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Immunoassay Market Research Report 2024 - By Growth, Recent Trends, Key Players And Forecast To 2033
Immunoassay Market Research Report
According to The Business Research Company's, The immunoassay market size has grown strongly in recent years. It will grow from $34.75 billion in 2023 to $36.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to disease prevalence, aging population, infectious disease outbreaks, point-of-care testing, increased research funding ..
The immunoassay market size is expected to see strong growth in the next few years. It will grow to $47.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to personalized medicine, expansion in emerging markets, pandemic preparedness, cancer diagnostics, shift to home-based testing.. Major trends in the forecast period include regulatory harmonization efforts, multipurpose immunoassays, customized assay services, integration with wearable devices, miniaturization of assays..
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Market Drivers and Trends:
The increasing numbers of infectious and chronic illnesses are expected to propel the growth of the immunoassay market in the coming future. Chronic illnesses are characterized generically as those that persist for a year or more, need continuous medical care, restrict everyday activities, or both. Infectious illnesses are ailments caused by organisms such as bacteria, viruses, fungi, or parasites. Numerous creatures inhabit and dwell on the human body. Several infectious illnesses can be transmitted from person to person. Immunoassay is employed to detect several infectious and chronic diseases. For instance, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the increasing number of infectious and chronic illnesses is driving the market.
Product innovation is the key trend gaining popularity in the immunoassay market. Major companies operating in the immunoassay market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2022, Getein Biotech Inc., a China-based biotechnological company involved in the manufacturing, sales, service, and research and development of in vitro diagnostic reagents and tools, launched MAGICL 6000 at MEDICA 2022. MAGICL 6000 is a portable, cutting-edge chemiluminescence immunoassay analyzer that is the best option for labs with mid- to high-workflow requirements for a one-step chemiluminescence solution. The instrument is extremely efficient and small, allows for completely automated operation, and has the quickest assessment frequency of any device of its size.
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Major Key Players of the Market:
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; Waters Corporation; ZEUS Scientific Inc.
Immunoassay Market 2024 Key Insights:
• The immunoassay market will grow to $47.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Infectious And Chronic Diseases Drive Immunoassay Market Growth
• Product Innovation Reshapes Immunoassay Market Landscape
• North America was the largest region in the immunoassay market in 2023
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