Immunoassay Market Size, Share, Growth Analysis, By Product(Reagents & Kits, Analyzers), By Technology(ELISA, CLIA, IFA, Rapid Tests), By Specimen(Blood, Saliva, Urine, Other Specimens), By Application(Infectious Diseases, Endocrinology, Cardiology, Autoimmune Disorders), By End User(Hospitals & Clinics, Clinical Laboratories, Pharmaceutical & Biotechnology Companies and Contract Research Organizations, Home Care Settings), By Region - Industry Forecast 2024-2031

Immunoassay Market size was valued at USD 33.26 billion in 2022 and is poised to grow from USD 35.12 billion in 2023 to USD 54.27 billion by 2031, growing at a CAGR of 5.59% in the forecast period (2024-2031).

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. 'Abbott Laboratories (US) ', 'F. Hoffmann-La Roche Ltd. (Switzerland) ', 'Siemens Healthineers AG (Germany) ', 'Danaher Corporation (US) ', 'Thermo Fisher Scientific Inc. (US) ', 'Revvity (US) ', 'Becton, Dickinson and Company (US) ', 'Diasorin S.p.A. (Italy) ', 'Bio-Rad Laboratories, Inc. (US) ', 'QuidelOrtho Corporation (US) ', 'BioMérieux (France) ', 'Qiagen N.V. (Netherlands) ', 'Sysmex Corporation (Japan) ', 'Agilent Technologies, Inc. (US) ', 'Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China) ', 'Merck KGaA (Germany) ', 'Meridian Bioscience (US) ', 'Bio-Techne (US) ', 'Cellabs (Australia) ', 'Abnova Corporation (Taiwan) ', 'J. Mitra & Co. Pvt. Ltd. (India) ', 'Tosoh Corporation (Tosoh Bioscience) (Japan) ', 'Cell Sciences (US) ', 'Enzo Biochem (US) ', 'Creative Diagnostics (US) ', 'Boster Biological Technology (US) ', 'Elabscience (China) ', 'Wako-Chemie Medical (Germany) ', 'Seracare Lifesciences Inc. (US) ', 'Epitope Diagnostics (US) ', 'Kamiya Biomedical Company (US) ', 'Gyros Protein Technologies (Sweden) ', 'Trivitron Healthcare (India) ', 'Inbios International, Inc. (US) ', 'Maccura Biotechnology Co., Ltd. (China)'

Mounting funding from organizations and governments for healthcare development and research is encouraging the emergence and progress of superior immunoassay solutions. Moreover, rising investments from private sectors in therapeutic research and diagnostic research is fueling the demand and improvements in immunoassay solutions. Hence, private investments and supportive government initiatives are driving the immunoassay market. 

Expanding Applications of Immunoassays: The growth of infections and chronic diseases has propelled the demand of immunoassays for disease monitoring and detection. Immunoassays are actively demanded by the biopharmaceutical industry for therapeutic monitoring and development of drugs. Moreover, the application of immunoassays in environmental monitoring, especially for discovering contaminants is gaining prominence, impacting the growth of the market. 

Geographically, North America dominated the 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.