Market Size of Immunoassays Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 7.70 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Immunoassays Market Analysis
The Immunoassays Market is projected to register a CAGR of 7.7% during the forecast period.
During the COVID-19 pandemic, the need for diagnostic solutions for the accurate and rapid diagnosis of SARS-CoV-2 infection increased significantly. In particular, serological and immunological testing of infected asymptomatic and symptomatic individuals was in high demand. Though RT-PCR for the detection of COVID-19 disease was widely used there was also a great demand for immunological assays. The results provided by immunological tests play an important role in the development of the COVID-19 vaccine, which also increased the need for immunoassay testing. Furthermore, post-pandemic, immunoassays are still in demand due to their significance in the development of vaccines and the diagnosis of various diseases. For instance, according to the article published in 'SelectScience' in January 2021, the use of vaccines as immunotherapies for various disorders, such as some malignancies and Alzheimer's disease, has led to increased development of advanced immunotherapies. This has led to increased adoption of immunoassays during the testing of immunotherapies, driving market growth.
The major factors that are driving the market growth include the rising prevalence and incidence of chronic as well as infectious diseases along with the technological advancements in immunoassay instruments and the high sensitivity and specificity of the immunoassays. Immunoassays are also suitable for diagnosing asymptomatic diseases, which otherwise cannot be diagnosed. The ultrasensitive immunoassay has been proven to detect HIV and is demonstrated to detect limits of less than 1fg/ml. This high sensitivity helps to detect one virus particle per 25 μl of the sample. The versatile applications and ease of automation have made immunoassay quite popular which is supporting the market growth.
The rising number of people affected by these infectious diseases is further contributing to the market growth. According to the WHO's key facts on HIV published in July 2022, around 38.4 million people around the world were affected by HIV in 2021 with around 1.5 million new cases being registered in 2021 alone. Therefore, the rising number of infectious diseases is expected to drive market growth due to the increased adoption of immunoassays for the diagnosis of infectious diseases.
Besides, the launch of products by the key market players is also aiding in the growth of the market. For instance, in November 2021, Boditech Med launched its new automated immunoassay analyzer with a blood collection tube, including an all-in-one cartridge system, at MEDICA 2021. The immunoassay analyzer, AFIAS-10, is a unique integrated Sample-to-Answer system that can execute 10 parallel tests for each different parameter. Such progress in immune analyzers is expected to propel the growth of the market over the forecast period due to the increased adoption of parallel testing of different parameters at once.
Thus, the high sensitivity, specificity, and cost-saving nature of immunoassays are driving the growth of the immunoassays market. However, factors, such as complex assay procedures and stringent regulatory scenarios for the approval of immunoassays, may hinder market growth.
Immunoassays Industry Segmentation
As per the scope of this report, an immunoassay is a test that relies on biochemistry to measure the presence and concentration of an analyte. The analyte can be large proteins, antibodies that a person has produced as a result of an infection, or small molecules. Immunoassays are highly sensitive and specific. Their high specificity results from the use of antibodies and purified antigens as reagents. The Immunoassays Market is Segmented by Type (Radioimmunoassay, Enzyme Immunoassays, Fluoroimmnoassay, Chemiluminescence Immunoassay, Others), Application (Disease Diagnosis, Therapeutic Drug Monitoring, Drug Discovery, Clinical Chemistry, Hematology, Others), End-User (Hospitals, Pharma & Biotech Companies, Clinical Laboratories Others) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
By Type | |
Radioimmunoassay (RIA) | |
Enzyme Immunoassays (EIA) | |
Fluoroimmnoassay (FIA) | |
Chemiluminescence Immunoassay (CLIA) | |
Others |
By Application | |
Disease Diagnosis | |
Therapeutic Drug Monitoring | |
Drug Discovery | |
Clinical Chemistry | |
Hematology | |
Others |
By End User | |
Hospitals | |
Pharma & Biotech Companies | |
Clinical Laboratories | |
Others |
Geography | ||||||||
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Immunoassays Market Size Summary
The immunoassay market is experiencing significant growth, driven by the increasing demand for diagnostic solutions and advancements in technology. The COVID-19 pandemic highlighted the importance of immunoassays for rapid and accurate diagnosis, particularly in serological testing, which contributed to the market's expansion. Post-pandemic, the relevance of immunoassays continues to rise due to their critical role in vaccine development and disease diagnosis, including chronic and infectious diseases. The high sensitivity and specificity of immunoassays, along with their ability to diagnose asymptomatic conditions, have further propelled their adoption. Technological advancements and the versatility of immunoassays, such as enzyme-linked immunosorbent assays (ELISA), have made them a popular choice in clinical settings, supporting market growth.
The market is also benefiting from the launch of innovative products by key players, which enhance the capabilities of immunoassays. These developments are supported by the increasing incidence of chronic disorders and infectious diseases, particularly in regions with well-developed healthcare infrastructure like the United States. The rising healthcare expenditures and investments in research and development by pharmaceutical companies are further fueling market expansion. Additionally, strategic collaborations and acquisitions among major players are contributing to the market's competitive landscape. Despite challenges such as complex assay procedures and regulatory hurdles, the immunoassay market is poised for continued growth, driven by its cost-effective and efficient diagnostic solutions.
Immunoassays Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 High Sensitivity and Specificity of Immunoassays
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1.2.2 Technological Advancements in Immunoassay Instruments
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1.2.3 Increasing Prevalence of Chronic and Infectious Diseases
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Scenario for Approval of Immunoassays
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1.3.2 Complexity of Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type
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2.1.1 Radioimmunoassay (RIA)
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2.1.2 Enzyme Immunoassays (EIA)
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2.1.3 Fluoroimmnoassay (FIA)
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2.1.4 Chemiluminescence Immunoassay (CLIA)
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2.1.5 Others
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2.2 By Application
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2.2.1 Disease Diagnosis
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2.2.2 Therapeutic Drug Monitoring
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2.2.3 Drug Discovery
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2.2.4 Clinical Chemistry
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2.2.5 Hematology
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2.2.6 Others
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Pharma & Biotech Companies
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2.3.3 Clinical Laboratories
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2.3.4 Others
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Immunoassays Market Size FAQs
What is the current Immunoassays Market size?
The Immunoassays Market is projected to register a CAGR of 7.70% during the forecast period (2024-2029)
Who are the key players in Immunoassays Market?
Abbott Laboratories Inc., Becton Dickinson and Company, Danaher Corporation, Hologic Inc. and Qiagen NV are the major companies operating in the Immunoassays Market.