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Immunoassay Market Size To Touch $36.7 Billion By 2028, Owing To Rising Chronic And Infectious Diseases, Including Outbreak of COVID-19 | Grand View Research, Inc.

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Immunoassay Market Size To Touch $36.7 Billion By 2028, Owing To Rising Chronic And Infectious Diseases, Including Outbreak of COVID-19 | Grand View Research, Inc.

May 16
07:26 2022
Immunoassay Market Size To Touch $36.7 Billion By 2028, Owing To Rising Chronic And Infectious Diseases, Including Outbreak of COVID-19 | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the launch of new products in the field of infectious disease testing is further driving the immunoassay industry growth.

Immunoassay Industry Overview

The global immunoassay market size was valued at USD 21.4 billion in 2020 is expected to reach USD 36.7 billion by 2028, expanding at a compound annual growth rate (CAGR) of 6.7% during forecast period.

This growth can be attributed to the increase in chronic and infectious diseases, including the outbreak of COVID-19. In addition, the rise in the geriatric population, which is more prone to chronic and infectious diseases, will aid growth. An increase in the prevalence of chronic conditions, such as cancer, infections, cardiovascular diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases, has led to wide usage of immunoassay techniques in disease diagnostics. The incidence of cancer is increasing steadily, which is expected to drive the demand for effective diagnostic methods such as immunoassay. This technique is significant in the determination of oncogenesis and diagnosis of cancer, such as benign or malignant, and its different stages. It facilitates the use of monoclonal and polyclonal antibodies to detect specific antigens in tissues by determining the presence of tumor antigens.

Gather more insights about the market drivers, restrains and growth of the Global Immunoassay Market

Applications of immunoassay-based diagnostics are significantly increasing globally. Public awareness campaigns aimed at identifying the symptoms of infectious diseases and ways to prevent them play an important role in controlling the disease epidemic. Thus, increased patient awareness has led to high demand for immunoassays. For instance, the advocacy program by the International Society for Infectious Diseases focuses on collaborating with clinicians, public health practitioners, and researchers globally and supporting the exchange of scientific knowledge and application of public health practices and evidence-based medicine. In addition, in 2018, the World Hepatitis Alliance launched the “Find the Missing Millions” campaign to raise awareness about hepatitis and remove barriers in clinical diagnostic settings.

U.S. Immunoassay Market size, by product, 2018-2028 (USD Billion)

Clinical interpretation of diagnostic tests is dependent on assay analyzers and the presence of a technical and skilled workforce. Results of assays are affected by the time taken for interpretation. Thus, technological advancements have led to an increase in the number of automated instruments and equipment used in laboratories. Automation has benefits such as higher efficiency and usage of less space and labor in laboratories. Thus, the market is witnessing lucrative growth as some market players are introducing automated laboratory systems and point-of-care compact, portable assay tests.

The use of antibodies in immunoassays is based on immune responses to the antigen of a particular microorganism. On the other hand, in molecular diagnostics, nucleic acid probes are based on specific genetic makeup. Thus, the adoption of molecular diagnostic tests is expected to increase over the forecast period, which may restrain the growth of the market for immunoassay.

Immunoassay Market Segmentation

Based on Product Insights, the market is segmented into reagents & kits, analyzers/instruments and software & services

  • In 2020, the reagents and kits segment dominated the market for immunoassay and accounted for the largest revenue share of 65.9%. The segment is expected to maintain its dominance over the forecast period. The large share can be attributed to the high demand for immunoassay reagents and kits for diagnosis purposes with the growing prevalence of infectious and autoimmune diseases.
  • On the other hand, the software and services segment is anticipated to witness a CAGR of 6.5% 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

  • The EIA/ELISA segment dominated the market for immunoassay and held the largest revenue share of 63.7% in 2020. Some of the major advantages of this method over Immunoelectrophoresis and immunodiffusion are reduced assay time, quantitative results, and requirement of limited antisera for analysis.
  • Rapid test, also known as lateral flow immunoassay, is used to detect the existence of target analyte without utilizing specialized equipment. Rapid test technique has various applications such as in dengue and infections caused by Legionella, Salmonella, Campylobacter, Zika, and Listeria.
  • Furthermore, monoclonal antibodies are used specifically for Immunoglobulin G (IgG), Immunoglobulin M (IgM), Immunoglobulin A (IgA), and Immunoglobulin (IgD) for precise identification of target analyte.

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 disease testing segment dominated the immunoassay market and held the largest revenue share of 28.3% in 2020. The segment is anticipated to hold its dominance over the forecast period. This high share can be attributed to the rise in the incidence of infectious diseases such as HIV, malaria, influenza, and the novel COVID-19.
  • The increasing prevalence of cancer cases globally is one of the major factors contributing to the growth of the market for immunoassay during the forecast period. According to a report published by International Agency for Research on Cancer, the incidence of cancer was estimated to be 18.1 million new cases, whereas about 9.6 million deaths due to the disease were recorded during 2018.
     

Based on the End-use Size Insights, the market is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical and biotech companies, academic research centers and others

  • The hospital segment dominated the market for immunoassay and accounted for the largest revenue share of 32.9% in 2020. The rise in the number of hospitals has led to the high growth of this segment. With ongoing changes in the healthcare industry, the need for hospitals with advanced facilities has increased.
  • Blood banks are anticipated to exhibit the highest 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. Also, ELISA is simple to perform and requires minimal specialized instruments and equipment, hence, is widely used in blood banks.
     

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America held the largest market share among all the regions in 2020 with a 41.5% share and is anticipated to dominate the market throughout the study period. 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.
  • Asia Pacific is the fastest-growing market owing to the presence of a large geriatric population and high prevalence of infectious diseases in this region. In addition, the growing adoption of innovative laboratory techniques and procedures for faster investigation and diagnosis of infectious and chronic disorders is one of the factors driving the market in the region.

Market Share Insights:

  • November 2020: Siemens Healthineers announced that its SARS-CoV-2 IgG Antibody Test has proven to measure neutralizing antibodies and has gained CE Marking. This test is an improved version of its previously launched COVID-19 antibody test.
  • November 2018: bioMérieux acquired a majority stake in Suzhou Hybiome Biomedical Engineering Co. Ltd. This acquisition is expected to strengthen the company’s presence in the market in China.

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 of the prominent players in the 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
  • F. 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 is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services. 

Web: https://www.grandviewresearch.com 

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