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The global immunoassay market is projected to reach a value of USD 8.64 billion with a CAGR of 4.42% between 2023 and 2028. The market is experiencing significant growth, primarily driven by the rising geriatric population. This demographic shift is attributed to improved living standards and advancements in healthcare, leading to longer life expectancies worldwide. As the population ages, there is an increased prevalence of chronic diseases and age-related illnesses, including cancer and autoimmune disorders. Immunoassays are critical in this context, as they play a vital role in diagnosing and monitoring these conditions. They enable the identification of genetic risk factors for various diseases, facilitating targeted screening and prevention strategies. By providing precise and reliable diagnostic results, immunoassays support the early detection and management of chronic diseases, ultimately improving patient outcomes. This increasing reliance on immunoassays in healthcare underscores their growing importance in the global market, driven by the need to address the health challenges associated with an aging population.
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In company offerings, we provide an in-depth analysis of 20 top company profiles, along with other valuable insights comprising:
• Company Overviews
• Key News and Updates
• Products and Services
• Market-leading Offerings
• Focused Segments
The following are the leading companies in the Immunoassay Market. These companies are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence. Collectively, they hold the largest market share and set industry trends.
Our segment comprises two primary segments, each with it's respective sub-segments for further detailed analysis within specific national markets. Furthermore, our market coverage extends across geographic regions, with comprehensive breakdowns to provide in-depth insights.
Based on Product, the reagents and kits sub-segment dominated the market in 2018 and was valued at USD 21.89 billion, and continue to grow during the forecast period. Reagents are an indispensable part of any chemical reaction. A reagent is a substance or compound that facilitates a reaction and is widely used in testing. Reagents are an important part of immunoassays. Reagents are designed to help solve difficult technical problems such as nonspecific binding and background interference which optimize and help to solve technical problems.
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Reagents help stabilize an antigen or antibody over time while blocking interferences that may impact the accuracy of the immunoassay. Moreover, the reagent formulation needs to be compatible with analyzer materials to prevent any damage to the analyzer component. Assay kits can be convenient, time-saving tools to help accelerate research, but not all assays are created equal. Some that promise convenience fail to deliver the biologically relevant sensitivity or reproducibility needed for long-term studies. This can lead to more time and money in the end.
North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The rapid growth of the elderly population, the high incidence of chronic and infectious diseases, and the growing awareness among the people have led people to conduct regular health checks and tests, which increases the demand in the region.
Furthermore, all major companies are mainly focusing on the US as a market by launching products to increase their market share. Moreover, the increasing prevalence of chronic diseases such as cancer is expected to contribute to the high demand in the region. Hence, such factors are expected to drive the growth of the immunoassay market in the region during the forecast period.
The Immunoassay Market is driven by advancements in the geriatric population and Immunochemistry, rising with techniques such as Radioimmunoassays and Immunofluorescence assays leading the way. Lateral flow assays and Allergy testing are witnessing increased demand due to their rapid results and ease of use. Therapeutic drug monitoring and Immunosuppressant assays are crucial for personalized medicine, driving market growth. Trends in the market include Immunoassay automation and optimization, specificity, accuracy, precision, immunoassay reliability enhancing efficiency and reproducibility. Ensuring specificity, accuracy, and precision remains paramount, with ongoing efforts to improve reliability. Over 70% of medical diagnostic tests are performed using immunoassays. Challenges include the need for continuous market research and growth analysis to stay abreast of evolving technologies and market dynamics. Market reports and forecasting play a vital role in strategic decision-making for stakeholders. Overall, the Immunoassay Market is poised for significant growth, fueled by innovation, expanding applications, and the continuous quest for improved diagnostic accuracy and efficiency.
The rising geriatric population is the key factor driving market growth. The global geriatric population has increased steadily in recent years across the globe. This demographic shift is largely due to improved living standards and health care, leading to longer life expectancies. There is an increased prevalence of chronic diseases and age-related illnesses, such as cancer, autoimmune disorders, neurological disorders and infectious diseases with proper medication, health care, and antibiotics. The geriatric population is highly susceptible to various age-related diseases, such as cardiovascular diseases, cancer, neurodegenerative disorders, and chronic conditions like diabetes.
Furthermore, immunoassays enable the identification of the genetic risk factors for certain diseases, enabling targeted screening and preventive measures. Given the increasing prevalence of chronic diseases in the geriatric population, the demand is expected to continue to grow, making it a significant driver for the growth of the global market during the forecast period.
The application of immunoassays in the food and beverage industry is the primary trend shaping market growth. Antibiotics are mainly used to prevent and treat diseases in livestock. Thus, remaining antibiotic residues in foods of animal origin are harmful to humans and their health. Food contamination due to antibiotic residues has become a major problem globally due to the massive and uncontrolled use of antibiotics.
Furthermore, it is a promising method in the evaluation of food and environmental protection. It is a biochemical process based on the specific antigen-antibody interaction. These assays require simple sample preparation and offer highly sensitive detection for the screening of antibiotic residues. Hence, the rising application of it in food testing will drive the growth of the market during the forecast period.
Inadequate medical reimbursements is a challenge that affects market growth. Because modern immunoassay products are so expensive, medical reimbursement is important for patients undergoing such tests. As a result, limited reimbursement has hindered the adoption of these modern devices. In the US, the Centers for Medicare and Medicaid Services (CMS) reimburses certain diagnostic test kit products. Many private and government initiative centers offer reimbursement facilities around the world.
In addition, reimbursement structures in the US and European countries are influenced by the existing high healthcare costs and increased demand for treatment. The global immunoassay market does not have reimbursements for costly diagnostic practices. Fair reimbursement systems for immunoassays and molecular diagnostic methods are crucial for accurate diagnosis, the absence of which may restrict the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
In the realm of Medical technology and the Healthcare industry, Immunoassay plays a pivotal role, offering advanced Diagnostic testing solutions. Leveraging innovative Laboratory equipment and Diagnostic assays, it enables precise Biomarker detection through Antibody-based assays and other analytical method. From Clinical diagnostics to Point-of-care testing, immunoassay techniques such as Enzyme-linked immunosorbent assay (ELISA) and Rapid diagnostic tests expedite diagnosis. Fluorescence immunoassays and Chemiluminescent immunoassays enhance sensitivity in detecting various conditions, while Multiplex assays provide comprehensive insights.
Moreover, the market is expanding rapidly, driven by advancements in analytical methods and the rise in immunoassay testing across various medical fields such as cardiology, endocrinology, oncology, and neurology. Hospitals and pharmaceutical companies are increasingly utilizing these methods for hormone assays and other analytes. Assay development and the availability of instruments and consumables from players like Sysmex Corporation and others are enhancing the market. Blood grouping reagents play a crucial role in transfusion medicine, ensuring compatibility between donors and recipients to prevent adverse reactions. Chemiluminescence immunoassay (CLIA) techniques are particularly notable for their accuracy and efficiency in detecting antigens and antibodies in blood samples. Developments in healthcare infrastructure, especially in regions like Japan, are facilitating the adoption of these technologies. Additionally, clearance for new instruments and methods is accelerating their use in managing infections and other medical conditions, ultimately benefiting the end-user.
Furthermore, immunoassay kits and Diagnostic reagents empower researchers and clinicians with tools for accurate analysis. Emerging technologies like Biosensors and Microfluidic devices further improve Protein detection and hormone assays. With applications in Infectious disease testing, Cancer biomarkers, and Autoimmune disease testing, immunoassay contributes to Precision medicine. The platforms streamline operations in Clinical laboratories and Research laboratories, driving Market forecasting and market growth analysis. Continuous advancements in Clinical immunoassay development and Immunoassay validation ensure Clinical chemistry excellence. Automation and optimization enhance Immunoassay sensitivity and specificity, fostering Biomarker discovery and improving Immunoassay performance in terms of accuracy, precision, and reliability.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.42% |
Market growth 2024-2028 |
USD 8.64 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.49 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, UK, Germany, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks, Immunoassay Market Industry Report |
Key companies profiled |
Abbott Laboratories, Abnova Corp., Agilent Technologies Inc., Becton Dickinson and Co., Bio Techne Corp., bioMerieux SA, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Mindray Bio medical Electronics Co. Ltd., Omega Diagnostics Group Plc, OraSure Technologies Inc., PerkinElmer Inc., QIAGEN NV, Quidelortho Corp., Seramun Diagnostica GmbH, Siemens AG, Sysmex Corp., Tecan Trading AG, and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market forecast Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this immunoassay market forecast report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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