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Immunoassay Market Size

Report ID: GMI8041
Published Date: Feb 2024
Report Format: PDF

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Immunoassay Market Size

Immunoassay Market size was valued at USD 31.4 billion in 2023 and is estimated to grow at a CAGR of 5.3% between 2024 and 2032. Immunoassay is a laboratory technique used to detect and quantify specific molecules, such as proteins, hormones, or antibodies, in a biological sample. In this technique, the specificity of antigen-antibody interactions is leveraged for the identification and measurement of target substances.

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It offers high sensitivity and specificity, allowing for the precise detection of specific analytes even at low concentrations. High market growth can be attributed to factors such as increasing prevalence of chronic conditions, advancements in immunoassay technologies, growing demand for point-of-care testing (which accounted for USD 38.5 billion in 2022), rising awareness and screening programs, growing aging population, and increased disease screening.

The increasing prevalence of chronic conditions is a significant driver for the market. For instance, according to the Centres of Disease Control and Prevention (CDC), in 2023, six in ten individuals have at least one chronic disease in the U.S. Immunoassay play a crucial role in the diagnosis, monitoring, and management of chronic conditions due to their ability to detect specific biomarkers associated with these diseases, thereby surging the market expansion.

Immunoassay Market Report Attributes
Report Attribute	Details
Base Year:	2023
Immunoassay Market Size in 2023:	USD 31.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.3%
2032 Value Projection:	USD 49.6 Billion
Historical Data for:	2018 - 2023
No. of Pages:	270
Tables, Charts & Figures:	370
Segments covered:	Product, Technology, Specimen, Application, End-use, and Region
Growth Drivers:	Increase in the prevalence of chronic conditions Advancements in immunoassay technologies Growing demand for point-of-care testing Rising awareness and screening programs
Pitfalls & Challenges:	Stringent regulatory framework Challenges associated with the immunoassays

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global immunoassay industry was valued at USD 31.4 billion in 2023 and is estimated to grow at a CAGR of 5.3% between 2024 and 2032, as they help in the diagnosis, monitoring, and management of chronic conditions due to their ability to detect specific biomarkers associated with these diseases.

The reagents & kits segment held the largest market share of 66.2% in 2023 and will continue gain traction as they are essential for conducting immunoassay procedures.

In 2023, North America held a significant share of 40.6% in the global immunoassay market, attributed to highly advanced and well-established healthcare infrastructure.

Abbott Laboratories, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Sysmex Corporation, Becton Dickinson and Company, QIAGEN, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Danaher Corporation, Luminex Corporation, F. Hoffmann-La Roche AG and Hologic Inc.