The Global Immunoassay Industry is set for an unprecedented growth trajectory, projected at a robust 5% Compound Annual Growth Rate (CAGR) that is poised to culminate in a staggering USD 45.78 billion valuation by the year 2032. As of 2022, the industry has already achieved a commendable revenue of USD 29.51 billion, marking a remarkable ascent from the last forecast period (2017-2021).
This phenomenal growth is intricately linked to dynamic shifts in the industry landscape, primarily catalyzed by pivotal factors such as the disruptive impact of the Covid-19 pandemic, the burgeoning geriatric population, and a surging global awareness regarding health.
The Covid-19 pandemic has acted as a catalyst, fundamentally altering the demand dynamics within the immunoassay sector. As the world grappled with the unprecedented health crisis, the need for accurate and rapid diagnostic tools became paramount. Immunoassay tests emerged as a linchpin in the battle against the pandemic, driving the industry’s growth.
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Rising awareness, government research and development programs, and covid-19’s spread have 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 Global Immunoassay Industry 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 Global Immunoassay Industry 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 in North America is Constantly Evolving
The largest market share of 35% in 2022 is expected to hold the same position throughout the forecast period, according to the Immunoassay Market Demand Analysis. The rise in demand can be attributed to an increase in cancer incidence as well as the ease of access to technologically advanced diagnostic techniques. Outbreaks of infectious diseases are becoming more common in the region.
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“Global Immunoassay Industry 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 Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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 Industry, 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)
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Global Immunoassay Industry by Category
By Product, Global Immunoassay Industryis segmented as:
- Reagents & Kits
- Analyzers/Instruments
- Open-ended Systems
- Closed-ended Systems
- Software & Services
By Technology, Global Immunoassay Industry is segmented as:
- Radioimmunoassay (RIA)
- Enzyme Immunoassays (EIA)Rapid Test
- Chemiluminescence Immunoassays (CLIA)
- Fluorescence Immunoassays (FIA)
- Others
By End-use, Global Immunoassay Industry is segmented as:
- Therapeutic Drug Monitoring
- Oncology
- Cardiology
- Endocrinology
- Infectious Disease Testing
- Autoimmune Diseases
By Application, Global Immunoassay Industry is segmented as:
- Hospitals
- Blood Banks
- Clinical Laboratories
- Pharmaceutical and Biotech Companies
- Academic Research Centres
- Others
By Form, Global Immunoassay industry is segmented as:
- Natural Immunoassay
- Synthetic Immunoassay
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 stands as 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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