The global immunoassay market is expected to be worth USD 45.78 billion by 2032, growing at a CAGR of 5% from its current value of USD 29.51 billion in 2022.
The immunoassay market has been impacted by the market's demanding regulatory frameworks for immunoassay product approval, as well as the technical challenges of immunoassay products and reagents. Due to the pervasive diagnosis of COVID-19, the immunoassay market in numerous countries has expanded dramatically throughout the epidemic. Furthermore, as the number of COVID-19 cases increases in the third wave, the immunoassay market is anticipated to expand even more.
| Attribute | Details |
|---|---|
| Immunoassay Market Size (2022E) | USD 29.51 Billion |
| Immunoassay Market Projected Size (2032F) | USD 45.78 Billion |
| Value CAGR (2021 to 2031) | 5% CAGR |
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According to a global market research report on immunoassay, Asia-Pacific is the fastest growing region in the market. The higher CAGR is attributed to governments in China and India investing large sums of money in the advancement of the healthcare sector, including the construction of new hospitals and clinics as well as the redefining of diagnostic practises.
The covid-19 and its wave had a negative impact on the region, fueling sales of immunoassay testing kits. Due to its large geriatric population and high prevalence of infectious diseases, Asia Pacific is expected to be the fastest-growing immunoassay market during the forecast period. One of the factors driving the immunoassay market in the region is the growing adoption of innovative laboratory techniques and procedures for faster investigation and diagnosis of infectious and chronic disorders. These are the consequences of a sedentary lifestyle among children.
According to the immunoassay market demand analysis, the largest market share of 35% in 2022 is expected to hold the same position throughout the forecast period. The rising demand is attributed to an increase in cancer incidence and the ease of access to technologically advanced diagnostic techniques. Infectious disease outbreaks are becoming more common in the region.
The introduction of molecular kits, as well as an increase in the sales of reagents and kits, are also driving demand for immunoassay testing kits. This is due to the rise in infectious and chronic diseases, as well as the geriatric population, becoming infected as a result of them.
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Abbott Laboratories focuses on chia technology and offers the Abbott prism, an automatic immunoassay analyzer. It is very effective for blood screening and produces useful results. Other benefits of these systems include cGMP compliance, error reduction due to the network's resistance to tampering, increased lab productivity, and reduced human involvement because the system handles routine details such as monitoring, processing, and documentation.
Siemens Healthineers announced on November 2020 that its SARS-CoV-2 IgG Antibody Test has demonstrated to evaluate neutralising antibodies and has received CE Marking. This test is an upgraded version of the previously released COVID-19 antibody test.
Suzhou Hybiome Biomedical Engineering Co. Ltd. was acquired by bioMérieux in November 2018 for a majority stake. This acquisition is expected to boost the company's presence in the Chinese market.
Global study on immunoassay market states that the dynamic shift from the last forecast period (2017 to 2021) to the current forecast period (2022 to 2032) is significant. The major factors that have shaped the growth dynamics are the advent of covid-19, the geriatric population, and rising awareness around health. The last forecast period held a higher CAGR as it was hit by a global pandemic. Covid-19 pushed governments to invest huge capital into antigen and antibody tests like immunoassay. Tests like SARS-Cov-2 antibodies tests pushed the market up.
This fueled the market’s growth prospects and brought opportunities for the new medical and healthcare market players to come up with the latest technology and integrate it with immunoassay technology. Furthermore, the breakdown of the third covid-19 wave has partially slowed down the growth of the market as the spread is at lower levels. The market is now growing at a slightly low CAGR but is expected to expand its market space due to the rising awareness and antibodies check-up post-vaccination.
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With the environment changing and climate change-based diseases and viruses growing in the urban and rural areas, the demand for vaccines is on a rise. The immunoassay market survey explains that the tests of the effectiveness of these vaccines are conducted through immunoassays tests that include the strength of antibodies in the immune system, fueling the sales of immunoassay testing kits.
New small and easy home immunoassay tests manufactured through various healthcare brands are helping transform the antibodies detection testing technology. For example: SGTi-flex Covid-19 IgG, Rapid COVID-19 IgM/IgG Combo Test Kit, and QUANTA Flash SARS-CoV-2 igG.
Covid-19, Vaccines R&D along with higher penetration of chronic diseases amongst geriatric population fuels the immunoassay market’s pace.
Immunoassay market analysis displays the higher growth prospects due to the higher awareness of the new viruses and diseases that demand for higher antibodies in the body. An immunoassay test gives you information about the antibodies present in the body for any specific virus or disease spread by it. Demand for immunoassay tests rises as the hospitals, clinics, and research and development centers established by the government are consuming the most from the market.
The latest technology integrates Artificial Intelligence and advanced healthcare and diagnostic technology. For instance, home care units (Covid-19) include the antigen and antibody test kits that help the infected or vaccinated person to take the tests that help them analyze the improved immunity for any specific disease, thriving the sales of immunoassay tests globally. Also, regions like Asia Pacific includes India and China that are building their medical and healthcare infrastructure consume a huge chunk of immunoassay market.
The regulatory agencies in multiple nations restrict the sales of immunoassay instruments or limit their use of it in research and development centers or labs to prevent any misuse. Furthermore, the limitations associated with these instruments such as low antibody detection, false negative results, and other errors. Other than that, the high process of these immunoassay testing instruments is hindering the market’s growth.
The misinterpretation and the complex earlier immunoassay systems have made it hard for the end users to operate their systems in a good manner, hampering the demand for immunoassay testing kits.
Immunoassay Market:
| Attributes | Immunoassay Market |
|---|---|
| CAGR (2022 to 2032) | 5% |
| Market Value (2022) | USD 29.51 Billion |
| Growth Factor | The advent of Covid-19, new healthcare and diagnostics technology, and rising awareness around the application of immunoassay instruments and kits. |
| Future Opportunities | The market holds multiple opportunities for the new market players who come with the latest healthcare technologically driven products, government schemes in the healthcare innovation and startups also fuels the market growth. |
| Market Trends | The new kits that have higher detection capabilities and are logistic friendly are shaping the market trends for the immunoassay market. |
Covid-19 Testing Kit Market:
| Attributes | Covid-19 Testing Kit Market |
|---|---|
| CAGR (2022 to 2032) | 7% |
| Market Value (2022) | USD 71.47 Billion |
| Growth Factor | Covid-19 has impacted most of the markets globally. Its own diagnostic market has skyrocketed with its advent along with the growing cases of covid-19 all around the world. |
| Future Opportunities | The opportunities that the market brings involve nano diagnostic technology that detects the virus more effectively. Manufacturers using it for enhanced accuracy is fueling the sales of covid-19 testing kits. |
| Market Trends | As the spread and its intensity gets lower the use of these kits become less common, the use of these devices in research and development of drugs are setting up trends for the market. |
Blood Glucose Monitoring Devices Market:
| Attributes | Blood Glucose Monitoring Devices Market |
|---|---|
| CAGR (2022 to 2032) | 7.8% |
| Market Value (2022) | USD 12.61 Billion |
| Growth Factor | The geriatric population and the higher number of blood-related cases along with the higher health awareness globally are fuelling the demand for blood glucose monitoring devices. |
| Future Opportunities | Latest blood testing technology along with specific diabetes testing formats have created opportunities for the new markets to take interest and produce efficient, green and effective devices for the future. |
| Market Trends | The application of these devices in the United States has skyrocketed as the number of diabetic patients, especially youngsters are rising and setting up the growth trends for the market. |
By product, reagents and kits accounted for 60% share of total revenue generated of the immunoassay market globally and is anticipated to hold the highest share by 2032. As the climate change spreads its space in the world and gives birth to new infectious and autoimmune diseases like Covid-19, Monkeypox etc., the applications of reagents and kits have increased.
The approval and launch of novel immunoassayare likely to support the segment growth. Though the software and service segment hold the second position, owing to the cost-effective products, fueling the overall sales of immunoassay testing instrument.
Immunoassay market opportunities rise with the EIA/ELISA technology that is gaining traction in the market with its higher use in reducing the assay time for immunoelectrophoretic and immunodiffusion while providing accurate and quantitive results. This segment holds around 60% of the global market share. Other than that, rapid test technology is more useful in the infections caused by salmonella, campylobacter, Zika and Listeria.
By application, the infectious disease testing segment accounted for a 30% share of total revenue generated through the immunoassay market globally and is anticipated to hold the highest share by 2032. This growth is attributed to the high share can be attributed to the rise in the incidence of infectious diseases such as HIV, malaria, influenza, and the novel COVID-19.
Immunoassay market demand analysis defines that the largest market share of 35% in 2022 and is forecasted to hold the same position during the forecast period. The rising demand is attributed to increase in the incidence of cancer and the easy availability of technologically advanced diagnostic techniques. Furthermore, an increasing number of incidences of infectious diseases in the region, like HIV, Influenza, and Tuberculosis.
Also, the introduction of molecular kits and the increase in the sales of reagents and kits used are also fueling the demand for immunoassay testing kits. This happens due to the rising infectious and chronic diseases and the geriatric population getting infected through them.
Global market research report on immunoassay records the Asia-Pacific region as the fastest growing region in the market. The higher CAGR is attributed to the governments in China and India investing huge amounts of capital in the advancement of the healthcare sector, building new hospitals and clinics while redefining its diagnostics practices. The covid-19 and its wave did hit the region adversely, fueling the sales of immunoassay testing kits in the region. Furthermore, the expected hike in the demand for immunoassay kits with the rapidly increasing geriatric population and chronic diseases amongst them. These are the outcomes of the inactive lifestyle amongst youngsters.
New market research report on immunoassay defines the market space as a younger space where there is a space for innovation and technology. The defining factors key players have are the ability to deliver effective and accurate results while making the end product more logistics friendly and easy to use.
| Attribute | Details |
|---|---|
| CAGR (2022-2032) | 5.0% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value and Million. Sq. M. for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Brazil, Mexico, Germany, UK, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Product, Technology, Application, End-use and Region |
| Key Companies Profiled | Siemens Healthineers; BioMérieux SA; Abbott Laboratories; Danaher Corporation (Beckman Coulter); Quidel Corporation; Ortho Clinical Diagnostics; Sysmex Corporation; Bio-Rad Laboratories, Inc.; Becton, Dickinson and Company; F. Hoffmann-La Roche AG; Thermo Fisher Scientific, Inc |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global Immunoassay market is estimated to be worth over USD 29.51 Billion by 2022.
The Immunoassay market is forecasted to surpass USD 45.78 Billion by the end of 2032.
North American market holds 35.0% of the global immunoassay market share.
The immunoassay market is anticipated to grow at a CAGR of 5.0% through 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product 5.1. Reagents & Kits 5.2. Analyzers/Instruments 5.2.1. Open-ended Systems 5.2.2. Closed-ended Systems 5.3. Software & Services 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Technology 6.1. Radioimmunoassay 6.2. Enzyme Immunoassays Rapid Test 6.2.1. Chemiluminescence Immunoassays 6.2.2. Fluorescence Immunoassays 6.3. Others 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 7.1. Therapeutic Drug Monitoring 7.2. Oncology 7.3. Cardiology 7.4. Endocrinology 7.5. Infectious Disease Testing 7.6. Autoimmune Diseases 7.7. Other Applications 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-use 8.1. Hospitals 8.2. Blood Banks 8.3. Clinical Laboratories 8.4. Pharmaceutical and Biotech Companies 8.5. Academic Research Centers 8.6. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Siemens Healthineers 17.2. bioMérieux SA 17.3. Abbott Laboratories 17.4. Danaher Corporation 17.5. Quidel Corporation 17.6. Ortho Clinical Diagnostics 17.7. Sysmex Corporation 17.8. Bio-Rad Laboratories, Inc. 17.9. Becton, Dickinson, and Company 17.10. F. Hoffmann-La Roche AG 17.11. Thermo Fisher Scientific, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Immunoassay Market
