Immunoassay Market Revenue to Cross $37.98 Billion, Globally, by 2027 - Exclusive Report by The Insight Partners

The global immunoassay market is growing at a CAGR of 6.5% during 2019-2027.

Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Immunoassays (IAs) are bio analytical technique in which the quantitation of the analyte relies on the reaction of an antigen and an antibody. Immunoassays play a vital role in many bio analytical settings, such as biopharmaceutical analysis, clinical diagnostics, security, environmental monitoring, and food testing.

According to our new research study on “Immunoassay Market Forecast to 2027 - Geography Analysis by Product, Application, Technology, End-user, and Geography,” the immunoassay market size is expected to reach $37.98 billion in 2027 from $21.80 billion in 2018; it is estimated to grow at a CAGR of 6.5% from 2019-2027. The report highlights trends prevailing in the market and the factors driving and hindering the immunoassay market growth. The growth of the immunoassay market is attributed to the rising incidences of chronic and infectious diseases, technological advancements in immunoassay devices, and growing biotechnology & biopharmaceutical industries have been boosting the market over the years. However, the stringent regulatory requirements for immunoassay devices are likely to have a negative impact on the growth of the market in the coming years. In addition, the development opportunities in emerging countries are likely to have a positive impact on the growth of the market in the coming years.

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Global Immunoassay Market: Competitive Landscape and Key Developments Market:
F. Hoffmann-La Roche Ltd., Abbott, and Siemens, bioMérieux SA, BD, Danaher Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Thermo Fisher Scientific Inc., and Quidel Corporation among others among others are the leading companies operating in the immunoassay market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the immunoassay market. Many market players are launching their innovative products in the immunoassay market with advanced features. For instance,

In April 2020, Abbott launched its third diagnostic test for the Coronavirus. The new antibody test launched by the company is a serology test that detects the IgG antibody to SARS-CoV-2 and the test is performed on Abbott's ARCHITECT i1000SR and i2000SR laboratory instruments, that can run up to 100–200-hour tests. The organization has obtained FDA and CE Label Emergency Use Authorisation (EUA) in Europe, so it has made the test available. This new diagnostic kit aids in decreasing the increasing burden of testing by meeting the population's demand to some extent.

Increasing Acceptance of Immunoassay-Based Point-Of-Care Testing for Global Immunoassay Market Growth During 2019-2027:
Traditional in vitro diagnostics (IVDs) are generally conducted in laboratories prepared with expensive equipment and staffed with trained personnel accountable for performing the tests. Since the last few decades, diagnostic testing has gradually progressed out of the central laboratory and into testing sites, which is close to patients. The point-of-care testing (POCT) enables laboratory service providers to accomplish testing at the patient’s location, facilitating disease diagnosis, monitoring, and management.

Current POCT is offered for blood glucose testing, pregnancy testing, HIV testing, hemoglobin concentrations, complete blood count, cardiac biomarkers, and various other applications. Numerous advanced POCT devices are developed each year, and health care workers have gradually adopted these advanced testing technologies and care strategies. The new approach delivers rapid, highly sensitive, and cost-efficient testing, as well as improving therapeutic, diagnostic, and monitoring practices, hence, rising patient satisfaction. Additional, POCT based applications can easily be extended from health care to other analytical applications such as food safety, environmental monitoring, and homeland security.

Intense technological inventions in POCT have been done during the last few years. For instance, nanotechnologies significantly enhance magnetic, electrical, optical, and chemical properties, liable for improving the performance of POCT. There are wearable, implantable, and continuous monitoring technologies used in the diagnosis process as compared to the episodic biomarkers. Similar technologies such as lab-on-a-chip technologies, microfluidics, system integration, artificial intelligence, device automation, and signal readout, are offering the desired drive for continuous developments in POCT. It moreover delivers directed visions and guidelines for future research in the expertise expansion for POCT and IVD

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Global Immunoassay Market: Segmental Overview
The “Global Immunoassay Market” is segmented based on product, technology, application, end-user, and geography. Based on product, the immunoassay market is segmented into reagents & kits, analyzers and instruments, and software and services. In 2018, the reagents & kits product segment held the largest share of the market, by product. However, software & services segment is expected to grow at the fastest rate over the forecast period, due to rising involvement of healthcare IT and increasing need to manage and enable instant access to all related data. Based on technology was segmented into enzyme-linked immunosorbent assays (ELISA), fluorescence, chemiluminescence, rapid test, western blot, enzyme-linked immune absorbent spot (ELISPOT), and polymerase chain reaction (PCR). In 2018, the chemiluminescence segment held the largest share of the market, by technology. However, rapid test segment is also expected to grow at the fastest rate during the coming years owing to increasing incidence and prevalence of lifestyle diseases and the availability of rapid test devices in developing nations. Based on application, the immunoassay market is segmented into therapeutic drug monitoring, oncology, cardiology, endocrinology, infectious disease testing, autoimmune diseases, and others. In 2018, the therapeutic drug monitoring segment held the largest share of the market, by application. However, infectious disease testing segment is expected to grow at the fastest rate during the coming years owing to increasing incidence and prevalence of infectious diseases.

Go through further research published by The Insight Partners:

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