Immunoassay Market Analysis and Forecast to 2031: By Technology (ELISA, Fluorescence, Colorimetric, Chemiluminescence, Rapid Test, Western Blot, ELISPOT, PCR), Product & Service (Reagents & Kits, Analyzers, Software Services), Application (Infectious Dise

Immunoassay Market Analysis and Forecast to 2031: By Technology (ELISA, Fluorescence, Colorimetric, Chemiluminescence, Rapid Test, Western Blot, ELISPOT, PCR), Product & Service (Reagents & Kits, Analyzers, Software Services), Application (Infectious Diseases, Endocrinology, Cardiology, Oncology, Hematology), End User (Hospitals, Clinical Laboratories, Blood Banks, Academic Research Centers, Pharmaceutical Companies, Biotechnology Companies, Others), and Region

The global immunoassay market was valued at USD 28.0 billion in 2021 and it is anticipated to grow further up to USD 46.3 billion by 2031, at a CAGR of 5.2% during the forecast period.

A test known as an immunoassay uses an antibody or immunoglobulin to measure the concentration of a macromolecule in a solution. The analyte is the term for the discovered large molecule. For medical and scientific purposes, immunoassay is used to measure the number of analytes in serum and urine. To guarantee the correctness of the results acquired, it is also utilized in qualitative, quantitative, and radioactivity procedures. Immunoassays with high specificity and sensitivity are utilized to speed up the reactions.

Market Trends and Drivers

The rise in chronic and infectious disorders, especially the COVID-19 outbreak, is responsible for the market expansion. Growth will also be aided by the increase in the elderly population, who are more susceptible to infections and chronic diseases. The widespread use of immunoassay techniques in illness diagnostics is a result of a rise in the incidence of chronic ailments such cancer, infections, cardiovascular diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases. The prevalence of cancer is gradually rising, which is anticipated to increase need for efficient diagnostic tools like immunoassay. This method is important for determining oncogenesis and diagnosing cancer in all of its forms, including benign and malignant cancer.

Market Restraints and Challenges

The commercialization of the Immunoassay device and consumables is now subject to regulation by the government and regulatory agencies in various countries. It has grown to be a significant obstacle for the immunoassay market. In addition, the industry for immunoassay will be hampered by technological challenges brought on by immunoassay reagents and kits, such as low detection limits of the available antibodies, cross-reactivity of the antibodies, and misleading results.

Global Immunoassay Market Segmental Overview

The report analyses the global immunoassay market based on technology, product & services, application, end user, and region.

Global Immunoassay Market by Technology

Based on the technology, it is segmented into ELISA, Fluorescence, Colorimetric, Chemiluminescence, Rapid Test, Western Blot, ELISPOT, and PCR. The ELISA segment is likely to dominate the market during the forecast period. The key factors such as the requirement of relatively lesser antisera to carry out the analysis reduced assay time and quantitative results.

Global Immunoassay Market by Product & Services

Based on the products & services, it is segmented into reagents & kits, analyzers, and software services. The reagents & kits segment is anticipated to dominate the market during the forecast period. The key factor such as high demand for effective diagnostic purposes is boosting the growth of the market.

Global Immunoassay Market by Application

Based on the application, it is segmented into infectious diseases, endocrinology, cardiology, oncology, and hematology. The infectious testing segment is anticipated to dominate the market during the forecast period. The large share of the market can be attributed to a rising number of cases of Malaria, Dengue, HIV, and novel Coronavirus cases across the globe.

Global Immunoassay Market by End User

Based on the end user, it is segmented into hospitals, clinical laboratories, blood banks, academic research centers, pharmaceutical companies, biotechnology companies, and others. The hospital segment is anticipated to dominate the market during the forecast period. The high share can be owing to a rising number of hospitals and clinics, developing healthcare infrastructure, a rise in the number of chronic diseases, and the ongoing incremental demand for testing kits for the detection of COVID-19.

Geographical Analysis of the Global Immunoassay Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to dominate the market during the forecast period. Due to the region's high prevalence of chronic diseases, particularly a rise in the incidence of cancer, its established healthcare infrastructure, adoption of cutting-edge technologies, and the presence of major international firms, North America currently has a dominant position in the market.

Major Players in the Global Immunoassay Market

COVID-19 Impact

The immunoassay product is essential for preventing the coronavirus from spreading. The only effective strategy to control the spread of diseases and the potential number of casualties in the absence of a vaccination or treatment is to diagnose them. For extensive COVID-19 monitoring, rapid testing has demonstrated to be an efficient, quick, and simple molecular assay. The challenges associated with SARS-CoV2 detection have been reduced as a result of in-depth investigation, evaluation, and authorization of several immunoassay products and analyzers. There has been a rise in the use of immunoassays such as chemiluminescence, enzyme-linked, lateral flow-based point of therapy diagnostics, rapid testing, and other methods. Demanding regulatory requirements for immunoassay product approval and the technological difficulties with immunoassay products and reagents have an impact on the market. Throughout the epidemic, the immunoassay business has experienced great growth in numerous countries as a result of the widespread diagnosis of COVID-19. Additionally, the market is anticipated to grow even more with the third wave's increase in COVID-19 cases.

Recent Developments

• February 2021, Thermo Fisher Scientific Inc., acquired Mesa Biotech which is the private point of care molecular diagnostic company.
• January 2021, Abbott received the CE Mark for its Panbio COVID-19 Ag Rapid Test Device for the asymptomatic diagnosis of the SARS-CoV-2 virus. It also offers self-swabbing.
• December 2020, Beckmann Coulter, the part of Danaher company, launched the first high-quality and throughput assay called Access SARS-CoV-2 Antigen assay, for the COVID-19 antigen assay, for the COVID-19 antigen diagnosis, in the US.
• October 2020, Thermo Fisher Scientific launched its ELIA SARS-CoV-2-Sp1 IgG test and OmniPATH COVID-19 Total Antibody ELISA test to diagnose COVID-19 antibodies.

Frequently Asked QuestionsQ1. How big is the Immunoassay market?Ans. The global Immunoassay market size was USD 28.0 billion in 2021 and is anticipated to reach USD 46.3 billion in 2031, growing at a rate of 5.2% from 2022 to 2031.Q2. What is the Immunoassay market growth rate?Ans. The growth rate of the Immunoassay market is 5.2%.Q3. Which region holds a major market share for the Immunoassay market?Ans. North America holds a major market share of the Immunoassay market in 2021.Q4. Which segment accounted for the largest Immunoassay market share?Ans. By application, infectious diseases segment accounted for the largest Immunoassay market share.Q5. Who are the key players in the Immunoassay market?Q6. What are the factors driving the Immunoassay market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Immunoassay market players?Ans. The key growth strategies of Immunoassay market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Immunoassay market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Immunoassay market during the forecast period.

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