Immunoassay Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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How has the immunoassay market grown over the years?
In recent times, the immunoassay market has seen significant growth. It is projected to increase from $35.81 billion in 2024 to $37.63 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.1%. Factors such as disease prevalence, an aging population, outbreaks of infectious diseases, point-of-care testing, and increased research funding have contributed to its growth in the past.
What Is the forecasted market size and growth rate for the immunoassay market?
The size of the immunoassay market is projected to witness substantial expansion in the coming years. It is expected to reach $50.12 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.4%. Factors that can account for this growth during the forecast period include the rise of personalized medicine, growth in emerging markets, readiness for pandemics, cancer diagnostic advancements, and a shift towards home-based testing. Significant trends expected during this period are efforts to harmonize regulations, the development of multipurpose immunoassays, the offering of custom assay services, integration with wearable technology, and downsizing of assays.
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What are the major factors driving growth in the immunoassay market?
The growth of the immunoassay market is anticipated to be propelled by the rising instances of infectious and chronic diseases. Chronic diseases, defined generally as ailments that are persistent for at least a year, require ongoing medical attention, and limit daily life activities. Infectious diseases are those induced by organisms like bacteria, viruses, fungi, or parasites. Many of these organisms exist and live within the human body and several infectious diseases can be spread among people. The immunoassay technique is used to identify many of these chronic and infectious conditions. For instance, as per a study by the National Institutes of Health (NIH), a U.S.-based biomedical research establishment, it is projected that in 2023, the count of individuals above the age of 50 with at least one chronic disease in the U.S. will surge by 99.5%, up from 71.522 million in 2020 to 142.66 million in 2050. The number of people suffering from multiple diseases is also predicted to increase by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Consequently, the rise in infectious and chronic diseases is acting as a growth driver for the market.
What key areas define the segmentation of the global immunoassay Market?
The immunoassay market covered in this report is segmented –
1) By Product: Reagents And Kits, Analyzers Or Instruments, Software And Services
2) By Specimen: Blood, Saliva, Urine, Other Specimens
3) By Application: Therapeutic Drug Monitoring, Oncology, Cardiology, Endocrinology, Infectious Disease Testing, Autoimmune Diseases, Other Applications
4) By End User: Research And Academic Laboratories, Home Care Settings, Pharmaceutical And Biotechnology Companies And CROs, Blood Banks, Hospitals And Clinics, Clinical Laboratories
Subsegments:
1) By Reagents And Kits: ELISA Kits, Rapid Test Kits, Control Reagents, Assay Development Reagents
2) By Analyzers Or Instruments: Automated Analyzers, Point-Of-Care Testing Devices, Microplate Readers, Luminometers
3) By Software And Services: Data Management Software, Analytical Software, Support And Maintenance Services, Consulting Services
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What are the top market players propelling the growth of the immunoassay industry?
Major companies operating in the immunoassay market include Siemens Healthineers GmbH, bioMérieux, Abbott, Beckman Coulter Inc., Quidel Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Bio-Rad Laboratories Inc., Becton Dickinson and Company, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies Inc., PerkinElmer Inc, WAK-Chemie Medical GmbH, J Mitra & Co Pvt Ltd, Kamiya Biomedical Company, Tosoh Corporation, Gyros Protein Technologies AB, BioCheck Inc., Bio-Techn, DiaSorin S.p.A, Meso Scale Diagnostics LLC, QIAGE, Randox Laboratories Ltd., Shenzhen Mindray Bio-Medical Electronics Co Ltd, Danaher Corporation, Hologic Inc., Tecan Trading AG, Eurofins Scientific, Abcam plc, Enzo Biochem Inc., Luminex Corporation, Quanterix Corporation, Roche Diagnostics, ZEUS Scientific Inc.
What are the key trends shaping the future of the immunoassay market?
The critical trend ascending in the immunoassay market is product innovation. Significant firms in this market are prioritizing the development of unique products as a strategy to solidify their market standing. For instance, Getein Biotech Inc., a biotech corporation based in China specializing in the production, distribution, service, and R&D of in vitro diagnostic tools and reagents, unveiled the MAGICL 6000 at the MEDICA 2022 event held in November 2022. The MAGICL 6000 is an advanced portable chemiluminescence immunoassay analyzer, an ideal choice for laboratories with medium to high workflow needs for a one-step chemiluminescence solution. The device is exceptionally efficient and compact, supports fully automated operations and provides the fastest evaluation frequency compared to any appliances of its kind.
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What regions are dominating the immunoassay market growth?
North America was the largest region in the immunoassay market in 2024. Asia-Pacific is expected to be the fastest-growing region in the immunoassay market report during the forecast period. The regions covered in the immunoassay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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