An immunoassay is a lab procedure employing antibodies or other binding molecules to identify and quantify a target analyte in a sample. Immunoassays are often employed in several disciplines, including research, drug development, and clinical diagnostics.

The market for immunoassay in 2021 was USD 24.30 billion and by 2030, it will be worth USD 45.82 billion, growing at a 7.3% CAGR during the forecast period.

The rising frequency of chronic diseases like cancer, cardiovascular diseases, and infectious diseases and the increased demand for speedy and precise diagnostic tests stimulate the market. Technological developments in immunoassay methods, such as the creation of multiplexing platforms and high-throughput screening, also drive the expansion of this market.

Market Dynamics

Drivers

The main factors driving market expansion are the utilization of Immunoassay products and the introduction of advanced technologies in Immunoassay. Also, technical developments that improve the performance and cost-effectiveness of immunoassays, such as the design of immunochemical, are forecasting the growth of the immunoassay market in the next years. The rise in the prevalence of infectious and chronic diseases is primarily responsible for the expansion of the global immunoassay market. The rise in the pharmaceutical & biotechnology industries, the rising elderly populations worldwide, and the high degree of accuracy of immunoassay are some of the other key factors boosting the Immunoassay market.

Restraints

The development of the market may be hampered by elements like complicated assay methods and strict regulatory requirements for immunoassay approval.

Opportunity

The market for immunoassays has expanded significantly as a result of technological improvements. Automated laboratory tools and equipment have been developed for quicker testing and outcomes. Laboratories benefit from automation because it boosts productivity while requiring less manpower and space. As a result, the industry is fast growing as some players provide point-of-care diagnostics and small, portable automated laboratory systems.

Market Segmentation 

By Product

In 2022, the reagents and kits segment was the largest market, with 66.1% of the revenue share. Due to the rising incidence of viral and autoimmune disorders, there is a significant demand for immunoassay reagents and kits for diagnostic purposes. Also, approving and introducing innovative immunoassay kits will help the segment's expansion.

Over the forecast period, the software and services segment will grow at a 5.0% CAGR. This is due to the rising supply and significant demand for affordable immunoassay services in emerging economies.

By Technology

Enzyme Immunoassays (EIA) held the highest market share of 63.93% in 2022 and generated revenue of USD 19,190.97 million. It is due to its frequent use in the diagnosis of infectious & chronic disorders, food allergies, and drugs of abuse, among other applications. This method has a number of significant advantages over immunoelectrophoresis and immunodiffusion, including faster assays, more precise results, and a need for less antisera for analysis.

By Application 

Based on application, the infectious diseases testing segment ruled the market with a share of 28.79% in 2022. The surge in the prevalence of infectious diseases like HIV, malaria, influenza, and the new COVID-19 is to blame for this high share. The market is also driven by the introduction of new products in the field of infectious disease diagnostics.

By End-Use

The hospital segment ruled the market in 2022 with a revenue share of 32.77%. The growth of this market segment is a result of the increase in hospitals. The need for hospitals with cutting-edge amenities has surged as a result of the continuous developments in the healthcare sector.

Regional Overview 

North America led the entire regional market in 2022 with 39.45% of the revenue share. This is due to the simple accessibility of technologically enhanced diagnostic tools and the increased demand for diagnostics caused by the rise in cancer incidence. The high prevalence of infectious diseases, including HIV, TB, and influenza, in the area also drives up the demand for diagnosis and treatment.

Asia Pacific will expand at a 6.81% CAGR due to the rising penetration of major regional companies. One of the reasons propelling the market in the area is the expanding usage of cutting-edge laboratory techniques and processes for quicker investigation and diagnosis of infectious and chronic illnesses.

Key Players 

· Agilent Technologies

· Abbott

· BD

· BioCheck

· Beckman Coulter

· bioMérieux SA

· Bio-Techne

· DiaSorin S.p.A

· Bio-Rad Laboratories

· F. Hoffmann-La Roche Ltd

· Merck KGaA

· Luminex Corporation

· Meso Scale Diagnostics

· PerkinElmer Inc

· Ortho Clinical Diagnostics

· QIAGEN

· Randox Laboratories Ltd

· Siemens

· Quidel Corporation

· Shenzhen Mindray Bio-Medical Electronics Co

· Thermo Fisher Scientific

The market for immunoassay in 2021 was USD 24.30 billion and by 2030, it will be worth USD 45.82 billion, growing at a 7.3% CAGR during the forecast period. The primary drivers influencing the growth of the immunoassay business are the increased prevalence of infectious and chronic diseases, growing awareness of the need for early diagnosis, technological advancements in immunoassays, and the use of immunoassays in drug and alcohol testing.

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