Immunoassay Market Set to Surge at 5.0% CAGR, to Reach USD 48.7 billion by 2031 | Transparency Market Research, Inc.
As healthcare infrastructure and personalized medicines become more prevalent, immunoassay demand is expected to grow.
Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The immunoassay market was valued at US$ 31.5 billion in 2022. A CAGR of 5.0% is expected from 2023 to 2031, reaching US$ 48.7 billion in 2031. Immunoassay testing is more efficient and productive when automation is incorporated in laboratories. Systems that automate workflows increase efficiency, minimize human error, and enable greater testing capacity.
Many diseases and conditions associated with aging are associated with the global aging population. Older adults face several health issues, such as immunoassays, which increase the demand for diagnostic tests.
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As personalized medicine becomes increasingly important, immunoassays are in high demand as specific biomarkers are identified for targeted therapies. Individual biomarkers associated with patient profiles are identified and monitored by these tests.
Key Findings of the Market Report
- A large portion of the market share is expected to come from North America in 2024.
- Based on the product type, consumable demand will drive immunoassay market growth.
- Based on technology, enzyme-linked immunoassays (ELISAs) are driving immunoassay demand.
- Infectious disease will drive the market demand for immunoassays.
- Hospitals & diagnostics laboratories are a major market driver for immunoassays.
Global Immunoassay Market: Growth Drivers
- Diagnostic tools like immunoassays are becoming increasingly popular because chronic diseases like diabetes, cancer, and cardiovascular disorders are becoming more prevalent. Detecting and managing these conditions early is crucial to their treatment. Advances in immunoassay technologies, such as multiplex and high-sensitivity assays, make diagnosing diseases with increasing sensitivity and accuracy possible. Platforms for assays are also improving, resulting in improved workflow and reduced turnaround time.
- As point-of-care diagnostics and decentralized testing become more popular, immunoassays are growing. Health providers can make faster decisions with POCT, especially when resources are limited or in an emergency. Personalized medicine and targeted therapies are driving the need for precision diagnostic tools. Biomarkers and molecular targets can be identified through immunoassays, which guide personalized treatment methods.
- Identifying infection-related antibodies and antigens is crucial with immunoassays, including serological tests. Diagnostic markets, including immunoassays, are growing as healthcare spending rises worldwide. Governments, companies, and individuals are investing in advanced healthcare solutions.
Global Immunoassay Market: Regional Landscape
- North America is expected to lead the immunoassay market. Several chronic diseases are prevalent in North America, including diabetes, cardiovascular disease, and cancer. The use of immunoassays in diagnosing and treating these conditions contributes to the sustained demand for these tests.
- Infectious disease immunoassays have become increasingly popular since the COVID-19 pandemic. Monitors and managers of infectious outbreaks heavily rely upon assays of antibodies. Among advanced diagnostic technologies, immunoassays are supported by a well-developed healthcare infrastructure in North America. These tests can be integrated into hospital, clinic, and diagnostic laboratory patient care.
- Advances in immunoassay platforms have contributed to developing more accurate, sensitive, and specific assays. Markets for new and improved immunoassay products are often driven by demand for cutting-edge technology. Point-of-care testing has increased in North America, increasing the demand for immunoassays. Rapid results from POCTs are crucial for emergencies and efficient management of patient care.
- Research and development is facilitated in North America because of the presence of leading biotechnology and pharmaceutical companies. By discovering new biomarkers and developing new immunoassays, the market grows. Immunoassays in the region are credible and accepted due to high regulatory standards and approval processes. Medical professionals become more confident in products that comply with regulatory requirements.
- Public health initiatives and government programs drive the demand for diagnostic tests, including immunoassays. North American healthcare costs are relatively high, so advanced diagnostic technologies are being adopted. Increasing healthcare spending benefits immunoassays, which are crucial diagnostic tools.
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Global Immunoassay Market: Key Players
Leading companies are launching new diagnostic products based on innovative immunoassay market trends. They are forming strategic partnerships and mergers to expand their production capacity and reach a wider market.
Key players improve business performance by improving diagnostics and treatment of infectious diseases. Cancer biomarkers can also be identified using immunoassay techniques.
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation
- Abbott Laboratories
- Siemens Healthineers (Siemens AG)
- DiaSorin S.p.A.
- Sysmex Corporation
- bioMerieux SA
- Ortho Clinical Diagnostics
- Thermo Fisher Scientific, Inc.
- Becton, Dickinson and Company
- Merck kGaA
- In November 2023, Roche released Elecsys HBeAg quant, an immunoassay to detect hepatitis B e antigen (HBeAg) in human plasma and serum.
- In December 2023, AMSBIO launched its MagSi-STA beads, which are designed to detect antibodies in magnetic immunoassays and serve as solid support phases in immunoassays. Streptavidin covalently attached to silica matrix enables these beads, varying in size, chemistry, and binding capability, to be used for in vitro diagnostics.
Global Immunoassay Market: Segmentation
- Chemiluminescence Immunoassay (CLIA)
- Enzyme-linked Immunoassay (ELISA)
- Enzyme-linked Immunofluorescent Assay (ELFA)
- Radioimmunoassay (RIA)
- Infectious Disease
By End User
- Hospitals & Diagnostic Laboratories
- Blood Banks
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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