Immunoassay Market size to grow by USD 8.64 billion through 2028, Market growth at 4.42% CAGR expected during the forecast period, Technavio

 NEW YORK, March 14, 2024 /PRNewswire/ -- The Global Immunoassay Market is projected to reach a value of USD 8.64 billion with a CAGR of 4.42% between 2023 and 2028. North America is estimated to contribute 41% to the growth of the global market during the forecast period. 

For Comprehensive details on the market size of historic period(2017 to 2021) and forecast period (2023-2027) 

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Key Developments:

• Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors. 
• With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for vendors in the market. 

The rising geriatric population is the key factor driving market growth:

The market is driven by factors such as the predictive and preventive medicine for early diagnosis and treatment, growing demand for blood banks and their potential to increase sales, and the rising geriatric population. The global geriatric population is growing due to improved living standards and healthcare, leading to longer life expectancies. This demographic shift sees increased prevalence of chronic diseases and age-related illnesses. Immunoassays aid in identifying genetic risk factors for diseases, driving demand. This trend is a key driver for the global immunoassay market's growth.

• The application of immunoassays in the food and beverage industry is the primary trend shaping market growth. Antibiotics are mainly used to prevent and treat diseases in livestock. Thus, remaining antibiotic residues in foods of animal origin are harmful to humans and their health. Food contamination due to antibiotic residues has become a major problem globally due to the massive and uncontrolled use of antibiotics.
• Limited medical reimbursements pose a challenge for market growth, particularly for expensive immunoassay products. In the US, CMS reimburses certain diagnostic test kits, but global reimbursement structures lack support for costly diagnostic practices. Fair reimbursement systems are crucial for accurate diagnosis and market growth.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. 

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Vendor Landscape
The immunoassay market is fragmented; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products.

The report provides a full list of key vendors, their strategies, and the latest developments. 

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Company Profiles

The immunoassay market report includes information on the product launches, sustainability, and prospects of leading vendors including Abbott Laboratories, Abnova Corp., Agilent Technologies Inc., Becton Dickinson and Co., Bio Techne Corp., bioMerieux SA, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Mindray Bio medical Electronics Co. Ltd., Omega Diagnostics Group Plc, OraSure Technologies Inc., PerkinElmer Inc., QIAGEN NV, Quidelortho Corp., Seramun Diagnostica GmbH, Siemens AG, Sysmex Corp., Tecan Trading AG, and Thermo Fisher Scientific Inc..

Abbott Laboratories: The company offers immunoassay such as Alinity.

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Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.

 Market Segmentation

The product segment includes reagents, kits, and analyzers. The technology segment includes ELISA, radioimmunoassay (RIA), ELISpot and others.

• The reagents and kits segment is expected to experience significant market share growth, valued at USD 21.89 billion in 2018. Reagents play a vital role in immunoassays by facilitating reactions, optimizing assay performance, and ensuring accuracy by stabilizing antigens or antibodies and blocking interferences. Compatibility with analyzer materials is essential, while assay kits offer convenience but require consideration for sensitivity and reproducibility.

The geography segment includes key regions such as North America, Europe, Asia, and Rest of World (ROW).

• North America is projected to contribute 41% to global market growth. The region experiences rapid growth in the elderly population and a high incidence of chronic and infectious diseases, driving demand for immunoassays. Major companies focus on the US market to boost market share, driven by increasing prevalence of diseases like cancer.

Analyst Review:

The immunoassay market, integral to diagnostic tests in medical diagnostics, relies on the interaction between antibodies and antigens to detect biomarkers indicative of various health conditions. As a cornerstone of immunology, immunoassays play a vital role in clinical laboratories and point-of-care settings, facilitating rapid and accurate diagnosis across a spectrum of diseases. From ELISA to chemiluminescent, radioimmunoassay, and fluorescence immunoassays, diverse analytical techniques are employed for precise detection in vitro.

In the biotechnology and pharmaceutical industries, immunoassay platforms and instruments are essential for assay development and quality control in therapeutic drug monitoring and clinical chemistry. With an emphasis on precision and personalized medicine, immunoassays contribute significantly to diagnostics in infectious diseases, oncology, cardiology, autoimmune diseases, and more. Moreover, immunoassay optimization and validation ensure diagnostic accuracy, enhancing patient care outcomes.

Market trends indicate a continuous evolution driven by technological advancements, research, and development. Emerging markets offer significant growth opportunities, spurred by increasing healthcare policies and investments. Comprehensive regulatory landscapes guide market players in navigating stringent quality standards and compliance requirements. As the immunoassay market continues to expand, competitive analysis and strategic market strategies become imperative for market players to capitalize on emerging opportunities and address evolving healthcare needs effectively.

Market Overview:

The Immunoassay Market is a vital component of medical diagnostics, focusing on the detection of biomarkers, antibodies, and antigens to assess immune responses and diagnose various conditions. Key technologies include ELISA, chemiluminescent immunoassay, and radioimmunoassay, commonly employed in clinical laboratories and point-of-care settings. This market serves the diagnostic needs of diverse medical fields, including oncology, infectious diseases, cardiology, and autoimmune disorders. Immunoassays play a crucial role in personalized medicine, therapeutic drug monitoring, and precision medicine approaches. Advancements in assay development, quality control, and laboratory automation enhance diagnostic accuracy and sensitivity. The market is propelled by ongoing technological advancements, rising demand for in vitro diagnostics, and increased emphasis on healthcare policies promoting patient care and disease management.

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SOURCE Technavio