Immunoassay Tests Market

Immunoassay Tests Market

The global immunoassay tests market has experienced significant growth in terms of revenue, with a notable compound annual growth rate (CAGR) of 17.4% from USD 18,820 million in 2020 to USD 30,448 million in 2023. The high growth rate of the global immunoassay tests market can be attributed to several key factors. There has been a notable increase in awareness of immunoassays, leading to a greater adoption of innovative immunoassay technology within diagnostic laboratories. Furthermore, the heightened demand for rapid diagnosis of infections, particularly during the COVID-19 pandemic, has significantly contributed to the market's expansion.

Moreover, the Lateral Flow Immunoassay and Multiplex Immunoassay segment is anticipated to exhibit the highest compound annual growth rate (CAGR) of 4.2% during the forecast period from 2023 to 2028. This projected growth can be attributed to several factors, including the reopening of healthcare facilities such as clinics and hospitals, and the resumption of routine diagnostic procedures following the relaxation of COVID-19 restrictions. Additionally, the surge in COVID-19 cases in China has further underscored the importance of rapid and accurate diagnostic tools, thereby driving the demand for immunoassay tests within this segment. These factors collectively contribute to the anticipated growth and dominance of the Lateral Flow Immunoassay and Multiplex Immunoassay segment in the global market.

The valuation of the North American immunoassay tests market is anticipated to ascend to USD 17,437 million by 2028. This projected growth can be attributed to several key factors, including the healthcare policies in place that grant most Americans access to preventive healthcare. These policies have played a significant role in fostering a healthcare environment that emphasizes proactive measures to maintain health and prevent diseases, consequently driving the demand for immunoassay tests. Furthermore, the well-established healthcare infrastructure in the United States has been instrumental in facilitating the widespread adoption and utilization of immunoassay tests. This robust infrastructure, comprising advanced diagnostic facilities, proficient healthcare professionals, and a strong regulatory framework, has contributed to the accessibility and efficacy of immunoassay testing across the region.

The global immunoassay tests market is shaped by the presence of prominent players such as Abbott Laboratories, Roche Holding AG, Siemens Healthineers AG, SD Biosensor, Inc., QuidelOrtho Corporation, Thermo Fisher Scientific Inc., Merck KGaA, DiaSorin S.p.A., PerkinElmer, Inc., bioMérieux SA, Danaher Corporation, Abnova Corporation, Becton, Dickinson and Company, Randox Laboratories Ltd., and several others.