Immunoassay Market Is Estimated To Rise, As of Introduction Of Technologically Advanced IHC Solution

Immunoassay Industry Overview

The global immunoassay market size was valued at USD 28.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030.

The market growth can be attributed to the increase in chronic and infectious diseases, including the outbreak of COVID-19. In addition, the rise in the geriatric population, which is more prone to chronic and infectious diseases, will aid growth. An increase in the prevalence of chronic conditions, such as cancer, infections, cardiovascular diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases, has led to the wide usage of immunoassay techniques in disease diagnostics. The incidence of cancer is increasing steadily, which is expected to drive the demand for effective diagnostic methods such as immunoassay. This technique is significant in the determination of oncogenesis and diagnosis of cancer, such as benign or malignant, and its different stages. It facilitates the use of monoclonal and polyclonal antibodies to detect specific antigens in tissues by determining the presence of tumor antigens.

Applications of immunoassay-based diagnostics are significantly increasing globally. Public awareness campaigns aimed at identifying the symptoms of infectious diseases and ways to prevent them play an important role in controlling the epidemic disease. Thus, increased patient awareness has led to high demand for immunoassays.

Gather more insights about the market drivers, restrains and growth of the Global Immunoassay Market

For instance, the advocacy program by the International Society for Infectious Diseases focuses on collaborating with clinicians, public health practitioners, and researchers globally and supporting the exchange of scientific knowledge and application of public health practices and evidence-based medicine. In addition, in 2018, the World Hepatitis Alliance launched the “Find the Missing Millions” campaign to raise awareness regarding hepatitis and remove barriers in clinical diagnostic settings.

Clinical interpretation of diagnostic tests is dependent on assay analyzers and the presence of a technical and skilled workforce. Results of assays are affected by the time taken for interpretation. Thus, technological advancements have led to an increase in the number of automated instruments and equipment used in laboratories. Automation has benefits such as higher efficiency and usage of less space and labor in laboratories. Thus, the market is witnessing lucrative growth as some market players are introducing automated laboratory systems and point-of-care compact, portable assay tests.

The use of antibodies in immunoassays is based on immune responses to the antigen of a particular microorganism. On the other hand, in molecular diagnostics, nucleic acid probes are based on specific genetic makeup. Thus, the adoption of molecular diagnostic tests is expected to increase over the forecast period, which may restrain the growth of the market for immunoassays.

The immunoassay product is crucial in controlling the spread of the coronavirus. In the lack of a vaccine or medication, the only efficient way to bound and limit the growth of illnesses and the potential number of casualties is to diagnose them. Rapid testing has proven to be an effective, quick, and easy molecular test for huge COVID-19 monitoring. SARS-CoV2 detection difficulties have been eased thanks to extensive research, appraisals, and authorizations of various immunoassay solutions and analyzers. Immunoassays like chemiluminescence, enzyme-linked, lateral flow-based point of treatment diagnostics, fast tests, and other techniques have seen an increase in their utilization.

The market has been affected by the market's demanding regulatory standards for immunoassay product approval and the technical challenges of immunoassay products and reagents. Due to the widespread diagnosis of COVID-19, the immunoassay industry in various countries has seen tremendous expansion throughout the epidemic. Moreover, as the number of COVID-19 cases rises in the third wave, the market is projected to rise even more.

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• Vaccine Market - The global Vaccine Market was valued at over USD 32.5 billion in 2015 and is expected to grow at a CAGR of 10.3% over the forecast period. The rising demand for better healthcare infrastructure and high awareness levels of the benefits of immunization are the major factors boosting the market growth.

• Monoclonal Antibodies Market - The global monoclonal antibodies market accounted for USD 85.4 billion in 2015 and is expected to exhibit a growth rate of 5.7% over the forecast period. Rising incidence of cancer and other chronic diseases is engendering the high demand for biologics, which is serving as the key contributing factor for the growth of the monoclonal antibodies market.

Immunoassay Market Segmentation

Grand View Research has segmented the global immunoassay market on the basis of product, technology, application, end-use, and region:

Immunoassay Product Outlook (Revenue, USD Million, 2018 - 2030)

• Reagents & Kits

• Analyzers/Instruments

  • Open-ended Systems

  • Closed-ended Systems

• Software & Services

Immunoassay Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Radioimmunoassay (RIA)

• Enzyme Immunoassays (EIA)Rapid Test

  • Chemiluminescence Immunoassays (CLIA)

  • Fluorescence Immunoassays (FIA)

• Others

Immunoassay Application Outlook (Revenue, USD Million, 2018 - 2030)

• Therapeutic Drug Monitoring

• Oncology

• Cardiology

• Endocrinology

• Infectious Disease Testing

• Autoimmune Diseases

• Others

Immunoassay End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Blood Banks

• Clinical Laboratories

• Pharmaceutical and Biotech Companies

• Academic Research Centers

• Others

Immunoassay Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• Europe

• Asia Pacific

• Latin America

• MEA

Key Companies profiled:

Some prominent players in the global immunoassay market include

• Siemens Healthineers

• bioMérieux SA

• Abbott Laboratories

• Danaher Corporation (Beckman Coulter)

• Quidel Corporation

• Ortho Clinical Diagnostics

• Sysmex Corporation

• Bio-Rad Laboratories, Inc.

• Becton, Dickinson, and Company

• Hoffmann-La Roche AG

• Thermo Fisher Scientific, Inc.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.