testing is leading to a gradual shift from the ital test to immunodiagnostics. This is expected to boost the global immunodiagnostics market.
In 2017 the Asia Pacific immunodiagnostics market was valued at US$ 3939.1 Mn. The market is expected to expand at a relatively higher CAGR during the forecast period 2018-2025. The growth projectable is attributed to the rising prevalence of the various disease in Asia Pacific. Moreover, constantly improving healthcare infrastructure, increasing purchasing power, and rising healthcare expenditure are anticipated to increase the growth rate in the global immunodiagnostic market.
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