Immunoassay Market size is predicted to cross USD 66.66 billion by the end of 2036, expanding around 7.29% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of immunoassay was USD 26.8 billion. The growth of the market is set to be dominated by the rising prevalence of infectious diseases such as COVID-19. Across the globe, over 767 million cases of Covid-19 were recorded as of June 13, 2023. Hence, the demand for immunoassay is also predicted to rise. This is because to detect both IgM and IgG against SARS-CoV-2, the immunoassay has been significantly researched as a point-of-care (POC) test.
Moreover, the immunoassay market is also surging on account of growing demand for point-of-care diagnostics throughout the forecast period. This rise in demand for point-of-care diagnostics is primarily influenced by the escalating demand for quick and efficient solutions for diagnostics in diverse healthcare settings. Point-of-care diagnostics, distinguished by their directness and convenience, resonate with advanced healthcare dynamics, boosting a paradigm move in the management of patients. Immunoassays which are studied for their specificity and sensitivity, appear as crucial contributors to this paradigm move, aligning continuously with the need for point-of-care applications.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.29% |
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Base Year Market Size (2023) |
USD 26.8 Billion |
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Forecast Year Market Size (2036) |
USD 66.66 Billion |
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Regional Scope |
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Product (Reagents & Kits, Analysis Equipment, Software & Services)
The reagents & kits segment in the immunoassay market is estimated to gather the highest revenue of USD 44.89 billion by the end of 2036, up from a revenue of USD 17.65 billion in the year 2023. This segment is also predicted to grow at the highest CAGR of 7.48% over the forecast period. This growth of the segment is set to be dominated by the growing prevalence of autoimmune disease. Currently, it is predicted that there has been a growing prevalence of autoimmune diseaseS by about 2% and 9% a year in the world. Moreover, the availability of a broad range of specified and premium reagents and kits plays an important role in acknowledging precise and reproducible immunology analysis. Furthermore, the segment is characterized by continued change, such as the evolution of sensitive and specific reagents, and the integration of automation and artificial intelligence technologies. Hence, this segment is predicted to observe growth further encouraging market growth.
Specimen (Blood, Saliva, Urine, Others)
The blood segment is set to capture the highest revenue in the immunoassay market of USD 37.45 billion by the end of 2036. This market garnered revenue of USD 14.01 billion in the year 2023. Blood specimens are mostly utilized to estimate a wide range of parameters, such as antigens, antibodies, immune cell populations, cytokines, and other biomarkers. Valuable information about the functioning of the immune system, autoimmune disorders, allergies, and the reaction to therapies are provided by this estimation. Moreover, the examination of blood-derived cells has a central role in biomedical research and healthcare. Cells of interest are usually blood leucocytes, cord blood stem cells, bone marrow aspirates, tissue extracts, or cultured cells. As a result, the blood segment is predicted to gather the highest revenue which is additionally estimated to influence the market movement.
Our in-depth analysis of the global immunoassay market includes the following segments:
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Technology |
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Product |
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Specimen |
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Application |
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North American Market Forecast
The North America immunoassay market is poised to generate the highest revenue of USD 26.72 billion by the end of 2036, up from a revenue of USD 10.95 billion in the year 2023. This growth of the market in this region is poised to be encouraged by growing healthcare investment. The health spending offered by the federal government stood at 33 percent whereas the households amounted to 28 percent. The share of private business on health spending accounted for 18 percent of total expenditure on health care. Further, state and local governments reached 15 percent, and other private organizations accounted for 7 percent. Moreover, this region is also observing high investment in cutting-edge technology. Hence, the deployment of such technologies is predicted to rise in immunoassay in this region since it is predicted to reduce the price of the treatment.
APAC Market Analysis
The Asia Pacific excluding Japan immunoassay market is also predicted to have notable growth over the coming years. Asia Pacific Excluding Japan is estimated to have the quickest-growing market for Immunoassay owing to the emergence of the COVID-19 pandemic which has further led to the production of rapid diagnostic tests (RDTs) which utilize immunoassay techniques. Moreover, this region is projected to have the presence of a huge number of key players in the field of immunoassay. As a result, this factor is also estimated to dominate the market expansion in this region.
Author Credits: Radhika Gupta, Shivam Bhutani
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