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(Health-NewsWire.Net, August 26, 2021 ) According to the new market research report Immunoassay Market 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.
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Based on technology, the market is segmented into ELISA, rapid tests, western blotting, radioimmunoassays, ELISPOT and other technologies. ELISA accounted for the largest share of the market in 2020.
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.
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.
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.
Abbott Laboratories (US) held the third position in the immunoassay market in 2020. The company holds the leading position with its strong geographical presence in the US and is also escalating its business operations in the emerging markets. The company gains competitive edge with its massive product launches, especially in the point-of care diagnostic immunoassay products. The company has acquired Alere, Inc. (US) in 2017, which has strengthened its offerings in the point-of care diagnostics.
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.
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.
Based on the specimen, the immunoassay market is segmented into blood, saliva, urine and other specimens. Blood account for the largest share and are expected to grow at the highest CAGR of the market.
Based on end user, the market is segmented into hospitals & clinics, clinical laboratories, pharmaceutical & biotechnology companies and CROs, blood banks, research & academic laboratories and home care settings. Hospitals & clinics account for the largest share of the market.
The immunoassay market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America was the largest regional market for market in 2020. The large share of the North American market can be attributed to the increasing per capita healthcare expenditure and technologically advanced healthcare infrastructure which makes the regional market well established.
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However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Emerging APAC economies such as China, India and South Korea are expected to see significant growth due to their expanding geriatric population, rising prevalence of chronic diseases, improving healthcare technology and the increasing disposable income.
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