PUBLISHER: The Business Research Company | PRODUCT CODE: 1409510
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409510
“Immunoassay Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on immunoassay market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for immunoassay? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The immunoassay market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Immunoassay is a bioanalytical test that utilizes the binding of antibodies to antigens to detect and quantify specific chemicals, playing a crucial role in the diagnosis of diseases. Information derived from immunoassay test results can be used to establish appropriate courses of therapy. This method relies on a competitive binding reaction between a limited number of receptors on a highly specific anti-analyte antibody, labeled versions of an analyte, and a significant portion of an unlabeled sample analyte.
The main types of immunoassay products include reagents and kits, analyzers or instruments, and software and services. Reagents are substances or products that accelerate a reaction and are commonly used in various tests. Immunoassay specimens include blood, saliva, urine, and others, and the technique is applied in therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious disease testing, autoimmune diseases, and more. The end users of immunoassay products are diverse and include research and academic laboratories, home care settings, pharmaceutical and biotechnology companies, Contract Research Organizations (CROs), blood banks, hospitals and clinics, and clinical laboratories.
The immunoassay market research report is one of a series of new reports from The Business Research Company that provides immunoassay market statistics, including immunoassay industry global market size, regional shares, competitors with a immunoassay market share, detailed immunoassay market segments, market trends and opportunities, and any further data you may need to thrive in the immunoassay industry. This immunoassay market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The immunoassay market size has grown strongly in recent years. It will grow from $34.75 billion in 2023 to $36.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to various factors, including the prevalence of diseases, an aging population, outbreaks of infectious diseases, the adoption of point-of-care testing, and an increase in research funding. These factors collectively contributed to the expansion of the immunoassay industry during the historic period.
The immunoassay market size is expected to see strong growth in the next few years. It will grow to $47.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to several factors, including the advancement of personalized medicine, expansion into emerging markets, increased emphasis on pandemic preparedness, growth in the field of cancer diagnostics, and a shift toward home-based testing. Major trends expected in the forecast period include efforts toward regulatory harmonization, the development of multipurpose immunoassays, the provision of customized assay services, integration with wearable devices, and the ongoing trend of miniaturization in immunoassay technology.
The immunoassay market is poised for growth due to the increasing prevalence of infectious and chronic illnesses. Chronic diseases, persisting for a year or more and requiring ongoing medical care, along with infectious diseases caused by various organisms, are driving the demand for immunoassay, which is instrumental in detecting these health conditions. The National Institutes of Health (NIH) reports a projected 99.5% increase in the number of people aged 50 and older with at least one chronic illness in the United States, reaching 142.66 million by 2050. Additionally, the prevalence of multimorbidity is expected to rise by 91.16%, emphasizing the significant role of immunoassay in addressing these health challenges.
Government initiatives focused on research and development in healthcare are anticipated to contribute to the growth of the immunoassay market. These initiatives, undertaken at various government levels, aim to enhance diagnostic testing accessibility, improve healthcare service quality, and tackle public health issues. In 2022, the UK government allocated £260 million (US $270.65 million) to support healthcare research and manufacturing, emphasizing the importance of advancing diagnostic capabilities. Such government backing is a key driver for the immunoassay market, ensuring increased demand for these diagnostic tools.
A key trend gaining momentum is product innovation, with major companies striving to strengthen their market position through cutting-edge offerings. For instance, Getein Biotech Inc., a China-based biotechnological company, introduced the MAGICL 6000 at MEDICA 2022. This portable chemiluminescence immunoassay analyzer is designed for labs with mid- to high-workflow requirements, providing a one-step chemiluminescence solution. The instrument stands out for its efficiency, compact size, complete automation, and rapid assessment frequency, offering a technologically advanced option for diagnostic laboratories.
Major players in the immunoassay market are introducing innovative immunoassay analyzers to gain a competitive advantage. These analyzers automate the detection and quantification of biological molecules, such as proteins or hormones, through immunological reactions. Beckman Coulter Diagnostics launched the DxI 9000 Access Immunoassay Analyzer in May 2023, addressing the needs of clinical laboratories for speed, reliability, reproducibility, and expanded menu options. The analyzer incorporates advanced features such as new analyte processing and detection technology, precision sensors, smart algorithms, and remote real-time system monitoring. Its distinctive feature includes no daily maintenance, enhancing its efficiency in diagnostic workflows.
In February 2021, Thermo Fisher Scientific Inc., a US-based scientific instrumentation company, acquired Mesa Biotech Inc. The acquisition aims to leverage Mesa Biotech Inc.'s molecular diagnostic tests for infectious diseases, integrating them with Thermo Fisher's operational efficiency, distribution channels, and sales networks. This collaboration is expected to enhance molecular diagnostics at the point of care, streamline production, generate cost efficiencies, and expedite diagnostics' market availability, further solidifying the immunoassay market's growth prospects.
Major companies operating in the immunoassay market report are Siemens Healthineers GmbH, bioMerieux, Abbott, Beckman Coulter Inc., Quidel Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Bio-Rad Laboratories Inc., Becton Dickinson and Company, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies Inc., PerkinElmer Inc, WAK-Chemie Medical GmbH, J Mitra & Co Pvt Ltd, Kamiya Biomedical Company, Tosoh Corporation, Gyros Protein Technologies AB, BioCheck Inc., Bio-Techn, DiaSorin S.p.A, Meso Scale Diagnostics LLC, QIAGE, Randox Laboratories Ltd., Shenzhen Mindray Bio-Medical Electronics Co Ltd, Danaher Corporation, Hologic Inc., Tecan Trading AG, Eurofins Scientific, Abcam plc, Enzo Biochem Inc., Luminex Corporation, Quanterix Corporation, Roche Diagnostics, Waters Corporation, ZEUS Scientific Inc
North America was the largest region in the immunoassay market in 2023. Asia-Pacific is expected to be the fastest-growing region in the immunoassay market report during the forecast period. The regions covered in the immunoassay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the immunoassay market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The immunoassay market includes revenues earned by entities by supplying immunoassay kits, analyzers, and reagents. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.