The fluorescent immunoassay market size is projected to reach US$ 4.51 billion by 2031 from US$ 2.81 billion in 2023. The market is expected to register a CAGR of 5.8% during 2023–2031. Portable fluorescent immunoassay devices for point of care testing are likely to remain key trends in the market.
Growing prevalence of infectious diseases is the key factor driving the market's growth. Fluorescent immunoassays are widely used in diagnosis of infectious diseases such as COVID-19, HIV, Hepatitis among others. As per the World Health Organization (WHO), in December 2023, 39.9 million patients were living with HIV of which 1.4 million were children (0–14 years old) and 38.6 million were adults (15+ years old).
Increasing prevalence of infectious and chronic diseases, technological developments such as multiplexing capabilities, automate fluorescence immunoassay systems, development of portable devices, expanding applications of fluorescent immunoassays in areas such as oncology, neurological diseases, among others, integration with digital health, streamline regulatory pathways, favourable reimbursement scenario, and growing research and development activities to develop new assay and kits are factors driving the growth of the fluorescent immunoassay market.
Fluorescent immunoassays help detect cancer biomarkers, which help in early cancer screening, diagnosis, and prognosis. As per the American Cancer Society, there were around 20 million cancer cases across the globe in 2022, and the number of cancer cases is expected to reach 35 million by 2050. Such a huge burden of cancer cases around the world is likely to increase the demand for fluorescent immunoassay.
Growing healthcare expenditure, improving healthcare infrastructure, and rising prevalence of infectious and chronic diseases are likely to create growth opportunities for the fluorescent immunoassay market in emerging markets. For instance, the Ministry of Health and Family Welfare allocated Rs. 90,659 crore (US$ 10.93 billion), which is an increase of 1.69% compared to Rs. 89,155 crore (US$ 10.75 billion) in 2023-24.
Key segments that contributed to the derivation of the fluorescent immunoassay market analysis are product, and end user.
The geographic scope of the fluorescent immunoassay market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North American region holds the largest market share, whereas the Asia Pacific region is the fastest-growing region. The growth of the market in North America is mainly due to the rising demand for fluorescent immunoassays as the US and Canada are experiencing growing numbers of research and development activities and rising investments in clinical diagnostic businesses by key market players. Moreover, Asia Pacific is the fastest-growing global market for fluorescent immunoassays. China, India, and Japan are three major contributors to the growth of the market. The factors contributing to the growth of the fluorescent immunoassay market in these countries are the rise in cases of chronic diseases over the years. Countries such as Australia, India, and South Korea are estimated to serve various growth opportunities due to the rising development in the healthcare sector.
The regional trends and factors influencing the Fluorescent Immunoassay Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Fluorescent Immunoassay Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 2.81 Billion |
Market Size by 2031 | US$ 4.51 Billion |
Global CAGR (2023 - 2031) | 5.8% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Product Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Fluorescent Immunoassay Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Fluorescent Immunoassay Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The fluorescent immunoassay market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the fluorescent immunoassay market are listed below:
The “Fluorescent Immunoassay Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The fluorescent immunoassay market is estimated to grow with a CAGR of 5.8% from 2023 to 2031.
The estimated value of the fluorescent immunoassay market by 2031 is US$ 4.51 billion
The fluorescent immunoassay market majorly consists of the players such as Abbott, BD, bioMerieux SA, F. Hoffman-La Roche Ltd., Siemens AG, Sysmex Corp., Thermo Fisher Scientific Inc., Quidel Corp., Ortho Clinical Diagnostics Holdings plc, and Danaher among others.
Portable fluorescent immunoassay devices for point of care testing are likely to remain key trends in the market.
Growing prevalence of infectious and chronic diseases across the globe and technological developments such as automated systems are expected to boost the market growth over the years. However, disadvantages of fluorescent immunoassays are likely to have a negative impact on the growth of the market in the coming years.
North America dominated the fluorescent immunoassay market in 2023