Immunoassay Market Report (2021-2031) | The Insight Partners
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
Market Size Value in US$ 21,800.00 Million in 2018 Market Size Value by US$ 37,987.76 Million by 2027 Growth rate CAGR of 6.5% from 2019 to 2027 Forecast Period 2019-2027 Base Year 2019
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Immunoassay Market: Strategic Insights
| Market Size Value in | US$ 21,800.00 Million in 2018 |
| Market Size Value by | US$ 37,987.76 Million by 2027 |
| Growth rate | CAGR of 6.5% from 2019 to 2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Technology, Application, End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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