Immunoassay Market Size, Share & Trends Report

Immunoassay Market Size, Share & Trends Analysis Report By Product (Reagent & Kits, Analyzers/Instruments), By Technology (RIA, ELISA), By Application, By Specimen, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-066-8
  • Number of Pages: 180
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the immunoassay market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for immunoassay market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of immunoassay market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Immunoassay Market Categorization:

The immunoassay market was categorized into six segments, namely product (Reagents & Kits, Analyzers/Instruments, Software & Services), specimen (Blood, Saliva, Urine), technology (Radioimmunoassay, Enzyme Immunoassays Rapid Test), application (Therapeutic Drug, Monitoring, Oncology, Cardiology, Endocrinology, Infectious Disease Testing, Autoimmune Diseases), end-use (Hospitals, Blood Banks, Clinical Laboratories, Pharmaceutical and Biotech Companies, Academic Research Centers), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The immunoassay market was segmented into product, specimen, technology, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The immunoassay market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Thailand; Brazil; Mexico, Argentina; South Africa; Saudi Arabia, UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Immunoassay market companies & financials:

The immunoassay market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Siemens Healthineers GmbH is a Germany-based provider of healthcare solutions such as diagnostics, imaging & therapy systems, clinical products, audiology solutions, and healthcare IT solutions. The company also offers medical accessories, OEM component & medical electronics solutions, refurbished systems for medical imaging & therapy, technical, maintenance, and professional & consulting services. Its products and solutions are used in various areas, including therapeutic drug monitoring, infectious diseases, cardiology, urology, diabetes, surgeries, cancer, neurological disorders, and growth disorders.

  • Biomérieux is a French diagnostics solution company focused on the development of in vitro diagnostics. The company’s diagnostics solutions portfolio consists of reagents, instruments, and software. Its products have applications in industries, molecular biology, microbiology, and immunoassay. The company is present in 43 countries and markets. It sells products in more than 160 countries, with the help of its wide distribution network.

  • Abbott is involved in the discovery, development, manufacturing, and marketing of a wide range of healthcare products. The company operates its business through four segments – diagnostic products, established pharmaceutical products, nutritional products, and cardiovascular & neuromodulation products. The diagnostic products segment includes various diagnostic systems and tests. The company markets and sells its products directly to hospitals, clinics, commercial laboratories, blood banks, government agencies, and therapeutic companies through distribution centers, public warehouses, and third-party distributors.

  • Danaher designs, manufactures, and commercializes products catering to medical, professional, and commercial applications. The company operates in diagnostics, life sciences, environmental & applied solutions, and dental solutions segments. Its diagnostics segment offers reagents, analytical instruments, software, consumables, and services for physician offices, hospitals, reference laboratories, and other critical care settings. The company’s facilities are located in over 60 countries. The company offers products across immunohistochemistry, digital pathology, surgery, clinical microscopy, in situ hybridization, and radiology, along with FISH & histology equipment & consumables.

  • Quidel Corporation is an American diagnostic healthcare company that develops, manufactures, and markets a wide range of rapid diagnostic testing solutions. The company provides its diagnostic solutions through four categories: rapid immunoassay, cardiac immunoassay, molecular diagnostic solutions, and specialized diagnostic solutions. The company sells its solutions directly to clinical laboratories, hospitals, physician offices, reference laboratories, critical care clinics, clinics, and wellness centers for screening.

  • Merck KGaA is a leading provider of products and services for the immunoassay market. The company's life science sector offers a wide range of high-quality reagents, antibodies, and instruments for immunoassay development & optimization. The company's portfolio of immunoassay products includes ELISA kits, antibodies, bead-based assays, and Luminex assays.

  • Sysmex Corporation is a Japanese healthcare company engaged in the design, manufacturing, and marketing of diagnostic instruments & reagents. Furthermore, it also specializes in instruments & hematology reagents and offers support & maintenance services for its systems. It has operations in around 38 countries and provides a variety of products and services to customers in more than 190 countries.

  • BD is a medical technology company that serves clinical laboratories, life sciences researchers, and healthcare institutions & industries. The company manufactures and markets a wide range of medical devices, diagnostic products, medical supplies, & laboratory equipment. It operates in three business segments: BD Diagnostics, BD Medical, and BD Biosciences. The BD diagnostics segment provides products for safe collection & transportation of diagnostic specimens and reagent systems & instruments that accurately detect a broad range of healthcare-associated infections, infectious diseases, and cancer. The diagnostic systems segment offers fully automated molecular systems that provide rapid results, require less hands-on time, and are easy to use.

  • F. Hoffmann-La Roche is a multinational healthcare company that operates in two segments: diagnostics and pharmaceuticals. The company is engaged in the R&D and production of molecular diagnostic reagents, test kits, and test systems. It also provides automated instruments, software, IT solutions, and consumables, which are extensively used in in-vitro research & diagnostics. The company caters to hospitals, private medical laboratories, research laboratories, patients, and practicing physicians.

  • Thermo Fisher Scientific, Inc. is a developer and supplier of analytical equipment, instruments, consumables, reagents, software, & services for various applications, including diagnostics, research, manufacturing, & drug discovery. The company operates across four business segments. Through the Life Sciences Solutions segment, it provides reagents, consumables, and instruments used in drug discovery as well as biological & medical research. The Analytical Instruments segment deals with consumables, instruments, software, and services used for a range of applications in the laboratory on the production line & in the field. Its Specialty Diagnostics segment offers diagnostic reagents, test kits, instruments, culture media, and associated products for customers in healthcare, clinical, pharmaceutical, industrial, & food safety laboratories. Meanwhile, the Laboratory Products and Services segment offers a wide array of laboratory equipment. The company is present and operational in more than 50 countries.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Immunoassay Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Immunoassay Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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