Immunoassay Market Size, Share & Trends Analysis Report By Product (Reagent & Kits, Analyzers/Instruments, Software & Services), By Technology (RIA, ELISA, Rapid Test), By Application, By Specimen, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global immunoassay market size was valued at USD 30.02 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.31% from 2023 to 2030. The market growth can be attributed to the increase in chronic and infectious diseases, including the outbreak of COVID-19. In addition, the rise in the geriatric population, which is more prone to chronic and infectious diseases, will aid growth. An increase in the prevalence of chronic conditions, such as cancer, infections, cardiovascular diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases, has led to the wide usage of immunoassay techniques in disease diagnostics. The incidence of cancer is increasing steadily, which is expected to drive the demand for effective diagnostic methods such as immunoassay. This technique is significant in the determination of oncogenesis and diagnosis of cancer, such as benign or malignant, and its different stages. It facilitates the use of monoclonal and polyclonal antibodies to detect specific antigens in tissues by determining the presence of tumor antigens.

Applications of immunoassay-based diagnostics are significantly increasing globally. Public awareness campaigns aimed at identifying the symptoms of infectious diseases and ways to prevent them play an important role in controlling the epidemic disease. Thus, increased patient awareness has led to high demand for immunoassays. For instance, the advocacy program by the International Society for Infectious Diseases focuses on collaborating with clinicians, public health practitioners, and researchers globally and supporting the exchange of scientific knowledge and application of public health practices and evidence-based medicine. In addition, in 2018, the World Hepatitis Alliance launched the “Find the Missing Millions” campaign to raise awareness regarding hepatitis and remove barriers in clinical diagnostic settings.

Clinical interpretation of diagnostic tests is dependent on assay analyzers and the presence of a technical and skilled workforce. Results of assays are affected by the time taken for interpretation. Thus, technological advancements have led to an increase in the number of automated instruments and equipment used in laboratories. Automation has benefits such as higher efficiency and usage of less space and labor in laboratories. Thus, the market is witnessing lucrative growth as some market players are introducing automated laboratory systems and point-of-care compact, portable assay tests.

The use of antibodies in immunoassays is based on immune responses to the antigen of a particular microorganism. On the other hand, in molecular diagnostics, nucleic acid probes are based on specific genetic makeup. Thus, the adoption of molecular diagnostic tests is expected to increase over the forecast period, which may restrain the growth of the market for immunoassays.

The immunoassay product is crucial in controlling the spread of the coronavirus. In the lack of a vaccine or medication, the only efficient way to bound and limit the growth of illnesses and the potential number of casualties is to diagnose them. Rapid testing has proven to be an effective, quick, and easy molecular test for huge COVID-19 monitoring. SARS-CoV2 detection difficulties have been eased thanks to extensive research, appraisals, and authorizations of various immunoassay solutions and analyzers. Immunoassays like chemiluminescence, enzyme-linked, lateral flow-based point of treatment diagnostics, fast tests, and other techniques have seen an increase in their utilization.

The market has been affected by the market's demanding regulatory standards for immunoassay product approval and the technical challenges of immunoassay products and reagents. Due to the widespread diagnosis of COVID-19, the immunoassay industry in various countries has seen tremendous expansion throughout the epidemic. Moreover, as the number of COVID-19 cases rises in the third wave, the market is projected to rise even more.

Product Insights

Reagents and kits contributed to the largest market share of 66.1% in the immunoassay market for 2022. The segment is expected to maintain its lead over the forecast period. The large share can be attributed to the high demand for immunoassay reagents and kits for diagnosis purposes with the growing prevalence of infectious and autoimmune diseases. In addition, the approval and launch of novel immunoassay kits are expected to support the segment growth.

The software and services segment is anticipated to register a CAGR of 5.0% over the forecast period. This can be attributed to the increased availability and high demand for cost-effective immunoassay services in developing markets. For instance, in June 2020, Sysmex Corporation began providing novel coronavirus (SARS-CoV-2) antibody lab assay services.

Technology Insights

Enzyme Immunoassays (EIA) held the largest market of 63.93 in 2022 by generating a revenue of USD 19,190.97 million owing to its repeated usage in the detection of infectious and chronic diseases, food allergies, and drugs of abuse among other applications. Some of the major advantages of this method over Immunoelectrophoresis and immunodiffusion are reduced assay time, quantitative results, and the requirement of limited antisera for analysis.

A rapid test, also known as lateral flow immunoassay, is used to detect the existence of the target analyte without utilizing specialized equipment. The rapid test technique has various applications such as in dengue and infections caused by Legionella, Salmonella, Campylobacter, Zika, and Listeria. Furthermore, monoclonal antibodies are used specifically for Immunoglobulin G (IgG), Immunoglobulin M (IgM), Immunoglobulin A (IgA), and Immunoglobulin (IgD) for precise identification of target analyte.

Application Insights

Based on application, the infectious diseases testing segment held the largest market share of 28.79% in 2022 and is anticipated to grow at the fastest rate over the forecast period. The segment is anticipated to maintain its lead over the forecast period. This high share can be attributed to the rise in the incidence of infectious diseases such as HIV, malaria, influenza, and the novel COVID-19. The launch of new products in the field of infectious disease testing is further driving the market.

The increasing prevalence of cancer cases globally is one of the major factors contributing to the growth of the market for immunoassays during the forecast period. According to a report published by the International Agency for Research on Cancer, the incidence of cancer was estimated to be 18.1 million new cases, whereas about 9.6 million deaths due to the disease were recorded in 2018. Thus, a rise in the incidence of cancer is anticipated to boost the adoption of immunoassays.

End-use Insights

Based on end-use, hospitals segment dominated the overall market in terms of revenue in 2022 with 32.77% market share and is anticipated to maintain its dominance over the forecast period. The rise in the number of hospitals has led to the high growth of this segment. With the ongoing changes in the healthcare industry, the need for hospitals with advanced facilities has increased.

Blood banks are anticipated to witness growth during the forecast period owing to the rising number of infectious diseases being tested for in these laboratories during the screening and processing of donated blood. In addition, ELISA is simple to perform and requires minimal specialized instruments and equipment, hence is widely used in blood banks.

Regional Insights

North America generated the highest revenue in immunoassay market with 39.45% share in 2022 and is anticipated to dominate the market throughout the study period. This can be attributed to the rising demand for diagnostics due to the increase in the incidence of cancer and the easy availability of technologically advanced diagnostic techniques. In addition, the high incidence of infectious diseases in the region, such as HIV, tuberculosis, and influenza, is boosting the demand for detection and treatment.

Asia Pacific region is projected to witness rapid growth with 6.81% CAGR over the forecast period as a result of increasing penetration of leading players in the region. In addition, the growing adoption of innovative laboratory techniques and procedures for faster investigation and diagnosis of infectious and chronic disorders is one of the factors driving the market in the region. Moreover, the introduction of molecular kits and the increase in demand for reagents used in diagnosis are key factors driving the market.

Key Companies & Market Share Insights

Key companies are undertaking extensive strategic initiatives in the field of immunoassays, including mergers and acquisitions, new product development, and regional expansion, to address the unmet needs of patients. For instance, in November 2020, Siemens Healthineers announced that its SARS-CoV-2 IgG Antibody Test has proven to measure neutralizing antibodies and has gained CE Marking. This test is an improved version of its previously launched COVID-19 antibody test. Additionally, in November 2018, bioMérieux acquired a majority stake in Suzhou Hybiome Biomedical Engineering Co. Ltd. This acquisition is expected to strengthen the company’s presence in the market in China.

Moreover, Abbott Laboratories focuses on chia technology and offers an automatic immunoassay analyzer named Abbott prism. It is quite effective for blood screening with practical results. Other advantages of these systems include cGMP compliance, error reduction due to the network's tampering resistance, increased lab productivity, and reduced human involvement because the system takes care of routine details including monitoring, processing, and documentation. Some prominent players in the global immunoassay market include

• Siemens Healthineers

• bioMérieux SA

• Abbott Laboratories

• Danaher Corporation (Beckman Coulter)

• Quidel Corporation

• Ortho Clinical Diagnostics

• Sysmex Corporation

• Bio-Rad Laboratories, Inc.

• Becton, Dickinson, and Company

• F. Hoffmann-La Roche AG

• Thermo Fisher Scientific, Inc.

Immunoassay Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global immunoassay market report on the basis of product, technology, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Reagents & Kits

    • ELISA Reagents & Kits    

    • Rapid Test Reagents & Kits          

    • ELISPOT Reagents & Kits              

    • Western Blot Reagents & Kits    

    • Other Reagents & Kits  

  • Analyzers/Instruments

    • Open Ended Systems

    • Closed Ended Systems

  • Software & Services

• Specimen Outlook (Revenue, USD Million, 2018 - 2030)

  • Blood  

  • Saliva    

  • Urine    

  • Other Specimens      

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Radioimmunoassay (RIA)

  • Enzyme Immunoassays (EIA)Rapid Test

    • Chemiluminescence Immunoassays (CLIA)

    • Fluorescence Immunoassays (FIA)

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Therapeutic Drug Monitoring

  • Oncology

  • Cardiology

  • Endocrinology

  • Infectious Disease Testing

  • Autoimmune Diseases

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Blood Banks

  • Clinical Laboratories

  • Pharmaceutical and Biotech Companies

  • Academic Research Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE