An antibody or an antigen is used in an immunoassay to check or confirm the presence and quantity of a specific chemical or protein in the solution. Hospitals, pharmaceutical companies, and lab researchers all use immunoassays. By identifying the concentration of molecules in the human body, the test provides biological information about the seriousness or extent of the illness.

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

  The global immunoassay market will experience rapid growth due to the rising rate of chronic and infectious diseases. Viral, bacterial, and pathogen transfers have been facilitated by rapid globalization. Rising disease incidence, such as that caused by Zika, Ebola, and other contagious pathogens, will support market growth.

Market Dynamics

Drivers

Major factors stimulating the growth of the market are:

· The increased frequency and incidence of chronic and infectious diseases.

· Technological improvements in immunoassay instruments.

· The high sensitivity and specificity of the immunoassays.

Immunoassays also help in diagnosing diseases that do not show any symptoms. 

The market is expanding due to the increasing number of people suffering from these contagious diseases. Around 38.4 million people worldwide were infected with HIV in 2021, with 1.5 million new cases reported in that year alone, according to the WHO's key facts on HIV published in July 2022. Due to the increased use of immunoassays for diagnosing infectious disorders, the increasing prevalence of infectious diseases will fuel market expansion.

Restraints

Complex test techniques and complexity in immunoassay manufacturing is a significant market barriers. Additionally, most immunoassays have a limited limit of detection (LOD), which will restrain market growth in the upcoming years.

Opportunity 

Market expansion will be stimulated by the creation of innovative tests for numerous autoimmune diseases, including cancer and cardiology. Additionally, the demand for immunoassay will rise in the coming years due to increasing applications in the diagnosis of infectious diseases, toxicology testing, drug monitoring tests, and biomarker discovery. Growing needs for reagents, analytical testing, and non-invasive diagnostics are also anticipated to offer market expansion prospects.

Market Segmentation 

By Product

In the year 2022, the reagent and kit segment was the biggest market, with a revenue share of 66.1%. Due to the rising incidence of viral and autoimmune disorders, there is a significant demand for immunoassay reagents and kits for diagnostic purposes. The approval and introduction of novel immunoassay kits will also support the segment's expansion.

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

By Technology

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

By Application

In 2022, the infectious disease segment held the largest market share of 28.79%. The largest market share of this segment is due to the surge in the prevalence of infectious diseases like HIV, malaria, influenza, and COVID-19. The market is also being driven by introducing new products in the field of infectious disease diagnostics. One of the main drivers of the market for immunoassays during the forecast period is the rising incidence of cancer cases worldwide.

By End-Use

In 2022, the hospital segment held the biggest market share of nearly 33.4%. The strong growth of this market segment is a result of the increase in hospitals. The need for hospitals with cutting-edge amenities has surged due to continuous developments in the healthcare sector. 

Due to the increasing number of infectious illnesses detected in these laboratories during the screening and processing of donated blood, blood banks are predicted to rise during the projected period. Additionally, ELISA is widely used in blood banks because it is easy to perform and requires little in the way of specialized tools and equipment.

Regional Analysis 

In 2022, North America earned the greatest revenue in the immunoassay market, with a share of nearly 39.45%. This is due to the simple accessibility of technologically enhanced diagnostic tools and the increased demand for diagnostics brought on 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.

Key Players 

· Bio-Techne

· DiaSorin S.p.A

· Agilent Technologies

· Abbott

· Beckman Coulter

· BD

· bioMérieux SA

· BioCheck

· Bio-Rad Laboratories

· F. Hoffmann-La Roche Ltd

· Meso Scale Diagnostics

· Luminex Corporation

· PerkinElmer Inc

· Merck KGaA

· Ortho Clinical Diagnostics

· QIAGEN

· Randox Laboratories Ltd

· Siemens

· Quidel Corporation

· Shenzhen Mindray Bio-Medical Electronics Co

· Thermo Fisher Scientific

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