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.
Immunoassays work on the idea of using a particular binding molecule, like an antibody, that can recognize and bind to the target analyte. A particular binding interaction occurs when the binding molecule comes into contact with the target analyte in a sample, leading to the detection of the signal.
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 stimulating the demand for Immunoassay are the expansion in the utilization of Immunoassay products and the introduction of advanced technologies in Immunoassay. Additionally, 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 rate of infectious and chronic diseases over the forecast period is primarily responsible for the expansion of the global immunoassay market. The rise in the pharmaceutical and 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 during the projection period.
However, factors like complicated assay procedures and strict regulatory policies for immunoassay approval will restrict market expansion.
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 2021, the kits and reagents segment led the entire market with 59.2% of the revenue share. Due to the rising prevalence of autoimmune and infectious illnesses, immunoassay reagents and kits are in great demand and account for a sizeable portion of the market. Due to the approval and introduction of new immunoassay products, this market sector will expand.
The Software & Services segment will expand at a 5.1% CAGR throughout the projection period. This is because of the significant demand for inexpensive immunoassay services in developing economies. In June 2020, Sysmex Corporation started providing innovative coronavirus antibody lab test services.
By Technology
The ELISA/EIA segment ruled the market with 59.8% of the revenue share in 2021. This technique offers numerous advantages like accurate results, quicker assays, and demand for fewer antisera for analysis.
By Application
In terms of technology, the infectious disease segment ruled the market with 30.5% of the revenue share in 2021. The market segment is expanding due to the rising rate of infectious diseases, including HIV/Malaria, Influenza, and COVID-19. The release of fresh goods for testing infectious diseases is another factor fueling this market’s expansion. The global rise in cancer incidence is one of the key reasons for boosting revenue growth in the immunoassay industry.
By End-Use
In 2021, the hospital segment was the largest market contributor, with 29.5% of the revenue share. The rise in hospital construction has resulted in a quick expansion of this sector. The need for hospitals with contemporary facilities has grown due to the healthcare sector’s ongoing changes.
Regional Analysis
In 2022, North America held the majority of the market, with a revenue share of 36%. The largest share of this segment is due to the rising incidence of cancer, and the availability of cutting-edge diagnostic methods has increased the demand for diagnostics. The high incidence of infectious diseases like HIV and tuberculosis in the area also drives up the demand for diagnosis and treatment.
Asia Pacific will expand at a rapid rate during the forecast period. Developing ever-more innovative laboratory techniques and processes for quicker infectious disease detection and research is another driver propelling the regional market.
Key Players
- Beckman Coulter
- Agilent Technologies
- Abbott
- bioMérieux SA
- BD
- Bio-Techne
- Hoffmann-La Roche Ltd
- BioCheck
- Ortho Clinical Diagnostics
- Bio-Rad Laboratories
- DiaSorin S.p.A
- Merck KGaA
- Luminex Corporation
- Siemens
- Meso Scale Diagnostics
- PerkinElmer Inc
- QIAGEN
- Randox Laboratories Ltd
- 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 major factors influencing the market’s growth are the increased frequency and incidence of chronic and infectious diseases, technological improvements in immunoassay instruments, and the high sensitivity and specificity of the immunoassays.
Uses of immunoassay-based diagnostics are fundamentally expanding universally. Public mindfulness crusades pointed toward recognizing the side effects of irresistible illnesses and ways of forestalling them assume a significant part in controlling the plague sickness. In this way, expanded patient mindfulness has prompted popularity for immunoassays. For example, the promotion program by the Worldwide Society for Irresistible Sicknesses centers around working together with clinicians, general wellbeing professionals, and specialists internationally and supporting the trading of logical information and utilization of general wellbeing practices and proof based medication. What’s more, in 2018, the World Hepatitis Collusion sent off the “Track down the Missing Millions” mission to bring issues to light in regards to hepatitis and eliminate hindrances in clinical analytic settings.
The utilization of antibodies in immunoassays depends on resistant reactions to the antigen of a specific microorganism. Then again, in sub-atomic diagnostics, nucleic corrosive tests depend on unambiguous hereditary cosmetics. Consequently, the reception of sub-atomic symptomatic tests is supposed to increment over the conjecture period, which might limit the development of the market for immunoassays.
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