Immunoassay Market Size, Share, Growth Analysis, By Product Type(Reagents & Kits (ELISA Reagents & Kits, Rapid Test Reagent & Kits), By Technology(ELISA, Rapid Tests), By Specimen(Blood, Saliva), By Application(Infectious Diseases, Endocrinology), By End User(Hospitals & Clinics, Clinical Laboratories) - Industry Forecast 2024-2031

Report ID: SQMIG35H2054 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 164 | Figures: 78

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Immunoassay Market size was valued at USD 29.72 billion in 2021 and is poised to grow from USD 30.02 billion in 2022 to USD 45.1 billion by 2030, growing at a CAGR of 5.32% in the forecast period (2023-2030).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Abbott Laboratories', 'Danaher Corporation', 'Roche Diagnostics', 'Siemens Healthineers', 'bioMérieux SA', 'Bio-Rad Laboratories, Inc.', 'DiaSorin S.p.A.', 'Becton, Dickinson and Company', 'Thermo Fisher Scientific Inc.', 'Quidel Corporation', 'Merck KGaA', 'Sysmex Corporation', 'PerkinElmer Inc.', 'Ortho-Clinical Diagnostics, Inc.', 'Luminex Corporation', 'Randox Laboratories Ltd.', 'Fujirebio Diagnostics, Inc.', 'Beckman Coulter, Inc.', 'Grifols, S.A.', 'Tosoh Corporation'

The prevalence of chronic diseases, combined with the high rate of infection and the COVID-19 pandemic, has demanded the adoption of immune-diagnostic assays for containment and management. Immunoassay tests are regarded as a critical diagnostic tool because they provide reliable and low-cost identification of infections or target compounds. These tests are used to identify both acute and chronic illnesses. Immunoassays have become the gold standard for detecting a variety of infections and pathophysiological states on a scale. Another key factor driving market expansion is the increased demand for early-stage diagnosis of illness conditions employing immunoassay products.

Major factors driving market expansion include an increase in occurrences and the prevalence of infectious diseases. According to the World Health Organization (WHO), over 30 novel diseases have emerged in the previous two decades, threatening the health of millions of people. Furthermore, the WHO estimates that 7% of hospitalized patients in industrialized countries and 10% of hospitalized patients in poor countries will contract at least one health-related infection. As a result, the increased number of patients with infectious disorders is expected to drive up demand for immunoassay devices globally.

In 2022, North America is expected to have the biggest share of the market. North America is expected to hold the highest share of the market and will continue to do so during the forecast period due to rising demand for technologically advanced products. Furthermore, increased R&D grants from the government and business health care organisations are advancing technology and supporting industry expansion. However, the Asia Pacific immunoassay market is predicted to grow at the fastest rate due to an increase in the incidence of infectious diseases, higher biotechnological research efforts, and an increase in the region's healthcare expenditure. During the projected period, Latin America, the Middle East, and Africa are expected to increase.

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