An immunoassay is a biochemical investigation that employs an antibody or an antigen to determine the presence of a macromolecule or a small molecule in a solution. In scientific research, immunoassays are frequently used to track various proteins, hormones, and antibodies and analyze biological systems.
In 2021, the market for immunoassay was worth USD 24.30 billion, and by 2030 it will reach USD 45.82 billion, growing at a 7.3% CAGR during the forecast period.
The rise in the prevalence of infectious and chronic diseases is primarily responsible for expanding the global immunoassay market. The rise in the pharmaceutical and biotechnology industries, the rising elderly populations, and the high degree of accuracy of immunoassay are additional factors boosting the Immunoassay market.
The immunoassay market is expanding due to various factors, including diabetes, chronic disorders, and cardiovascular diseases. Furthermore, the growing rate of diseases like dengue, malaria, hepatitis, COVID-19, and others further stimulates the market growth rate.
The Immunoassay test is one of the key factors in the Immunoassay market because it is less expensive, provides results quickly with detection limits, and is more effective. The immunoassay market is expanding significantly due to the rise in cancer occurrences. The immunoassay system can be used to identify the stages and kinds of cancer.
Several governments and regulatory agencies have imposed restrictions on commercializing immunoassay instruments and consumables, which is a significant challenge for the Immunoassay market. Aside from that, technological challenges imposed by Immunoassay reagents and kits, such as low detection limits of available antibodies, cross-reactivity of antibodies, and false results, will hamper the Immunoassay industry.
Many applications, including pharmaceutical analysis, food safety, medical diagnostics, and basic science research, use immunoassay extensively. The market for immunoassay has potential due to the use of immunoassay in many different fields. The expanding demand for safer medications and specialized therapies is creating opportunities for the market. The industry will have significant expansion in developing regions like the Asia-Pacific.
The kit and reagent category led the immunoassay market with a share of more than 61% in 2022. The greater demand for immunoassay kits and reagents for diagnostic purposes can be related to the rising prevalence of viral and autoimmune illnesses. Also, the availability and approval of immunoassay kits will support industry growth.
The software and services category will expand at a CAGR of 5.68%. It is due to the high availability and rising need for inexpensive immunoassay services in emerging regions. In June 2020, Sysmex Corporation, for example, started providing new coronavirus (SARS-CoV-2) antibody lab assay services.
The ELISA category was the market leader in 2022, with a market share of more than 61%. Shorter test periods, qualitative and qualitative results, and using antiserum for analysis are benefits of this technology over immunoelectrophoretic and immunodiffusion.
The infectious disease segment led the entire market in 2022 with a revenue share of 31%. The rise in infectious diseases like SARS-COVID-19, malaria, and HIV drives the growth. The market is being further stimulated by the launch of new products in infectious disease diagnostics.
In 2022, the hospital and clinical segment led the entire market with a revenue share of nearly 31% due to the rising number of hospitals. There is a higher need for hospitals with cutting-edge facilities due to changes in the healthcare sector. Also, due to growing clinical trials and increased research and development activity impacting the immunoassay, the clinical laboratory is the second fastest-growing market sector.
Blood banks will expand at a respectable CAGR during the forecast period. Due to the rise in the frequency of infectious diseases discovered at blood banks through the screening and processing of donated blood, blood banks will expand during the projection period.
North America held the largest market in 2022, with 36% of the revenue share. This is due to the rise in cancer incidence and the availability of cutting-edge diagnostic methods that have increased the demand for diagnostics. The high incidence of infectious diseases like HIV and tuberculosis in the area also drives up the demand for diagnosis and treatment.
Asia Pacific will experience robust growth during the forecast period due to the expanding senior population and rising rate of chronic disorders. In addition, one of the factors driving the regional market is the development of increasingly innovative laboratory procedures and techniques for the faster diagnosis and investigation of infectious diseases.
- Agilent Technologies
- Bio-Rad Laboratories
- Beckman Coulter
- DiaSorin S.p.A
- bioMérieux SA
- Luminex Corporation
- Meso Scale Diagnostics
- Hoffmann-La Roche Ltd
- Merck KGaA
- PerkinElmer Inc
- Quidel Corporation
- Ortho Clinical Diagnostics
- Randox Laboratories Ltd
- Shenzhen Mindray Bio-Medical Electronics Co
- Thermo Fisher Scientific
In 2021, the market for immunoassay was worth USD 24.30 billion, and by 2030 it will reach USD 45.82 billion, growing at a 7.3% CAGR during the forecast period. The primary drivers influencing the growth of the immunoassay business are the increased prevalence of infectious and chronic diseases, growing awareness about the need for early diagnosis, technological advancements in immunoassays, and the use of immunoassays in drug and alcohol testing.
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