The Immunoassay Market size was estimated to be US$ 22908.12 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 51503.53 million by 2031; it is estimated to record a CAGR of 8.6% in 2031. 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 likely to remain key Immunoassay Market trends.
According to the National Institutes of Health (NIH), of the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. At the same time, those with multimorbidity are projected to increase 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Immunoassay tests, also known as, biochemical tests help in detecting diseases and work on the principle of antigen-antibody reaction. It aims at measuring the presence and concentration of an analyte. Researchers and healthcare professionals utilize immunoassay testing to detect different kinds of antibodies. Such a factor is driving the growth of the immunoassay market.
Immunoassays are a group of laboratory techniques used to detect and quantify specific proteins or other substances in biological samples. They are widely used in clinical diagnostics, pharmaceutical research, and various other applications.
The global immunoassay market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for immunoassay. 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 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 properties 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 cancer treatment. In addition, continuous technological advancements are further expected to stimulate the growth of the immunoassay market in North America.
Asia-Pacific is the second leading region in the global immunoassay market. China is holding the largest share in the Asia-Pacific immunoassay market during the forecast period. India is expected to witness the highest growth during the forecast period. According to the National Institutes of Health (NIH), approximately 21% of the elderly in India reportedly have at least one chronic disease. Seventeen percent elderly in rural areas and 29% in urban areas suffer from a chronic disease. Hypertension and diabetes account for about 68% of all chronic diseases.
This need is likely to drive the Asia Pacific immunoassay market during the forecast period.
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. The 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, 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 the 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, the 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 the 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 more 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. The 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.
Such advancements and the rising number of players in recent years is likely to generate attractive growth opportunity for the immunoassay market.
Key segments that contributed to the derivation of the Immunoassay Market analysis are product and end user.
The geographic scope of the Immunoassay Market report is mainly segmented into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
Asia Pacific registered as the fastest-growing region in the global immunoassay market. The market in this region is expected to grow significantly in countries such as China, Japan, and India. The market's growth is attributed to increasing focus of market players in emerging economies.
The regional trends and factors influencing the Immunoassay Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses 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 2021 | US$ 22908.12 Million |
| Market Size by 2031 | US$ 51503.53 Million |
| Global CAGR (2023 - 2031) | 8.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The 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 Immunoassay Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Immunoassay Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for immunoassay and strategies:
The “Immunoassay Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: