Immunoassay Market Size, Share & Trends Analysis Report By Product (Reagent & Kits, Analyzers/Instruments), By Technology (RIA, ELISA), By Application, By Specimen, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Immunoassay Market Size, Share & Trends Analysis Report By Product (Reagent & Kits, Analyzers/Instruments), By Technology (RIA, ELISA), By Application, By Specimen, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Immunoassay Market Growth & Trends

The global immunoassay market size is expected to reach USD 34.47 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.60% from 2024 to 2030. The introduction of PoC rapid tests and automated immunoassay analyzers is boosting market growth. In addition, the rising number of chronic and infectious diseases is leading to high market growth.

According to the American Cancer Society, there were an estimated 16.9 million cancer patients/survivors in 2020. Around 1.8 million cancer cases were diagnosed in the U.S., according to the National Cancer Institute 2019 data. According to the American Cancer Society, nearly 606,880 deaths occurred due to cancer in the U.S. in 2019. Thus, the rise in the number of cancer cases being diagnosed is driving the demand for immunoassays. This is expected to boost the market growth in the coming years.

Furthermore, growing awareness regarding infectious diseases and preventive measures has led to a high demand for rapid diagnostic test products, thereby increasing sales. Based on a survey by the WHO on the World malaria report 2018, manufacturers reported sales of 276 million for lateral flow assays in 2017. It also reported that around 75.0% of malaria cases were diagnosed using lateral flow assays in sub-Saharan Africa in 2017.

Several smartphone-based devices and associated tools have emerged as next-generation point-of-care diagnostics or testing devices, thereby boosting the market growth. For instance, a smartphone application combined with the autonomous capillary microfluidic chip is used for the rapid testing of cardiac troponin I in myocardial infarction. This platform can be easily used in resource-limited settings, providing test results within 12 minutes. Thus, novel technological advancements are anticipated to further drive the market over the forecast period.

The first implementation of the Atellica immunoassay solutions with Aptio automation in the United States was announced by Siemens Healthcare GmbH in April 2018. The objective of this product was designed to promote advanced technological products in the U.S. In December 2020, Beckman Coulter, a Danaher business, introduced its first high-quality as well as throughput assay for the COVID-19 antigen detection, officially named Access SARS-CoV-2 Antigen assay. In July 2018, Cygnus Technologies and Gyros Protein Technologies collaborated to produce immunoassay to identify biotherapeutic toxins. The two companies' strategic alliance will primarily focus on offering bioanalytical solutions and increasing biotherapeutics manufacturing efficiencies.

Immunoassay Market Report Highlights

• The enzyme immunoassays (EIA) segment held the largest market share of 63.39% in 2023, owing to their repeated usage in the detection of infectious and chronic diseases, food allergies, and drug abuse, among other applications.
• The reagents and kits segment contributed to the largest share of 66.16% in 2023. A significant market share can be attributed to the increased demand for immunoassay reagents and diagnostic kits, owing to the rising prevalence of infectious and autoimmune diseases.
• Based on application, the infectious diseases testing segment held the largest market share of 36.39% in 2023 and is anticipated to grow at the fastest CAGR over the forecast period.
• The blood specimen segment held the largest share of 43.11% in 2023 attributed to an increase in disease occurrence, which drives demand for different blood testing procedures, supporting segment growth.
• Based on end-use, the hospitals segment dominated the market in 2023 with a revenue share of 32.94%. Hospitals and clinics are primary care settings for the diagnosis and treatment of medical conditions.
• North America generated the highest revenue in 2023 with a 40.60% revenue share. The rise in demand for diagnostics related to chronic diseases and the increase in availability of technologically advanced diagnostic techniques are expected to propel market growth over the forecast period.

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