Immunoassay Market Forecast, Size and Growth 2031

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.

Immunoassay Market Analysis

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.

Immunoassay Market Overview

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.

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Immunoassay Market: Strategic Insights

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Immunoassay Market Drivers and Opportunities

Increasing Prevalence of Chronic Diseases to Favor Asia Pacific Market

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.

Rising Number of Players and Technological Advancements in Emerging Economies  – An Opportunity for Immunoassay Market

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.

Immunoassay Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Immunoassay Market analysis are product and end user.

• Based on product, the immunoassay market is segmented into reagents & kits, analyzers & instruments, and software & services. Reagents & kits product segment held the largest share of the market. However, software & services segment is expected to grow at the fastest rate over the forecast period, due to rising involvement of healthcare IT and increasing need to manage and enable instant access to all related data. The kits and reagents market is categorized by the presence of a large number of manufacturers like Abbott, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., and others. Additionally, these products are frequently used in various research processes, which further is expected to propel growth. The various kits are used for the detection of multiple proteins and molecules that include growth factors, cytokines, and markers for infectious diseases, tumor, diabetes, drugs, small molecules, and more. The reagents used in the immunoassay include antibodies, sample diluents, conjugate stabilizer diluents, coating and wash buffers, and substrates for immunoassays. Furthermore, the developments and frequent product launches and increasing availability are one of the significant factors contributing to this growth rate. For instance, in February 2021, Agilent Technologies Inc. launched the Agilent Dako SARS-CoV-2 IgG Enzyme-Linked Immunosorbent Assay (ELISA) kit intended for the qualitative detection of immunoglobulin G (IgG) antibodies to SARS-CoV-2 in human serum or plasma. Moreover, the major factors that are driving the market growth include the rising prevalence and incidence of chronic as well as infectious diseases along with the technological advancements in immunoassay instruments and the high sensitivity and specificity of the immunoassays, thereby driving the immunoassay instruments market growth during the forecasted period. Therefore, owing to the presence of the various market players that are offering multiple reagents & kits and rise in the technological advancements are likely to propel the growth of the immunoassay kits market during the forecast period.
• Based on end-user, the immunoassay market is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical & biotech companies, academic research centers, and others. In 2023, the hospitals and clinics segment held the largest share of the market. However, the client’s segment is expected to register the highest CAGR of 6.2% in the market during the forecast period. Nowadays, hospitals give better services to their patients. Usually, such hospitals offer diagnostic and treatment services for multiple indications. The team of doctors, nurses, and trained pathologist provide better treatments through proper diagnosis. Enormous patients are admitted for the procedure while several patient’s walk-in for the diagnostics treatment. Among the admitted patients, most of them are already suffering from some disorders. Therefore, to monitor and control their health in real-time, most of the hospitals are attached with clinical diagnostic laboratories. Thus, hospitals are contributing a significant market share to the immunoassay market and are expected to continue the trend during the forecast period.

Immunoassay Market Share Analysis by Geography

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.

Immunoassay Market Regional Insights

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.

Immunoassay Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. F. Hoffmann-La Roche Ltd.
2. Abbott
3. Siemens
4. bioMérieux SA
5. BD
6. Danaher Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Immunoassay Market News and Recent Developments

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:

• In July 2023, Siemens Healthineers launched the new Atellica CI Analyser for clinical chemistry and immunoassay testing. The Atellica CI Analyser enables standalone labs and satellite labs within larger health networks to access the same reagents, consumables, and intelligent software in the company’s Atellica Solution (Source: Siemens Healthineers, Press Releases, 2023)

Immunoassay Market Report Coverage and Deliverables

The “Immunoassay Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles