Immunoassay Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 45.29 billion |
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Revenue Forecast in 2031 |
US$ 63.1 billion |
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CAGR |
4.25% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Technology, Specimen, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global immunoassay market was valued at US$ 45.29 billion in 2023 and is expected to register a revenue CAGR of 4.25% to reach US$ 63.1 billion by 2031.
Immunoassay Market Fundamentals
Immunoassay is a method that uses the specificity of the immune system to determine the quantity or presence of a material, often a protein or other biomolecule. The immunoassay principle is based on the binding of an antigen to its matched antibody. The material being tested is known as the antigen, and the antibody is a protein that identifies and binds to the antigen with great specificity.
Immunoassays are divided into several groups, including enzyme-linked immunosorbent assays (ELISA), radioimmunoassay, fluorescence immunoassays, and chemiluminescence immunoassays. In each scenario, the antigen is immobilized on a surface, and a specific antibody is added to the sample to create an antigen-antibody combination. Other approaches, such as enzymes, radioisotopes, or fluorescent or luminous markers, are then used to identify the complex.
Immunoassays have several uses in research, clinical diagnostics, and drug development. They can detect hormones, enzymes, medications, infectious agents, and other compounds in bodily fluids, such as blood, urine, or saliva. Immunoassays are sensitive, specific, and typically quick, making them an effective tool for various scientific studies.
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Immunoassay Market Dynamics
The increasing prevalence of chronic and infectious diseases primarily drives the global immunoassay market. Immunoassay tests are considered a viable technique in diagnosing infectious and chronic diseases. The increasing demand for early disease diagnostics also increases the global immunoassay market. This is because it can provide a rapid, easy, and cost-effective way of detection, with sensitivity and specificity equivalent to (or greater than) traditional methods in some circumstances. Most importantly, immunoassays allow for on-site analysis.
Increasing technological advancements in immunoassay are increasing its demand. Current advances in immunoassay technology have concentrated on developing immunochemical procedures and instruments to produce easy, high-performance solutions. Significant progress has been achieved in creating immunochemical techniques that allow competitive format tests for small molecules such as drugs, metabolites, and pollutants to be replaced with non-competitive formats. Bispecific antibodies and recombinant proteins are influencing immunodiagnostics, with the potential of developing highly specific reagents. Automation advancements have expanded the capability of homogeneous systems to high-throughput and high-performance heterogeneous systems, and point-of-need testing continues to advance. Systems are evolving in response to user needs in terms of operator convenience, accuracy, specificity, speed, robustness, and sensitivity.
The launch of new products also influences the global immunoassay market. For instance, in November 2022, Getein introduced the MAGICL 6000 at MEDICA 2022, a small and revolutionary chemiluminescence immunoassay analyzer ideal for mid to high-workflow laboratories that demand a one-step chemiluminescence solution. The instrument is very productive and small, allowing for completely automated operation and swift testing speed of any device of its size. Metis 600, a bench-top two-in-one immuno-hemanalysis and hematology modular system, is also on display at Getein. Furthermore, the market will continue to grow during the forecast period as companies continuously develop novel products in this field to provide customers with more efficient, cost-effective, and dependable diagnostic procedures.
However, the global immunoassay market will experience limited growth due to the inability of this technology to adapt to the multianalyte method. Moreover, technical problems with immunoassay kits can somewhat limit the global immunoassay market.
Immunoassay Market Ecosystem
The global immunoassay market is analyzed from five perspectives: product, technology, specimen, application, and region.
Immunoassay Market by Product
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Based on product, the global immunoassay market is segmented into reagents & kits and analyzers. The reagents & kits segment is further sub-segmented into ELISA reagents & kits, ELISpot reagents & kits, western blot reagents & kits, and other reagents & kits. The analyzers segment is sub-segmented into closed-ended systems and open-ended systems.
The reagents & kits segment dominated the global immunoassay market with the majority of market revenue share in 2022. This is majorly attributed to the rising demand for immunoassay tests and the high demand for reagents and kits, which are frequently used to speed up and simplify immunoassay procedures. It is no longer essential to source and track down all the individual components required for an immunoassay test since all necessary components are pre-packaged. This ensures that the test will produce valid findings while being done in a timely manner. Additionally, as part of a broader testing endeavor, reagents and kits may make the testing procedure more cost-effective.
The analyzers segment is expected to show high growth during the forecast period owing to its efficacy in obtaining accurate results with few human errors. Moreover, the segment is also anticipated to grow during the forecast years as many market players heavily invest in producing new and innovative analyzers.
Immunoassay Market by Technology
Based on the technology, the global immunoassay market is segmented into ELISA, ELIspot, western blotting, radioimmunoassay, rapid tests, and other technologies. The ELISA segment is sub-segmented into second-generation & below and third-generation & above.
The ELISA segment dominates the global immunoassay market. ELISA is a technology commonly used in cancer detection due to its high accuracy, sensitivity, and dependability. It is also less expensive and faster than other diagnostic tests, requiring just a few hours to complete with the assistance of automated readers and related apparatus. This technology employs antibodies that can quickly identify and bind to cancer-related antigens, making the test excellent for early detection and diagnosis. ELISA may be used to screen a range of malignancies, including ovarian, lung, and breast cancer. Additionally, its specificity makes ELISA distinguish between benign and malignant cancers.
Immunoassay Market by Specimen
Based on the specimen, the global immunoassay market is segmented into blood, urine, saliva, and other specimens.
The blood segment accounted majority of the global immunoassay market revenue share. Blood samples are a reliable source of immunoassay. Since blood includes a wide spectrum of antibodies and antigens, these tests may reliably evaluate many biological components. Moreover, blood samples are appropriate for immunoassay tests as they are simple to obtain and provide substantial relevant data for processing.
Immunoassay Market by Application
Based on application, the global immunoassay market is segmented into infectious diseases, oncology, endocrinology, cardiology, blood screening, allergy diagnostics, newborn screening, and other applications.
The infectious diseases segment accounted majority of the immunoassay market revenue share. Immunoassay tests are extremely helpful in identifying infectious diseases due to their speed and precision. These tests provide rapid and dependable detection findings that are highly specific for the infectious disease and have a low false-positive rate. They can detect several infectious agents simultaneously and do not require advanced laboratory expertise. Immunoassay tests are less expensive than traditional procedures and may be conducted in point-of-care settings. Additionally, they can analyze various biological samples, such as serum, plasma, and even saliva, enabling faster diagnosis and treatment of infected individuals.
Immunoassay Market by Region
Based on the region, the global immunoassay market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the majority of the global immunoassay market revenue share in 2022. This is majorly owing to increasing incidences of chronic and infectious diseases in the region and advancements in diagnostics activities. The American Cancer Society stated that 1,958,310 new cancer cases are estimated to occur, with 609,820 cancer deaths in the United States in 2023. Moreover, the increasing demand for early disease diagnosis and rising R&D in pharmaceutical and research institutes in the region is also influencing the immunoassay market.
The presence of many top players characterizes the growth of the European region for the immunoassay market. Moreover, the market is also influenced by rising healthcare expenditures, increasing disposable incomes, and significant growth in supportive healthcare policies. Furthermore, the increasing demand for immunoassay analyzers in research laboratories is fueling market revenue growth in Europe.
Asia Pacific is predicted to be the fastest-growing geographic region in the immunoassay market over the forecast period. The key factors propelling the market in Asia Pacific are rising healthcare standards, increasing diagnostics practices, a high patient pool, and increasing government initiatives.
Immunoassay Market Competitive Landscape
Several companies emphasize development strategies, such as product launches, approvals, patents, and events. The market has witnessed acquisition, partnership, and cooperation activities as inorganic development strategies. These initiatives have enabled the expansion of future business prospects in the global immunoassay market.
The prominent companies having the largest revenue share in the global immunoassay market are:
Immunoassay Market Strategic Developments
Over the years, the immunoassay market developed due to the increasing demand for immunoassay tests, rising chronic and infectious disease prevalence, and increasing awareness of immunoassay.
The global immunoassay market was valued at US$ 63.1 billion by 2031.
The global immunoassay market is expected to register a revenue CAGR of 4.25% by 2031.
Immunoassay is a method that uses the specificity of the immune system to determine the quantity or presence of a material, often a protein or other biomolecule.
The reagents & kits segment dominated the global immunoassay market with the majority of market revenue share in 2022.
*Insights on financial performance are subject to the availability of information in the public domain