The global immunoassay market is expected to reach USD 45.78 billion by 2032, growing at a CAGR of 5% from its current value of USD 29.51 billion in 2022.
The growth of the immunoassay market is primarily driven by the increased prevalence of chronic and infectious diseases, along with heightened awareness surrounding early disease detection. Market analysis indicates promising growth prospects due to the rising awareness of new viruses and diseases that require elevated antibody levels in the body.
Demand for immunoassay tests is surging, particularly as government hospitals, clinics, and research and development centers become the primary consumers in the market. This trend has been further fueled by rising public awareness, government-sponsored research initiatives, and the widespread need for COVID-19 antibody testing systems.
However, the market faces challenges, including stringent regulatory frameworks for immunoassay product approval and technical hurdles associated with immunoassay products and reagents. Nevertheless, the COVID-19 pandemic has significantly impacted the immunoassay market, leading to dramatic growth as countries ramped up their diagnostic capabilities. As the number of COVID-19 cases continues to rise during the third wave, the demand for immunoassay testing is anticipated to expand even further.
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.
Rising awareness, government research and development programs, and covid-19’s spread has collectively flourished the demand for the antibodies testing systems. Hence, it has expanded the immunoassay market share in the global market
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
Key Takeaways from Market Study
- The Immunoassay market is expected to increase with a market share of 35.0% in North America.
- Asia Pacific is expected to account for 30% market share during the assessment year.
- 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, owing to the cost-effective products, fueling the overall sales of immunoassay testing instrument
- EIA/ELISA technology gains the highest traction in the market by technology with a market share of 60% and its growth owing to higher use of it in reducing the assay time for immunoelectrophoretic and immunodiffusion while providing accurate and quantitive results.
“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” says a Future Market Insights analyst.
Competitive Landscape
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 been the ability to deliver effective and accurate results while making the product more logistics friendly and easy to use.
- Siemens Healthineers has introduced its latest and revised fully automated immunoassay platforms and a comprehensive and disease-specific chart in excess of 100 tests. This enhanced productivity and efficiency while delivering accurate and faster results.
- Biomerieux, with more than 26000 immunoassay systems globally has introduced its R7D programs that covers high medical value applications, increased automation and decentralized testing, flourishing the sales of immunoassay platforms.
- Abbott Laboratories focuses on chia technology and offers an automatic immunoassay analyzer named Abbott prism, delivers effectiveness and enhances productivity.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Immunoassay market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on Application (Food, Beverage, Pharmaceuticals, Other (Applications), Form (Natural Immunoassay, Synthetic Immunoassay), Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA)
Immunoassay Market by Category
By Product, Immunoassay Market is segmented as:
- Reagents & Kits
- Analyzers/Instruments
- Open-ended Systems
- Closed-ended Systems
- Software & Services
By Technology, Immunoassay Market is segmented as:
- Radioimmunoassay (RIA)
- Enzyme Immunoassays (EIA)Rapid Test
- Chemiluminescence Immunoassays (CLIA)
- Fluorescence Immunoassays (FIA)
- Others
By End-use, Immunoassay Market is segmented as:
- Therapeutic Drug Monitoring
- Oncology
- Cardiology
- Endocrinology
- Infectious Disease Testing
- Autoimmune Diseases
By Application, Immunoassay Market is segmented as:
- Hospitals
- Blood Banks
- Clinical Laboratories
- Pharmaceutical and Biotech Companies
- Academic Research Centers
- Others
By Form, Immunoassay Market is segmented as:
- Natural Immunoassay
- Synthetic Immunoassay
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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