Frost: Novel Assays Development Vital for European Immunoassay Diagnostics Market
January 6, 2009 // Published as a news service by IHS
The immunoassay diagnostics market is in the late growth stage of the market lifecycle. According to Frost & Sullivan, the market is being challenged by a number of factors, including the commoditization of tests, growing laboratory networks and the heightened popularity of molecular tests in areas like infectious testing.
However, unmet needs in the market are propelling companies to develop novel assays and differentiate themselves to stay ahead of the competition.
Recent analysis from Frost & Sullivan of the European immunoassay market found that the market earned revenues of $2.97 billion in 2008, with estimates to reach $4.20 billion in 2015.
"The future of the European immunoassay diagnostics market depends on developing novel assays in areas such as cardiology, oncology and autoimmunity," said Frost & Sullivan industry analyst Arun A.K. "Rapid and efficient tests to identify disease conditions are gaining enormous importance and will set the pace in the market."
The adoption of novel assays for critical testing areas is on the rise, analysts said, compelling companies to identify new biomarkers and develop assays that are easy to perform. Companies are responding well to this challenge, as more than 70 immunoassays are currently in various developmental stages.
However, the centralization of non-STAT immunoassays, together with the formation of laboratory networks in Europe, is squeezing revenue returns in the market. Analysts said this situation is intensifying competition in the already crowded marketplace.
"The market will experience increasing competition through 2015," said Arun. "It is important, therefore, to identify key growth areas and focus on achieving differentiation in order to stay ahead of the competition."
There has been a growing trend toward collaborations among life sciences companies, research institutes and laboratories, analysts said. Such alliances have aimed to identify winning strategies for the rapid and successful commercialization of biomarkers. This will enable companies to make strong gains.
"As the usefulness of a successful biomarker ranges from disease identification to drug discovery, an integrated collaborative approach between the compatible companies in similar areas of research will help distribute developmental costs," said Arun.
"Such synergistic alliances will have a mutually beneficial impact on the partners, while affecting revenue growth. Rapid and efficient tests to identify disease conditions are gaining enormous importance and will set the pace in the market."
Source: Frost & Sullivan.