Immunoassay Market is expected to reach US$ 37,987.76 Million by 2027

Immunoassay Market: Key Insights

According to our new research study on “Immunoassay Market Forecast to 2027 – Global Analysis – by Product, Technology, Application, End User, and Geography,” the market size is expected to reach US$ 37,987.76 million by 2027 from US$ 21,800.00 million in 2018; it is estimated to grow at a CAGR of 6.5% during 2019-2027. The report highlights trends prevailing in the market and factors driving its growth. The immunoassay market growth is attributed to growing biotechnology & biopharmaceutical industries, and increasing adoption of immunoassay products. However, complex assay procedures and limitations associated with immunoassays may hinder the growth of market.

North America is largest market for immunoassay with the US holding the largest market share. The growth of the North American immunoassay market is characterized by the growing prevalence of various diseases, government support for medical devices adoption, and increasing efforts in R&D activities and other activities undertaken by the market players operating in the market. In addition, technological advancements in the diagnosis industry is likely to be a major growth stimulator for the immunoassay market in North America. The growth of the US immunoassay market is attributed to the rapidly increasing incidence of chronic diseases such as cancer in the country and the growing demand for diagnostics. Immunoassay identifies and measures certain substances using the binding property of antigen and antibody. For instance, immunoassays measure the estrogen receptors in breast cancer. For example, as per the National Cancer Institute, ~1,735,350 new cases of cancer were diagnosed in the country in 2018. Breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma cancer, and liver cancer were among the common types.

The global immunoassay market, based on product, is segmented into reagents & kits, analyzers and instruments, and software & services. Reagents & kits was the largest segment among the product subsegments in the immunoassay market in 2018.  However, the software & services segment is expected to witness growth in its demand at the fastest CAGR of 6.8% during 2019 to 2027.The global immunoassay market, based on technology, is segmented into enzyme-linked immunosorbent assays (ELISA), fluorescence, chemiluminescence, rapid test, western blot, enzyme-linked immune absorbent spot (ELISPOT), and polymerase chain reaction (PCR). Chemiluminescence was the largest segment among the technology subsegments in the immunoassay market in 2018. However, the rapid test segment is expected to witness significant growth in its demand at the fastest CAGR of 7.3% during 2019 to 2027. The global immunoassay market, based on application, is segmented into therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious disease testing, autoimmune diseases, and others. Therapeutic drug monitoring is the largest segment among the application subsegments in the immunoassay market in 2018. However, the infectious disease testing segment is expected to witness tremendous growth in its demand at the fastest CAGR of 7.0% during 2019 to 2027. The global immunoassay market, based on end user, is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical and biotech companies, academic research centers, and others. The hospitals segment held the largest share in 2018 and is expected to witness significant growth in its demand at the fastest CAGR of 6.9% during 2019 to 2027.

Growing Biotechnology & Biopharmaceutical Industries Fuels Immunoassay Market Growth

In recent years, the biotechnology industry is developing at an extraordinarily rapid speed. Manufacturers are confronting various healthcare difficulties through the latest medicines, progressing digitalization, therapy forms, and continuously changing the management. As per the statistics from the World Health Organization (WHO), the population around the globe is rising by 1.2% per annum, leading to growth in population in the elderly class. The WHO also reveals that the balance of people aged 65–80 will increase to 28% in 2030, as compared to 22% in 2000. The Government of India, along with prime departments in India such as the Indian Council of Medical Research (ICMR), Department of Biotechnology (DBT), Council of Scientific and Industrial Research (CSIR), Indian Council of Agricultural Research (ICAR), Department of Science and Technology and others, is contributing significantly toward the growth of biotechnology application-based products and services in the country. The Government of India reported revenue of US$ 11.6 billion in 2017 for biotechnology. These factors are expected to increase biotechnology & biopharmaceutical industries to achieve efficient tests, which are predicted to drive the growth of the market

Immunoassay Market: Segmental Overview

Product-Based Insights

The global immunoassay market, based on product, is segmented into reagents & kits, analyzers and instruments, and software & services. The reagents & kits segment was the largest among the product subsegments in the immunoassay market in 2018.  However, the software & services segment is expected to witness growth in its demand at the fastest CAGR of 6.8% during 2019 to 2027.

Technology-Based Insights

The global immunoassay market, based on technology, is segmented into enzyme-linked immunosorbent assays (ELISA), fluorescence, chemiluminescence, rapid test, western blot, enzyme-linked immune absorbent spot (ELISPOT), and polymerase chain reaction (PCR). The chemiluminescence segment was the largest among the technology subsegments in the immunoassay market in 2018. However, the rapid test segment is expected to witness growth in its demand at the fastest CAGR of 7.3% during 2019 to 2027.

Application-Based Insights

The global immunoassay market, based on application, is segmented into therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious disease testing, autoimmune diseases, and others. The therapeutic drug monitoring segment was the largest among application subsegments in the immunoassay market in 2018. However, the infectious disease testing segment is expected to witness growth in its demand at the fastest CAGR of 7.0% during 2019 to 2027.

End User-Based Insights

The global immunoassay market, based on end user, is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical & biotech companies, academic research centers, and others. The hospitals segment was the largest among the end user subsegments in the immunoassay market in 2018. In addition, the hospitals segment is expected to witness growth in its demand at the fastest CAGR of 6.9% during 2019 to 2027.

Immunoassay Market: Competitive Landscape and Key Developments

Siemens; BD; bioMérieux SA; Abbott; F. Hoffmann La-Roche Ltd.; Danaher; Ortho Clinical Diagnostics (Johnson & Johnson Services, Inc.); Sysmex Corporation; Thermo Fisher Scientific, Inc.; and Quidel Corporation are among the leading companies in the immunoassay market. The immunoassay market share is anticipated to flourish with the development of new innovative products by market players.

• In January 2019, F. Hoffmann La-Roche Ltd launched cobas pro integrated solutions, which are now available for countries accepting the CE mark. This next generation of innovation in the Serum Work Area marks a significant milestone in evolving laboratory diagnostic workflow and continues with Roche’s long tradition as a leader in lab consolidation.
• In April 2019, F. Hoffmann La-Roche Ltd launched new VENTANA HER2 Dual ISH companion diagnostic test for breast and gastric cancer patients.
• In May 2018, Abbott announced the launch of its Afinion 2 analyzer in the US, the newest generation of the Afinion test system.
• In February 2018, Siemens Healthineers announced that it received 510(k) clearance from the US. Food and Drug Administration for its Blood Urea Nitrogen (BUN) and Total Carbon Dioxide (TCO2) point-of-care tests aid in diagnosing renal diseases and metabolic imbalances.

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