The major factors that are driving the market growth include rising prevalence and incidence of cancer and infectious diseases and technological advancements.
The global cancer burden is increasing, and thus, cancer assays must be modified according to regional and national priorities. According to the World Cancer Research Fund, in 2018, there were an estimated 18 million cancer cases around the world, of which 9.5 million cases were in men and 8.5 million in women.
Lung and breast cancers were the most common globally and contributed to 12.3% of the total number of new cases that were diagnosed in 2018. Colorectal cancer was the third-most common cancer, with a prevalence of 1.8 million new cases in 2018, according to the World Cancer Research Fund. The increasing cancer burden is expected to drive the market growth over the forecast period.
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Key Market Trends
Pharmaceutical Industries is Expected to Grow with a High Growth Rate
Immunoassays have been widely used in many important areas of pharmaceutical analysis such as diagnosis of diseases, therapeutic drug monitoring, clinical pharmacokinetics, and bioequivalence studies in drug discovery and pharmaceutical industries. The importance and widespread of immunoassay methods in the pharmaceutical analysis are attributed to their inherent specificity, high-throughput, and high sensitivity for the analysis of a wide range of analytes in biological samples.
Recently, marked improvements were achieved in the field of immunoassay development for the purposes of pharmaceutical analysis. These improvements involved the preparation of the unique immunoanalytical reagents, analysis of new categories of compounds, methodology, and instrumentation.
Moreover, the global pharmaceutical industry investment in research and development has increased over the years, from USD 108.1 billion in 2006 to USD 156.7 billion in 2016, as per a 2017 report by the Association of the British Pharmaceutical Industry. Hence, with the increasing expenditure in R&D, this market in the pharmaceutical industry is expected to attain good growth over the forecast period.
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