Immunoassay Market to Grow by USD 8.64 Billion (2024-2028), Driven by Early Diagnosis Advances, with AI Impacting Market Trends - Technavio

NEW YORK, Nov. 28, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global immunoassay market size is estimated to grow by USD 8.64 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.42% during the forecast period. Predictive and preventive medicine for early diagnosis and treatment is driving market growth, with a trend towards application of immunoassays in food and beverage industry. However, limited number of skilled laboratory professionals poses a challenge. Key market players include 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..

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Key Market Trends Fueling Growth

The Immunoassay market is experiencing significant growth in the diagnostic testing sector of medical technology. This market includes diagnostic assays, such as ELISA, RIA, and lateral flow assays, which are used for biomarker detection in various applications. Immunoassays are essential tools for clinical diagnostics, point-of-care testing, and research laboratories. These analytical methods are used to detect the presence of antibodies, antigens, or hormones in samples, playing a crucial role in diseases like diabetes, infections, and cancer. Major players in the immunoassay market include Sysmex Corporation, with a notable share in the market. North America and Europe are leading regions in terms of market size, driven by the increasing prevalence of diseases and the need for accurate and efficient diagnostic tools. Advancements in immunoassay technologies, such as chemiluminescence, biosensors, microfluidic devices, and immunoassay automation, have led to improvements in sensitivity, specificity, and availability. These advancements have made immunoassays an essential tool for therapeutic drug monitoring, immunosuppressant assays, and precision medicine. The market for immunoassays is expected to continue growing due to the increasing adoption of these technologies in hospitals, laboratories, and research institutions. The demand for immunoassay kits, reagents, and instruments is on the rise, driven by the need for accurate and reliable diagnostic results. The immunoassay market size is projected to increase in the coming years, with a focus on developing countries due to their growing healthcare infrastructure and population needs. 

The Immunoassay market is poised for growth due to its increasing application in food testing for the detection of antibiotic residues. Antibiotics are commonly used in animal healthcare, leading to residues in animal-derived food. These residues pose health risks to consumers. Immunoassays, which rely on the specific interaction between antigens and antibodies, offer a sensitive and efficient solution for antibiotic residue screening. Their simple sample preparation process makes them an attractive option for food safety testing. The global concern over food contamination with antibiotic residues will fuel the demand for immunoassays in the food industry, driving market growth throughout the forecast period. 

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Market Challenges

• The Immunoassay market is experiencing significant growth in the diagnostic testing sector of medical technology. Immunoassays, which include diagnostic assays like ELISA and rapid diagnostic tests, play a crucial role in biomarker detection and disease diagnosis. These analytical methods, which use antibody-based assays and immunochemistry, are essential for clinical diagnostics, particularly in areas like hormone assays, infectious disease testing, and cancer biomarkers. The market is driven by the increasing need for precise and reliable diagnostic results in various applications, including autoimmune disease testing, therapeutic drug monitoring, and precision medicine. Immunoassay platforms, such as chemiluminescence immunoassays, fluorescence immunoassays, and biosensors, are advancing to provide higher sensitivity and specificity, making them more accessible in clinical and research laboratories. Major players in the immunoassay market include Sysmex Corporation, with a significant share in the market, and others. The market is expanding in regions like North America, China, and India, where healthcare infrastructure is improving and the population's healthcare needs are increasing. The adoption of immunoassay products, such as kits and assays, is on the rise due to their efficiency and availability for various diseases, including diabetes, cardiology disorders, and infections. The market size is expected to continue increasing as advancements in immunoassay technologies and techniques continue to improve diagnostic capabilities and meet end-user requirements.
• Immunoassays are essential diagnostic tests that require meticulous handling to ensure accurate and reproducible results. The shortage of technically skilled personnel is a significant challenge in the laboratory testing industry, particularly in smaller medical facilities and rural hospitals in the US. Hiring and maintaining in-house specialists can be costly, making it difficult for these facilities to provide comprehensive diagnostic services. To address this issue, companies are developing user-friendly, automated immunoassay systems to reduce the need for specialized staff and make these tests accessible to a wider range of healthcare providers.

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Segment Overview

This immunoassay market report extensively covers market segmentation by

1. Product 
• 1.1 Reagents and kits
• 1.2 Analyzers
2. Technology 
• 2.1 ELISA
• 2.2 Radioimmunoassay (RIA)
• 2.3 ELISpot and others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Reagents and kits- Immunoassays are essential diagnostic tools in various industries, including healthcare and research. Reagents play a crucial role in these assays, acting as integral substances that facilitate reactions and optimize performance. Designed to address technical challenges, reagents help stabilize antigens or antibodies, prevent non-specific binding, and minimize matrix interferences. Compatibility with analyzer materials is also essential to ensure the longevity of both the reagents and the analyzer components. While assay kits offer convenience, it's vital to choose those that deliver accurate and reproducible results for long-term studies. The right reagents can significantly improve assay performance and save time and resources in the long run.

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Research Analysis

Immunoassays are diagnostic testing methods in medical technology that utilize the specific binding interaction between an analyte and an antibody or antigen for qualitative or quantitative analysis. These analytical methods are widely used in clinical diagnostics for the detection of various biomarkers, including hormones, infectious diseases, autoimmune diseases, allergens, and therapeutic drug levels. Immunoassays come in various formats such as fluorescence, chemiluminescent, radioimmunoassays, lateral flow assays, immunofluorescence assays, multiplex assays, and biosensors. Immunoassay kits and diagnostic reagents are essential components of these tests, while microfluidic devices and biosensors enhance their sensitivity and throughput. Protein detection is a significant application of immunoassays, and they play a crucial role in the diagnosis and monitoring of various diseases.

Market Research Overview

The Immunoassay market encompasses diagnostic testing in medical technology through the use of immunochemistry-based analytical methods. Immunoassays are diagnostic assays that detect the presence of specific antigens or antibodies in samples, contributing significantly to clinical diagnostics and research. These assays come in various formats, including fluorescence, chemiluminescent, radioimmunoassays, lateral flow assays, immunofluorescence assays, and multiplex assays. Immunoassays play a crucial role in disease diagnosis, from infectious diseases to cancer and autoimmune disorders. They are used for therapeutic drug monitoring, precision medicine, and hormone assays. The market includes immunoassay platforms, clinical and research laboratories, and hospitals. Immunoassays have seen growth in various regions, such as North America and Asia, due to increasing healthcare infrastructure, population needs, and disease prevalence. Companies are focusing on assay development, optimization, and automation to improve immunoassay performance, sensitivity, specificity, and accuracy. Immunoassay kits, biosensors, microfluidic devices, and immunoassay reagents are essential products in this market. The adoption of immunoassays is increasing due to their availability, efficiency, and ease of use, particularly in point-of-care testing. Advancements in immunoassay technologies, such as chemiluminescence immunoassay, are improving testing results and monitoring capabilities. Immunoassays are used for various applications, including diabetes, cardiology, endocrinology, and oncology. The market is segmented into various regions, including North America, Europe, China, India, and others. The number of players in the market includes Sysmex Corporation, Roche Diagnostics, and others, who share a significant portion of the market. The immunoassay market size is expected to increase due to the growing need for accurate and efficient diagnostic tools.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Reagents And Kits
• Analyzers
• Technology
• ELISA
• Radioimmunoassay (RIA)
• ELISpot And Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio