Immunoassay Market Analysis, Growth Opportunities and Recent Trends by Application 2023 to 2030

Posted on 2023-04-13 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 13, 2023 — /EPR Network/ —

Immunoassay Industry Overview

The global Immunoassay Market size is expected to reach USD 45.15 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.31% from 2023 to 2030. The introduction of PoC rapid tests and automated immunoassay analyzers is boosting market growth. In addition, the rising number of chronic and infectious diseases is leading to high market growth.

According to the American Cancer Society, there were an estimated 16.9 million cancer patients/survivors in 2020. Around 1.8 million cancer cases were diagnosed in the U.S., according to the 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 growth in the coming years.

Furthermore, growing awareness regarding infectious diseases and preventive measures has led to a 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, thereby boosting the market growth. For instance, a smartphone application combined with the autonomous capillary microfluidic chip is used for the 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.

The first implementation of the Atellica immunoassay solutions with Aptio automation in the United States was announced by Siemens Healthcare GmbH in April 2018. The objective of this product was designed to promote advanced technological products in the U.S. In December 2020, Beckman Coulter, a Danaher business, introduced its first high-quality as well as throughput assay for the COVID-19 antigen detection, officially named Access SARS-CoV-2 Antigen assay. In July 2018, Cygnus Technologies and Gyros Protein Technologies collaborated to produce immunoassay to identify biotherapeutic toxins. The two companies’ strategic alliance will primarily focus on offering bioanalytical solutions and increasing biotherapeutics manufacturing efficiencies.

Immunoassay Market Segmentation

Grand View Research has segmented the global immunoassay market on the basis of product, technology, application, end-use, and region:

Based on the Product Insights, the market is segmented into Reagents & Kits, Analyzers/Instruments and Software & Services

Reagents and kits contributed to the largest market share of 66.1% in the immunoassay market for 2022. The segment is expected to maintain its lead over the forecast period.
The software and services segment is anticipated to register a CAGR of 5.0% over the forecast period. This can be attributed to the increased availability and high demand for cost-effective immunoassay services in developing markets.

Based on the Technology Insights, the market is segmented into Radioimmunoassay (RIA), Enzyme Immunoassays (EIA)Rapid Test and Others.

Enzyme Immunoassays (EIA) held the largest market of 63.93 in 2022 by generating a revenue of USD 19,190.97 million owing to its repeated usage in the detection of infectious and chronic diseases, food allergies, and drugs of abuse among other applications.
A rapid test, also known as lateral flow immunoassay, is used to detect the existence of the target analyte without utilizing specialized equipment. The rapid test technique has various applications such as in dengue and infections caused by Legionella, Salmonella, Campylobacter, Zika, and Listeria.

Based on the Application Insights, the market is segmented into Therapeutic Drug Monitoring, Oncology, Cardiology, Endocrinology, Infectious Disease Testing, Autoimmune Diseases and Others.

The infectious diseases testing segment held the largest market share of 28.79% in 2022 and is anticipated to grow at the fastest rate over the forecast period. The segment is anticipated to maintain its lead over the forecast period.
The increasing prevalence of cancer cases globally is one of the major factors contributing to the growth of the market for immunoassays during the forecast period.

Based on the End-Use Insights, the market is segmented into Hospitals, Blood Banks, Clinical Laboratories, Pharmaceutical and Biotech Companies, Academic Research Centers and Others.

Hospitals segment dominated the overall market in terms of revenue in 2022 with 32.77% market share and is anticipated to maintain its dominance over the forecast period..
Blood banks are anticipated to witness growth during the forecast period owing to the rising number of infectious diseases being tested for in these laboratories during the screening and processing of donated blood. In addition, ELISA is simple to perform and requires minimal specialized instruments and equipment, hence is widely used in blood banks.

Immunoassay Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Key companies are undertaking extensive strategic initiatives in the field of immunoassays, including mergers and acquisitions, new product development, and regional expansion, to address the unmet needs of patients.

Some prominent players in the global Immunoassay market include

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
Hoffmann-La Roche AG
Thermo Fisher Scientific, Inc.

Order a free sample PDF of the Immunoassay Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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