Immunoassay Market Share and Forecast by 2031

The Immunoassay Market size was estimated to be US$ 22908.12 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 51503.53 million by 2031; it is estimated to record a CAGR of 8.6% in 2031. The rising incidence of chronic diseases, cancer, diabetes, and infectious diseases, has driven the demand for accurate and efficient diagnostic methods, including immunoassays. Continuous advancements in immunoassay technology have improved sensitivity, specificity, and automation, making the tests more reliable, user-friendly, and capable of handling a large number of samples. Such factors are likely to remain key Immunoassay Market trends.

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Immunoassay Market Analysis

According to the National Institutes of Health (NIH), of the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. At the same time, those with multimorbidity are projected to increase 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Immunoassay tests, also known as, biochemical tests help in detecting diseases and work on the principle of antigen-antibody reaction. It aims at measuring the presence and concentration of an analyte. Researchers and healthcare professionals utilize immunoassay testing to detect different kinds of antibodies. Such a factor is driving the growth of the immunoassay market.

Immunoassay Market Drivers and Opportunities

Increasing Prevalence of Chronic Diseases to Favor Asia Pacific Market

Asia-Pacific is the second leading region in the global immunoassay market. China is holding the largest share in the Asia-Pacific immunoassay market during the forecast period. India is expected to witness the highest growth during the forecast period. According to the National Institutes of Health (NIH), approximately 21% of the elderly in India reportedly have at least one chronic disease. Seventeen percent elderly in rural areas and 29% in urban areas suffer from a chronic disease. Hypertension and diabetes account for about 68% of all chronic diseases.

Immunoassay Market Overview

Immunoassays are a group of laboratory techniques used to detect and quantify specific proteins or other substances in biological samples. They are widely used in clinical diagnostics, pharmaceutical research, and various other applications.

The global immunoassay market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for immunoassay. The US immunoassay market is estimated to hold the largest immunoassay market share during the forecast period. The immunoassay market growth in the US is attributed to the rapidly increasing incidence of chronic diseases like cancer in the country and the growing demand for diagnostics. Immunoassay identifies and measures certain substances using the binding properties of antigen and antibody. For instance, immunoassays measure the estrogen receptors in breast cancer). For example, as per the American Cancer Society, 1.9 million new cases of cancer were diagnosed in the country in 2021. The common types of cancer include breast cancer, lung and bronchus cancer, prostate cancer, colon and cancer, melanoma cancer, and liver cancer. The incidences of cancer are increasing in the country at an alarming rate, which leads to increased demand for diagnosis for cancer treatment. In addition, continuous technological advancements are further expected to stimulate the growth of the immunoassay market in North America.

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