Immunoassay Market on the Rise: Expected to Hit $49.6 Billion by 2027

Immunoassay Market is projected to grow from USD 40.2 billion in 2022 to USD 49.6 billion by 2027, at a CAGR of 4.3% from 2022 to 2027, According to a new report by MarketsandMarkets™, The immunoassay market is driven by increasing incidence of chronic and infectious diseases, increasing adoption of immunoassay-based POC testing and rapid testing, and increasing drug and alcohol abuse and stringent laws mandating drug and alcohol testing. Growth in the emerging economies and development of condition specific biomarkers and tests are expected to provide lucrative growth opportunities for the market.

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The reagents & kits accounted for the largest share of the immunoassay market, by product segment, in 2021

The global market is segmented into reagents & kits and analyzers based on product. Market growth is largely driven by the high consumption and repeat purchases of reagents & kits and the increasing number of immunoassay tests performed across the globe.

Rapid Tests segment to register the highest growth rate among technology during the forecast period

The immunoassay market is segmented into ELISA, rapid tests, ELISpot, western blotting, radioimmunoassays, and other technologies. Rapid tests are used to screen donated blood for HIV, HCV, HBV, and HCG antibodies. Rapid tests are effective as an aid in POC diagnosis, especially in emergency and primary care settings.

The blood segment accounted for the largest share of the immunoassay market, by specimen, in 2021

Based on specimens, the market is segmented into blood, saliva, urine, and other specimens. In 2021, blood specimens accounted for the largest share of the market, primarily due to the rising incidence of chronic and infectious diseases and increase in the rate of blood donations.

Infectious diseases segment to register the highest growth rate among applications during the forecast period

The global immunoassay market is segmented into infectious diseases, endocrinology, oncology, bone & mineral disorders, cardiology, blood screening, autoimmune disorders, allergy diagnostics, toxicology, newborn screening, and other applications. With rise in the number of products being launched for the diagnosis of infectious diseases, the segment is expected to register higher CAGR during the forecast period.

The hospitals & clinics segment accounted for the largest share of the immunoassay market, by end user, in 2021

With a rise in the prevalence of chronic and infectious diseases, along with the availability of advanced technologies has led to significant growth of the hospitals & clinics end user segment. The segment is also anticipated to register highest growth rate during the forecast period.

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North America is the largest regional market for immunoassay market

The global market has been segmented into five major regions—North America, Europe, the Asia Pacific, Middle East & Africa, and Latin America. In 2021, North America dominated the global market in 2021. The large share of the North American market is primarily driven by the rising prevalence of chronic diseases, increasing geriatric population, and the presence of leading national clinical laboratories, and the easy accessibility of technologically advanced instruments.

The major players operating in this immunoassay market are Abbott Laboratories (US), and F. Hoffmann-La Roche (Switzerland), and Siemens Healthineers (Germany).

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