Immunoassay Market Size, Share and Global Analysis by 2027

The immunoassay market size was estimated to reach US$ 37,987.76 million by 2027 from US$ 21,800.00 million in 2018; it is estimated to grow at a CAGR of 6.5% during 2019-2027.

Market Insights and Analyst View:

Immunoassays are a group of laboratory techniques used to detect and quantify specific protein or other substances in biological samples. They are widely used in clinical diagnostics, pharmaceuticals research, and various other applications. The rising incidence of chronic diseases, cancer, diabetes, and infectious diseases, has driven the demand for accurate and efficient diagnostic methods, including immunoassays. Continuous advancements in immunoassay technology have improved sensitivity, specificity, and automation, making the tests more reliable, user-friendly, and capable of handling a large number of samples. Such factors are expected to propel the immunoassay market growth during the forecast period.

Growth Drivers and Challenges:

The emerging markets in the countries of Asia Pacific are creating significant opportunities for the key market players to expand their business. It is likely to be a prime factor contributing to the market growth during the coming years. Majority of the players concentrate on developing markets such as India and China, owing to the large population suffering from chronic diseases in these countries.

With rising costs of production against their practices, the medical device companies are striving to produce sufficient revenue to entertain their investors. The markets in some growing economies are expected to be an essential part of offering more reliable and profitable growth opportunities for the major players to expand their industry and geographic scope.

There has been an increase in the healthcare expenditure of the countries during the previous years. As per World Bank in the United States, 17.1% of its GDP is committed to the industry, whereas in Latin America, healthcare expenditures account for only 7.24%, with Mexico at 6.3% and Brazil at 8.3%. Moreover, the healthcare expenditure per capita for Germany, UK, China, and India was 11.3%, 9.1%, 5.6%, and 4.7% respectively for 2017. The factors mentioned above are expected to offer broad growth opportunities in the healthcare industry at the global level, and this is expected to cause the demand for global immunoassay market.

Various players in the industry have been investing a significant amount of their revenue in research and development activities for the development of better and advanced products and technologies to be used in the healthcare industry. The Asia Pacific market is anticipated to have the fastest growth in the forecast period. Presence of significant biopharmaceutical companies in countries, such as Japan, and the growing number of local companies in developing nations like China, Brazil, and India are the factors contributing to the market growth in the Asia Pacific. These activities in the region are increasing the demand for immunoassays.

Thus, the rising number of infectious disease incidences and advancements in emerging countries are likely to boost the immunoassay market size and are anticipated to provide significant growth opportunities to the players operating in the immunoassay market during the forecast period.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

Immunoassay Market: Strategic Insights

Market Size Value in	US$ 21,800.00 Million in 2018
Market Size Value by	US$ 37,987.76 Million by 2027
Growth rate	CAGR of 6.5% from 2019 to 2027
Forecast Period	2019-2027
Base Year	2019

Akshay

Have a question?

Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

 Speak to Analyst

Report Segmentation and Scope:

The “Global Immunoassay Market” is segmented based on product, technology, application, end-user, and geography. Based on product was segmented into reagents & kits, analyzers and instruments, and software and services. Based on technology was segmented into enzyme-linked immunosorbent assays (ELISA), fluorescence, chemiluminescence, rapid test, western blot, enzyme-linked immune absorbent spot (ELISPOT), and polymerase chain reaction (PCR). Based on application the global immunoassay market is segmented into therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious disease testing, autoimmune diseases, and others. The immunoassay market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

Based on product, the immunoassay market is segmented into reagents & kits, analyzers and instruments, and software and services. Reagents & kits product segment held the largest share of the market. However, software & services segment is expected to grow at the fastest rate over the forecast period, due to rising involvement of healthcare IT and increasing need to manage and enable instant access to all related data. The kits and reagents market is categorized by the presence of a large number of manufacturers like Abbott, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., and others. Additionally, these products are frequently used in various research processes, which further is expected to propel growth. The various kits are used for the detection of multiple proteins and molecules that include growth factors, cytokines, and markers for infectious diseases, tumor, diabetes, drugs, small molecules, and more. The reagents used in the immunoassay include antibodies, sample diluents, conjugate stabilizer diluents, coating and wash buffers, and substrates for immunoassays. Furthermore, the developments and frequent product launches and increasing availability are one of the significant factors contributing to this growth rate. For instance, in February 2021, Agilent Technologies Inc. launched the Agilent Dako SARS-CoV-2 IgG Enzyme-Linked Immunosorbent Assay (ELISA) kit intended for the qualitative detection of immunoglobulin G (IgG) antibodies to SARS-CoV-2 in human serum or plasma. Moreover, the major factors that are driving the market growth include the rising prevalence and incidence of chronic as well as infectious diseases along with the technological advancements in immunoassay instruments and the high sensitivity and specificity of the immunoassays, thereby driving the immunoassay instruments market growth during the forecasted period. Therefore, owing to the presence of the various market players that are offering multiple reagents & kits and rise in the technological advancements are likely to propel the growth of the immunoassay kits market during the forecast period.

Immunoassay Market, by Product – 2018 and 2027

 

Based on end-user, the immunoassay market is segmented into hospitals and clinics, pharma, clients, and government agencies. In 2021, the hospitals and clinics segment held the largest share of the market. However, the client’s segment is expected to register the highest CAGR of 6.2% in the market during the forecast period. Nowadays, hospitals give better services to their patients. Usually, such hospitals offer diagnostic and treatment services for multiple indications. The team of doctors, nurses, and trained pathologist provide better treatments through proper diagnosis. Enormous patients are admitted for the procedure while several patient’s walk-in for the diagnostics treatment. Among the admitted patients, most of them are already suffering from some disorders. Therefore, to monitor and control their health in real-time, most of the hospitals are attached with clinical diagnostic laboratories. Thus, hospitals are contributing a significant market share to the immunoassay market and are expected to continue the trend during the forecast period.

Regional Analysis:

Based on geography, the immunoassay market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. North America immunoassay market has been analysed based on three major countries — the US, Canada, and Mexico.  The US immunoassay market is estimated to hold the largest immunoassay market share during the forecast period. The immunoassay market growth in the US is attributed to the to the rapidly increasing incidence of chronic diseases like cancer in the country and the growing demand for diagnostics. Immunoassay identifies and measures certain substances using the binding property of antigen and antibody. For instance, immunoassays measure the estrogen receptors in breast cancer). For example, as per the American Cancer Society, 1.9 million new cases of cancer were diagnosed in the country in 2021. The common types of cancer include breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma cancer, and liver cancer. The incidences of cancer are increasing in the country at an alarming rate, which leads to increased demand for diagnosis for the cancer treatment.

Asia-Pacific is the second leading region in the global cell development market. China is holding the largest share in the Asia-Pacific immunoassay market during the forecast period due to the factors such as prevalence of chronic diseases in the countries, advanced healthcare infrastructure and growing government initiatives for the implementation of medical professional recruitment policies are likely to be the significant factors driving the growth of immunoassay market in this region.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the global immunoassay market are listed below:

• In Feb 2021, Agilent Technologies Inc. launched the Agilent Dako SARS-CoV-2 IgG Enzyme-Linked Immunosorbent Assay (ELISA) kit intended for the qualitative detection of immunoglobulin G (IgG) antibodies to SARS-CoV-2 in human serum or plasma.
• In July 2023, Fapon Launched the Most Efficient Chemiluminescence Immunoassay Analyzer to Date with Throughput of 900 T/h. The Shine i8000/9000 Chemiluminescence Immunoassay Analyzer boasts an extraordinary testing performance and tackles the increasing needs of laboratories.
• In July 2023, Siemens Healthineers launched the new Atellica CI Analyser for clinical chemistry and immunoassay testing. The Atellica CI Analyser enables standalone labs and satellite labs within larger health networks to access the same reagents, consumables, and intelligent software in the company’s Atellica Solution.

Covid-19 Impact: 

The exponential rise in globally occurring Coronavirus cases is increasing the demand for diagnostic kits for immunoassays. The reasons responsible for the growth in diagnostic demand include a rising market appetite for serology-based rapid-test products, a favorable regulatory climate for drug creation and marketing, and a substantial rise in the target patient population. Due to the rising demand for immunoassay kits, it has been observed that falsified medical products are flourishing in the market. These fake testing kits render the life of a patient at stake. WHO has received several reports concerning falsified immunoassay kits and laboratory reagents for SARS-CoV-2 detection. Thus, COVID-19 pandemic resulted in increasing demand of immunoassay kits and make appropriate use of those products in healthcare settings boosting the global immunoassay market in the forecasted period.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global immunoassay market F. Hoffmann-La Roche Ltd., Abbott, and Siemens, bioMérieux SA, BD, Danaher Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Thermo Fisher Scientific Inc., and Quidel Corporation among others among others are the leading companies operating in the immunoassay market. These companies focus on various growth strategies such as collaboration, product launches, business expansions, agreements among others to retain its position in the global market. They have a widespread global presence, which provides them to serve a large set of customers and subsequently increases their immunoassay market share.