Market growth is largely driven by the rising incidence of chronic and infectious diseases, technological advancements of immunoassay products, and their massive adoptions. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, the stringent regulatory scenario and technical hurdles of the immunoassay products may restrict market growth to a certain extent. The immunoassay market is segmented based on product, technology, specimen, application, end user and region.
According to the new market research report global Immunoassay Market size is projected to reach USD 39.0 billion by 2026 from USD 28.4 billion in 2021, at a CAGR of 6.6% during the forecast period.
Based on application, the market is segmented into infectious diseases, endocrinology, cardiology, autoimmune disorders, allergy diagnostics, oncology, bone mineral disorders, toxicology, blood screening, newborn screening and other applications. Infectious diseases account for the largest share of the market, owing to the surging prevalence of infectious diseases and the rising use of immunoassays in diagnostics and management.
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Based on the product, the immunoassay market is segmented into reagents kits and analyzers. In 2020, the reagents kits segment accounted the largest share of the market. This segment is also expected to register the highest CAGR during the forecast period. The large share of this segment is attributed to their repetitive purchase and massive consumption for various diagnostic purposes.
OPPORTUNITY: Emerging Economies, Companion Diagnostics and Other Advancing Technologies.
Emerging economies such as Asia Pacific are expected to provide significant growth opportunities to players operating in the immunoassay market. The massive greying population of Asian nations such as Taiwan, Japan, China and India are increasing. The increasing significance of the companion diagnostics, technological progress of immunoassay products, condition-specific biomarkers immunoassays and other emerging technologies are propelling the growth of the immunoassay market.
The global immunoassay market is consolidated. The prominent players operating in this market include Danaher (US), Thermo Fisher Scientific (US), Abbott Laboratories (US) and Roche (Switzerland).
Danaher (US) is one of the leading players in the immunoassay market. With a wide distribution network across the globe and a strong product portfolio, it has established itself as one of the leading market players. The company has a strong presence in the North America, Western Europe and Asia Pacific. The company has elevated its position in the immunoassay market with the acquisition of Biopharma business from General Electric Companys Life Sciences division, in March 2020. The acquisition created its global science and technology innovator company, known as Cytiva.
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Thermo Fisher Scientific (US) is one of the leading players in the immunoassay market. The leading position can be attributed to its strong brand recognition and extensive product portfolio in this market. The company holds a strong foothold in the North America, Europe and Asia Pacific. The company competes with its massive products such as immunoassay kits, reagents, antibodies and immunoassay analyzers.
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