The global Immunoassay market size is expected to be worth around US$ 27.05 billion by 2030, according to a new report by Vision Research Reports.
The global Immunoassay market size was valued at US$ 19.02 billion in 2020 and is anticipated to grow at a CAGR of 6.05% during forecast period 2021 to 2030.
Extensive usage of immunoassay techniques for detection of infectious and chronic diseases is the prime factor driving the growth. In addition, launch of novel products coupled with rapid technological advancements are anticipated to drive the market. For instance, Quidel Corporation received CE mark approval in 2018 for its product Sofia, which is a Quantitative Vitamin D Assay used with Sofia instrument.
Moreover, collaborations and partnerships among medical device giants are expected to provide new growth platforms for immunoassay techniques, such as radioimmunoassay, rapid tests, and enzyme immunoassays among others. For instance, Roche Diagnostics and GE Healthcare entered into a partnership to develop and market digital clinical decision systems in January 2018. This partnership aided in improving cancer and critical care.
Reagents and kits accounted for the largest share of the immunoassay market in 2020, owing to the extensive usage of the products for the detection of ailment-causing pathogens in HIV, dengue, and cancer as well as other chronic ailments. Reagents used in immunoassays include ELISA protein standards, assay diluents and blocking buffers, coating buffers, washing buffers, substrates, and conjugates and diluents, among others.
Moreover, software and services are expected to expand at a healthy CAGR over the forecast period, due to increased penetration of and growing need to manage and enable instant access to all related data. In addition, the utilization of software-enabled immunoassay devices makes it easier to perform tests by minimizing time to result generation and providing precise results.
Enzyme-Linked Immunosorbent Assays (ELISA) held a significant market share in 2020. ELISA technology has gained popularity over the years, as it helps detect food allergies, West Nile virus infection and various diseases, such as AIDS, influenza, Lyme ailments, and Ebola among others. ELISA also plays a vital role in development of vaccines, as the sera sample from immunized animal or human model can be tested through it to detect the presence of antibodies against specific type of antigens.
Rapid tests segment is expected to witness the second fastest CAGR over the forecast period, owing to their application in a wide range of ailments, such as dengue and infections caused by Legionella, Salmonella, and Campylobacter bacteria. In addition, advanced lateral flow assay is now available due to technological advancements in the healthcare industry. Applications of lateral assay were limited to a few diseases, however, now its applications range from normal qualitative tests to complex multianalyte quantitative assays. Therefore, increase in applications of rapid tests is expected to create lucrative opportunities for the players operating in this segment.
Infectious disease testing led the market in 2020. This can be attributed to the rise in prevalence of infectious diseases, such as tuberculosis, Lyme disease, salmonella infections, and meningococcal ailments cases. For instance, according to the Centers for Disease Control and Prevention (CDC) over 10 million cases of tuberculosis were registered globally and about 1.3 million deaths were caused by the same in 2017. Therefore, utilization of immunoassays would help detect these diseases, which is anticipated to increase market demand.
Oncology is expected to be the fastest growing segment during the forecast period, owing to the rise in number of cancer cases and technological advancements that aid precise identification of ailment-causing organisms. For instance, tumor biomarkers and assays are increasingly being adopted to curb or minimize the prevalence of cancer globally. Tumor biomarkers play a significant role in cancer care, from identification, screening, detecting, to monitoring its progression.
Endocrinology also holds a significant market share, owing to the growing incidence of endocrinal disorders, resulting in increased hospital admissions. For instance, according to the Johns Hopkins Health System Corporation in 2017, around 210,000 individuals in U.S. are admitted every year due to acute pancreatitis. Moreover, osteoporosis also affects around 40 million individuals in the country.
Hospitals accounted for the largest market share of about 32.0% in 2020, as they offer advanced facilities that include in-house diagnostic laboratories. With increase in prevalence of chronic diseases, such as cancer, infectious diseases, and autoimmune diseases, the need for hospitals and diagnostic centers for detection of antigens in cancer cells has increased. This factor is projected to bode well for segment growth in near future.
Blood banks segment is expected to exhibit the second highest CAGR over the forecast period, as varied number of tests are conducted using immunoassays. Immunoassays are used in conjunction with established principles of physics, chemistry, and biology for identification of ailment-causing pathogens and bacteria—copper sulfate gravimetric method, spun microhematocrit, Cyanmethemoglobin (HiCN) method, and Hemoglobin Color Scale (HCS).
Clinical laboratories are also increasingly adopting immunoassays, such as immunohistochemical staining. This technique is largely used to identify abnormal cells found in cancerous growth. This has further increased the need for diagnostic centers and clinical laboratories that have advanced instruments to perform such tests, thereby supplementing market growth.
Siemens Healthineers; Becton, Dickinson & Company; BioMérieux; Abbott laboratories; Roche Diagnostics; Danaher Corporation; Ortho Clinical Diagnostics; Sysmex Corporation; Thermo Fisher Scientific, Inc.; Quidel Corporation
The Immunoassay market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Immunoassay market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Immunoassay market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Immunoassay market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Immunoassay market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Immunoassay capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Immunoassay by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Immunoassay market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Immunoassay market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Immunoassay market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Immunoassay industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Immunoassay market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Immunoassay market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Immunoassay market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Immunoassay market. These factors have benefited the growth of the global market for Immunoassay. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Immunoassay. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Immunoassay are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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