Immunoassay Market is Booming with Strong Growth Prospects From 2021 To 2028 | Key Players: Siemens Healthineers; bioMérieux SA; Abbott Laboratories; Quidel Corporation | Grand View Research, Inc.
The global immunoassay market size is expected to reach USD 36.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2021 to 2028. The introduction of PoC rapid tests and automated immunoassay analyzers is driving the market growth. In addition, the rising number of chronic and infectious diseases is also leading to high market growth.
According to the American Cancer Society, there are an estimated 16.9 million cancer patients/survivors in 2020. Data from the same source suggests that over 1.8 million new cases are expected to be diagnosed in the same year. Around 1.8 million cancer cases were diagnosed in the U.S., according to National Cancer Institute 2019 data. According to the American Cancer Society, nearly 606,880 deaths occurred due to cancer in the U.S. in 2019. Thus, the rise in the number of cancer cases being diagnosed is driving the demand for immunoassays. This is expected to boost the market in the coming years.
Furthermore, growing awareness about infectious diseases and preventive measures has led to high demand for rapid diagnostic test products, thereby increasing sales. Based on a survey by the WHO on the World malaria report 2018, manufacturers reported sales of 276 million for lateral flow assays in 2017. It also reported that around 75.0% of malaria cases were diagnosed using lateral flow assays in sub-Saharan Africa in 2017.
Several smartphone-based devices and associated tools have emerged as next-generation point-of-care diagnostics or testing devices, boosting the market growth. For instance, a smartphone application combined with the autonomous capillary microfluidic chip is used for rapid testing of cardiac troponin I in myocardial infarction. This platform can be easily used in resource-limited settings, providing test results within 12 minutes. Thus, novel technological advancements are anticipated to further drive the market over the forecast period.
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Immunoassay Market Report Highlights
- In 2020, the Enzyme Immunoassays (EIA) segment held the largest revenue share as this technique is used for detecting specific antigens or antibodies in samples. This technique aids in the precise detection of chronic and infectious diseases
- The rapid tests segment also held a significant revenue share in 2020 due to the rise in demand for early diagnosis
- The infectious disease testing segment dominated the market in 2020 due to the rise in the incidence of infectious diseases such as HIV, malaria, influenza, and the novel COVID-19
- The clinical laboratories segment is anticipated to grow at a rapid pace over the forecast period owing to the increasing establishment of diagnostic labs in key regions and the large number of tests being conducted by them
- North America accounted for the largest regional market share in 2020. Well-established healthcare infrastructure and easy availability of technologically advanced instruments in the U.S. are some of the leading factors that can be attributed to the large segment share of this region
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Immunoassay Market Segmentation
Grand View Research has segmented the global immunoassay market report on the basis of product, technology, application, end use, and region:
Immunoassay Product Outlook (Revenue, USD Million, 2016 – 2028)
- Reagents & Kits
- Analyzers/Instruments
- Open-Ended Systems
- Closed-Ended Systems
- Software & Services
Immunoassay Technology Outlook (Revenue, USD Million, 2016 – 2028)
- Radioimmunoassay (RIA)
- Enzyme Immunoassays (EIA)
- Chemiluminescence Immunoassays (CLIA)
- Fluorescence Immunoassays (FIA)
- Rapid Test
- Others
Immunoassay Application Outlook (Revenue, USD Million, 2016 – 2028)
- Therapeutic Drug Monitoring
- Oncology
- Cardiology
- Endocrinology
- Infectious Disease Testing
- Autoimmune Diseases
- Others
Immunoassay End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Hospitals
- Blood Banks
- Clinical Laboratories
- Pharmaceutical and Biotech Companies
- Academic Research Centers
- Others
Immunoassay Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Immunoassay Market
- Siemens Healthineers
- bioMérieux SA
- Abbott Laboratories
- Danaher Corporation (Beckman Coulter)
- Quidel Corporation
- Ortho Clinical Diagnostics
- Sysmex Corporation
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson, and Company
- F. Hoffmann-La Roche AG
- Thermo Fisher Scientific, Inc.
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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