Immunoassay Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s immunoassay market report forecasts the immunoassay market size to grow to $42.09 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.
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Immunoassay Market Size Forecast
The global immunoassay market is expected to grow from $32.76 billion in 2022 to $34.45 billion in 2023 at a compound annual growth rate (CAGR) of 5.16%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global immunoassay market size is expected to reach $42.09 billion in 2027 at a CAGR of 5.13%.
North America held the largest immunoassay market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Immunoassay Market Driver – Increase In Numbers Of Infectious And Chronic Illnesses
According to a report published by the National Institutes of Health (NIH), a biomedical research agency based in the United States, the number of people aged 50 and older with at least one chronic illness in the United States is expected to increase by 99.5% by 2023, from 71.522 million in 2020 to 142.66 million in 2050. Furthermore, the number of people suffering from multimorbidity will increase by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. As a result, the market is being driven by an increase in the incidence of infectious and chronic disorders.
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Key Immunoassay Market Trend – Product Innovation
To increase their market position, major firms in the immunoassay industry are focusing on developing innovative products. Getein Biotech Inc., a China-based biotechnological firm specialised in the manufacturing, sales, service, and research and development of in vitro diagnostic reagents and equipment, for example, debuted MAGICL 6000 at MEDICA 2022 in November 2022. The MAGICL 6000 is a portable, cutting-edge chemiluminescence immunoassay analyzer that is ideal for labs with mid- to high-workflow needs for a one-step chemiluminescence solution. The instrument is incredibly efficient and tiny, has fully automated operation, and has the quickest assessment frequency of any device of its size.
Immunoassay Market Segment
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
Immunoassay Market Major Players and Strategies
Major players in the immunoassay market are Siemens Healthineers GmbH, bioMérieux, Abbott, Beckman Coulter Inc., Quidel Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Bio-Rad Laboratories Inc., BD, 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-Techne, DiaSorin S.p.A, Meso Scale Diagnostics LLC, QIAGEN, Randox Laboratories Ltd. and Shenzhen Mindray Bio-Medical Electronics Co Ltd.
Mesa Biotech Inc. was acquired for an unknown sum in February 2021 by Thermo Fisher Scientific Inc., a US-based firm that specialises in scientific instrumentation, reagents and consumables, and software services. By combining Mesa Biotech Inc.’s novel platform with its operational efficiency, access to raw materials, and current distribution and sales channels, Thermo Fisher hopes to improve the benefits of molecular diagnostics at the point of care, increase production volume, generate cost savings, and bring much-needed diagnostics to market sooner and on a larger scale. Mesa Biotech Inc. is a manufacturer of molecular diagnostic assays for infectious diseases situated in the United States.
The Immunoassay Global Market Report 2023 covers regional data on immunoassay market size, immunoassay market trends and drivers, opportunities, strategies, and immunoassay market competitor analysis. The countries covered in the immunoassay market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Immunoassay is a bioanalytical test that detects and quantifies specific substances by using antibody attachment to antigens. Immunoassays can be used to diagnose diseases. Furthermore, information from test results concerning an ailment may be used to develop a treatment plan. This method is based primarily on a competitive binding response for a limited number of receptors on an exceptionally specific anti-analyte antibody between a predetermined number of labelled copies of an analyte and a significant fraction of an unmarked sample analyte.
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