The global Immunodiagnostic Reagent Market is expected to reach USD 18.60 billion by 2028, growing at a CAGR of 12.80% from 2020 to 2028, according to Reports and Data's recent analysis. The market's growth is attributed to the increase in the incidence of diseases such as cancer, HIV, respiratory, and others.

The growth of the geriatric population and the need to develop therapeutic treatments for chronic diseases is driving the R&D infrastructure. R&D investments globally, coupled with the rise in awareness and availability of different immunodiagnostics reagents, are expected to drive the global immunodiagnostic reagent market in the forecast period. However, the high costs of immunodiagnostics reagents are expected to hamper the market growth to a certain extent.

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Immunodiagnostic reagent agents such as proteins are used to execute immunodiagnostic reactions. The pharmaceutical and biotechnology industries are the traditional strongholds of the immunodiagnostic reagent market after clinical laboratories and hospitals. Immunodiagnostic Reagent kits are used by druggists to monitor drug delivery and the effect of the drugs administered in the system. Companies' key strategic initiatives such as product launches and approval for new immunodiagnostic reagent products and services are expected to significantly foster the growth rate of the global market.

North America held the largest market share in the global immunodiagnostic reagent market in 2018. The market growth in North America is attributed to the rise in investment towards research and development to find different novel therapeutics and various diagnosis methods for the treatment of serious diseases. Moreover, there is an increase in government support towards these initiatives.

The Asia Pacific market is projected to grow at the highest rate throughout the forecast period. The increase in technological advancement in the region along with the development of new research facilities in emerging markets such as China and India are the key factors influencing immunodiagnostic reagent market growth in this region.

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The report also highlights the following key findings:

• Trainings that employ immunodiagnostics reagents are routinely provided in academic and research centers and medical colleges in the form of internships, leading to increased demand for these products worldwide and boosting the immunodiagnostic reagents market.
• The ELISA reagent market in Europe occupied a significant share in 2018 and is projected to grow at a CAGR of 14.2% during the forecast period.
• The Asia Pacific market is expected to grow at the highest CAGR of 16.8% during the forecast period, attributed to the increasing disposable incomes and healthcare facilities in developing nations such as China and India.
• By application, the cardiac biomarker segment is growing gradually and is expected to reach USD 2.67 billion by 2026 due to the increase in the dire need of novel therapeutic treatments for cardiovascular disease treatment.
• In 2018, the hospitals segment in North America witnessed significant growth, as tests and reagents are more prominently used in the US.

The key participants in the immunodiagnostics reagents market include Abbott Laboratories, Immunodiagnostic Reagent Systems Holdings Plc (IDS), DiaSorin S.p.A., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Siemens AG, Sysmex Corporation, Danaher Corporation, Thermo Fisher Scientific Inc., OPKO Health Inc., Bio-Rad Laboratories, Inc., and Arkray, Inc.

The global immunodiagnostic reagent market is segmented by reagent, application, end-user, and region. The reagent segment includes enzyme-linked immunosorbent assay (ELISA) reagents and kits, rapid test reagents and kits, enzyme-linked immunospot ELISPOT reagents and kits, western blot reagents and kits.

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