Immunoassay Market Worth $19.76 Billion by 2025, Growing at a CAGR of 5.9% from 2019 – Global Opportunity Analysis and Industry Forecasts by…

June 23, 2020 14:10 ET | Source: Meticulous Market Research Pvt. Ltd.

London, June 23, 2020 (GLOBE NEWSWIRE) -- An Immunoassay is a chemical test used to detect or quantify a specific substance using an immunological reaction. Due to the use of antibodies and purified antigens, immunoassays are very sensitive and specific. The molecule detected by the immunoassay is often referred to as an analyte and is in many cases a protein, although it may be other kinds of molecules, of different size and types, as long as the proper antibodies that have the adequate properties for the assay are developed. Immunoassays are utilized in healthcare industry in applications such as infectious diseases, endocrinology, oncology, bone & mineral disorders, cardiology, hematology & blood screening, autoimmune disorders, toxicology, and neonatal screening.

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The immunoassay market is expected to grow at a CAGR of 5.9% from 2019 to reach $ 19.76 billion by 2025. This growth is primarily driven by the increasing incidences of chronic and infectious diseases, increasing use of immunoassay in oncology, rise in drug and alcohol testing, and technological advancement in immunoassay. In addition, emerging markets and increasing epidemic potentials offer significant growth opportunities for the players operating in this market. However, limitations of immunoassay and development of alternative technologies are expected to hinder the adoption of immunoassay products.

The global immunoassay market is segmented by product (immunoassay kits & reagents, immunoassay analyzers, immunoassay software & services), platform (chemiluminescence immunoassays, fluorescence immunoassays, colorimetric immunoassays, radioimmunoassays, other platforms), application (infectious diseases, cardiology, endocrinology, oncology, bone & mineral disorders, autoimmune disorders, allergy, other applications), and end user (hospitals & clinics, clinical laboratories/reference labs, blood banks, pharmaceutical and biotechnology companies, research & academic laboratories, other end users). The study also evaluates industry competitors and analyzes the market at a regional and country level.

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On the basis of product type, immunoassay kits and reagents segment accounted for the largest share of the overall immunoassay market in 2019. The large share of this segment is mainly attributed increasing number of immunoassay tests being performed across the globe leading to recurrent purchase of kits and reagents. Among kits and reagents, the ELISpot kits and reagents segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to rising global incidence of chronic diseases, increasing vaccine development to address the challenge of antimicrobial resistance, and technological advancements in ELISpot assay kits and analyzers.

On the basis of detection technology or platform incorporated, the immunoassays market comprises Chemiluminescence Immunoassays (CLIAs), Colorimetric Immunoassays (CIs), Fluorescence Immunoassays (FIAs), Radioimmunoassays (RIAs), and other platforms, including turbidimetric immunoassays and counting immunoassays. The CLIAs segment accounted for the largest share of the overall immunoassay market in 2019. The large share of this segment can primarily be attributed to wide adoption of CLIAs in clinical diagnostics, research applications, and in pharmaceutical analysis due to low cost per test and high sensitivity.

On the basis of application, the immunoassay market is sub-segmented into infectious disease, endocrinology, oncology, bone & mineral diseases, cardiology, autoimmune diseases, allergy, and other diseases. Infectious diseases accounted for the largest share of the overall immunoassay market in 2019. The rising incidence of infectious diseases and growing adoption of immunoassay diagnostics in infectious diseases are the key factors attributed for the large share of this segment in this market. However, oncology segment is expected to grow at the highest CAGR during the forecast period. Rising prevalence of cancer, increasing focus towards tumor market development, technological advancements, and growing awareness about cancer are expected to drive the growth of this market.

On the basis of end user, the immunoassay market is segmented into hospitals and clinics, clinical laboratories, blood banks, research and academic laboratories, pharmaceutical and biotechnology companies, and other end users. The hospitals segment accounted for the largest share of the overall immunoassay market and is expected to grow at the highest CAGR during the forecast period. This is primarily attributed to the large volume of tests performed in hospitals and hospital-associated laboratories. Ease of access and need of faster turnaround time are some of the key factors that lead to large volume of tests performed in hospitals.

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On the basis of geography, the immunoassay market is sub-segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the global immunoassay market in 2019. Rising incidence of chronic and infectious diseases, technological advancements in immunoassay instruments, growing focus towards point-of-care settings, and growth in the pharmaceutical and biotechnology industry are the key factors driving the growth of this market across the globe. While North America will continue to dominate the global immunoassay market, the APAC region is expected to grow at the highest CAGR during the forecast period of 2019 to 2025. The immunoassay market in Asia Pacific, especially in China, India, and Japan is expected to witness high growth during the forecast period. Growth in this market is expected to be driven by large pool of patient population, increasing prevalence of infectious diseases and cancer, increasing government spending on the healthcare, and growing disposable income of the population that improved the access to diagnosis and treatment. In addition, favourable government policies and healthcare structural reforms are further expected to drive the market growth. Furthermore, the lack of stringent regulations and liberalization in Asian countries is also a key factor making Asia Pacific a lucrative market.

The global immunoassay market is a highly consolidated in nature, wherein 5 major players F. Hoffman La Roche AG (Switzerland), Abbott Laboratories (U.S.), Siemens AG (Germany), Danaher Corporation (U.S.), Sysmex Corporation (Japan) accounted for major share of the global market. Other key players in this market are bioMrieux (France), Ortho Clinical Diagnostics (U.S.), DiaSorin SPA (Italy), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific (U.S.), Becton, Dickinson and Company (U.S.), Merck (Germany), Bio-Rad Laboratories (U.S.), Agilent Technologies (U.S.), PerkinElmer (U.S.), Quidel Corporation (U.S.), Bio-Techne Corporation (U.S.), and Mindray (China).

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Scope of Immunoassay Market Report:

Immunoassay Market by Product

Immunoassay Market by Platforms

Immunoassay Market by Application

Immunoassay Market by End User

ImmunoassayMarket by Geography

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Immunoassay Market Worth $19.76 Billion by 2025, Growing at a CAGR of 5.9% from 2019 - Global Opportunity Analysis and Industry Forecasts by...