Immunoassay Market Size to Reach USD 26360 Million by 2027 at CAGR 4.9% - Valuates Reports

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BANGALORE, India, Sept. 2, 2021 /PRNewswire/ -- The Immunoassay Market is Segmented by Type (ELISA, Rapid Tests, Western Blotting, ELISPOT, Immuno-PCR, Other Technologies), by Application (Hospitals, Blood Banks, Clinical Laboratories, Research & Academic Laboratories, Other End Users). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Medical Devices & Equipment Category.

The global Immunoassay market size is projected to reach USD 26360 Million by 2027, from USD 18260 Million in 2020, at a CAGR of 4.9% during the forecast period 2021-2027.

Major factors driving the Immunoassay market growth are:

Immunoassays have become increasingly popular tools for measuring biological analytes because they offer sensitive, specific results and are relatively easy to use. In addition, some immunoassay methods are rapid, yield improved precision, and are relatively easy to automate, thus requiring less hands-on involvement. These factors are in turn expected to drive the Immunoassays market

Cancer is becoming more common, which is predicted to increase the demand for effective diagnostic tools like immunoassay. This method is useful for determining oncogenesis and diagnosing cancer, whether benign or malignant.

Furthermore, an increase in the prevalence of COVID-19 & chronic conditions, such as cardiovascular diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases, has led to wide usage of immunoassay techniques in disease diagnostics, thereby driving the immunoassay market.

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TRENDS INFLUENCING THE GROWTH OF THE IMMUNOASSAY MARKET

The market for immunoassays is growing due to technological developments in immunoassay procedures. The most extensively used immunoassay technique for infectious illness diagnosis is ELISA. Antibodies, antigens, proteins, and glycoproteins are all measured using this method in biological materials. It helps in the diagnosis of HIV, which causes AIDS, Lyme disease,  pernicious anemia,  Rocky Mountain spotted fever,  rotavirus,  squamous cell carcinoma, syphilis, toxoplasmosis, the varicella-zoster virus which causes chickenpox and shingles, and Zika virus.

Immunoassays have been shown to offer very accurate results even with very few samples when compared to conventional testing. The detection limit of these immunoassays is 1pg/ml, which can be attributable to the fact that immunoassays are totally based on immunologic reactions. Immunologic reactions are very particular since they can only occur in the presence of specific immunologic agents. This high specificity means that the data are accurate, allowing for excellent sensitivity in disease identification. This high sensitivity not only makes detection easier but also removes the need for secondary verifications, saving time and money. As a result, immunoassays' high sensitivity, specificity, and cost-effectiveness are propelling the immunoassay market forward.

The COVID-19 pandemic has further propelled the global immunoassay market. The widespread use of immunoassays for large-scale diagnosis of the new coronavirus has led to a surge in demand for immunoassay reagents and kits around the world. The market is growing due to active research on increasing diagnostic capabilities and the debut of several immunoassay devices with improved technologies.

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IMMUNOASSAY MARKET SHARE ANALYSIS

Based on the type, ELISA is expected to be the most lucrative segment during the forecast period. ELISA has a simple working principle, enzyme immunoassays are the most cost-effective among all the immunoassays. Consequently, they have the largest share in the global immunoassay market.

Based on application, The hospital segment is expected to be the most lucrative. The rapid growth of this segment is due to the increase in the number of hospitals. The demand for hospitals with modern amenities has increased as the healthcare business continues to change.

Based on region, Asia-pacific is expected to be the most lucrative. This dominance can be attributed to the rising demand for diagnostics due to the increase in the incidence of cancer and the easy availability of technologically advanced diagnostic techniques. In addition, the high incidence of infectious diseases in the region, such as HIV, tuberculosis, and influenza, is boosting the demand for detection and treatment.

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Major Players in the Immunoassay Industry

• Roche
• Abbott Laboratories
• Siemens
• Danaher
• DiaSorin
• Sysmex
• BioMerieux
• Ortho Clinical Diagnostics
• QIAGEN
• Thermo Fisher
• Becton, Dickinson
• Bio-Rad Laboratories
• Agilent Technologies
• Mindray
• Perkinelmer
• Quidel
• Merck
• Bio-Techne

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SIMILAR REPORTS 

-  The global Enzyme-Linked Immunosorbent Assay (ELISA) market size is projected to reach USD 221.3 Million by 2027, from USD 181 Million in 2020, at a CAGR of 3.6% during 2021-2027.

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-  The global Digital PCR market generated USD 508.8 Million in 2020, and is projected to reach USD 1,139.9 Million by 2028, growing at a CAGR of 9.1% from 2021 to 2028.

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-  In 2020, the global Nurse Call Systems market size was USD 1515.5 Million and it is expected to reach USD 2973.7 Million by the end of 2027, with a CAGR of 10.1% during 2021-2027.

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