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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 Rising geriatric population drives market growth, attributed to improved living standards and healthcare, leading to longer life expectancies. This demographic shift results in increased prevalence of chronic diseases and age-related illnesses, such as cancer and autoimmune disorders. Immunoassays play a crucial role in identifying genetic risk factors for diseases, aiding in targeted screening and prevention.
With a growing demand for immunoassays in combating chronic diseases, it becomes a key driver for global market growth. The application of immunoassays in food safety, particularly in detecting antibiotic residues, is a prominent trend, enhancing market prospects and forecasting. Immunoassay optimization ensures specificity, accuracy, precision, and reliability in results.
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The product segment includes reagents, kits, and analyzers. The technology segment includes ELISA, radioimmunoassay (RIA), ELISpot and others. The geography segment includes key regions such as North America, Europe, Asia, and Rest of World (ROW).
The market share growth by the reagents and kits segment will be significant 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. They optimize immunoassays and help to solve technical problems.
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The reagents and kits segment was valued at USD 21.89 billion in 2018. 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.
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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 for immunoassays 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 for immunoassays 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, enhancing efficiency and reproducibility. Ensuring specificity, accuracy, and precision remains paramount, with ongoing efforts to improve reliability.
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, and infectious diseases. 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 for immunoassays is expected to continue to grow, making it a significant driver for the growth of the global immunoassay 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, immunoassay 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 immunoassays 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.
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 methods.
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.
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. Immunoassay platforms streamline operations in Clinical laboratories and Research laboratories, driving Market forecasting and market growth analysis.
Continuous advancements in Assay 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.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers immunoassays such as Alinity.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Immunoassay 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 |
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 growth and forecasting, inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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