USD 29.72 billion
Report ID:
SQMIG35H2054 |
Region:
Global |
Published Date: September, 2024
Pages:
242
|Tables:
164
|Figures:
78
Immunoassay Market size was valued at USD 35.12 Billion in 2023 and is poised to grow from USD 37.08 Billion in 2024 to USD 57.3 Billion by 2032, growing at a CAGR of 5.59% during the forecast period (2025-2032).
As the name suggests, immunoassay is engaged in the detection of lipids, proteins, small molecules, and nucleic acids that are used to diagnose or aid in planning treatments for patients. The global immunoassay market is witnessing significant growth impacted by growing technological advancements, rising demand for diagnostic testing, and expanding applications in environmental testing, clinical diagnostics, and biopharmaceuticals. Nonetheless, the market is hampered by the variability of assays and the growing complexity and significantly priced development of immunoassays. Developing novel immunoassays is expensive and needs major investment, thus negatively impacting the market. A few opportunities witnessed in the market include the rising demand for personalized medicine that increases the use of immunoassays and increasing funding for research by private and public entities.
US Immunoassay Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 29.72 billion
Largest Segment
Reagents and kits
Fastest Growth
Reagents and kits
Growth Rate
5.32% CAGR
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Global Immunoassay Market is segmented on the basis of product, technology, specimen, application, end user, and region. By product, market is segmented into Reagents & Kits, Analyzers. By technology, market is segmented into ELISA, CLIA, IFA, Rapid Tests, Western Blotting, ELISPOT, and Other Technologies. By specimen, market is segmented into Blood, Saliva, Urine, and Other Specimens. By application, market is segmented into Infectious Diseases, Endocrinology, Cardiology, Autoimmune Disorders, Allergy Diagnostics, Oncology, Bone & Mineral Disorders, Drug Monitoring and Testing, Blood Screening, Newborn Screening, and Other Applications. By end user, market is segmented into Hospitals & Clinics, Clinical Laboratories, pharmaceutical & Biotechnology Companies and Contract Research Organizations, Home Care Settings, Blood Banks, and Research & Academic Laboratories. By region, the immunoassay market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Immunoassay Market Analysis by Technology
Based on technology, the immunoassay market is categorized into ELISA, CLIA, IFA, rapid tests, blotting, ELISPOT, and other technologies. The ELISA segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to its increased preference due to features like versatility, sensitivity, and specificity, which make it ideal for broader applications like hormone testing, safety of food, and disease diagnosis. Its ability to process numerous samples at the same time and user-friendly format is impacting its demand and the segmental growth.
On the other hand, the rapid tests segment is projected to grow considerably over the forecast period owing to its increased use for diagnosing infectious diseases like monitoring diverse health diseases and COVID-19. Their easy usage, capability to offer quick results, and convenience make it a suitable and highly preferred technology, mainly in pharmacies, clinics, and home. This notably impacts the growth of the segment. Rapid tests comprise a key segment of the immunoassays market. They are specially designed for on-site, quick results, mostly within minutes, increasing their preference in POC applications.
Immunoassay Market Analysis by End User
Based on end user, the market is segmented into hospitals & clinics, clinical laboratories, pharmaceutical & biotechnology companies, and contract research organizations, home care settings, blood banks, and research & academic laboratories. The hospitals & clinics segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to its increased demand for diagnostics, high-tech infrastructure, and POC testing. Hospitals and clinics need a broader range of tests to aid better patient care, impacting and increasing the demand for immunoassays. These facilities offer well-trained professionals and require equipment to conduct different immunoassays, improving their efficacy in clinics. Also, increasing demand for POC testing in hospitals enables rapid tests, thus impacting the demand for immunoassay technologies.
On the other hand, the clinical laboratories segment will hold a notable market share in the forthcoming years owing to high volume tests, access to improved technologies, and better quality control and standardization. Clinical labs manage a high volume of diagnostic tests on a daily basis, increasing their importance and leading adopters of immunoassay solutions. These laboratories are well-equipped with high-tech instruments and technology, allowing the use of diverse immunoassays technologies like CLIA and ELISA. These labs emphasize quality control and standardized procedures, boosting the segment growth.
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Geographically, North America dominated the immunoassay market in the previous years and is expected to lead over the forecast period owing to the presence of improved healthcare infrastructure, increasing investment for research and development, and supportive regulations for the use of immunoassay. North America brags its well-developed healthcare infrastructure with cutting-edge diagnostic and laboratories facilities, which simplifies the broader use of the said technology. Major R&D funding from private and government sectors encourages modernizations in diagnostic methods. Moreover, simplified approval process and supportive regulatory environments allow speedy market entry of novel solutions. The key players profiled in the region include Abbott Laboratories, Danaher Corporation, Revvity, Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., QuidelOrtho Corporation, and more.
Asia-Pacific is the fastest-growing region in the global immunoassay market due to rising healthcare investments, growing cases of chronic diseases, and expanding diagnostic capabilities. Rising investments in healthcare technology and infrastructure from both private sector and governments increases the availability of improved diagnostic technologies. The rising cases of infectious diseases and chronic illnesses are boosting the demand for reliable diagnostic solutions like immunoassay. Several nations in the region are enhancing their diagnostic capabilities, resulting in increased adoption of the said technology in clinics and hospitals.
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Immunoassay Market Driver
Heavy Funding for Healthcare Research
Growing Adoption and Awareness for Preventive Healthcare
Immunoassay Market Restraints
Low Awareness in Developing Regions
Dependency on Certain Reagents and Instruments
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The global immunoassay market is impacted by improvements in technologies like incorporation of automation technologies. The market vendors operating, including Abbott Laboratories, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, Siemens Healthineers AG are increasingly adopting strategies like new product development, launches, and advancements in technologies for providing better solutions to cure chronic illnesses and infectious diseases effectively. Other market players like BioMérieux, Qiagen N.V., and Sysmex Corporation are integrating AI in the development of assays, shaping competitive strategies.
Immunoassay Market Top Player’s Company Profiles
Immunoassay Market Recent Developments
Expanding Applications of Immunoassays:
Technological Improvements in Immunoassays:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the Immunoassay market is considerably progressing due to the expanding applications in numerous sectors, growing adoption of preventive healthcare, and growth of home-based tests. However, the market is hampered by the changing regulations, growing competition from alternate diagnostic methods, and legal and ethical considerations. North America is anticipated to lead the market owing to rising incidences of chronic and infectious diseases, high research and development investment, and favorable regulatory policies. Nonetheless, a few opportunities for the growth of the immunoassay market include the integration of telemedicine, growing sustainability initiatives, and the development of combination tests.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 33.26 billion |
Market size value in 2031 | USD 54.27 billion |
Growth Rate | 5.59% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Immunoassay Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Immunoassay Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Immunoassay Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Immunoassay Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35H2054
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