Latest Study on “Immunoassay Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Immunoassay market size is expected to be worth around US$ 41.9 Billion by 2027, according to a new report by nova one advisor.
The global Immunoassay market size was valued at US$ 29.9 Billion in 2020 and is anticipated to grow at a CAGR of 7.4% during forecast period 2021 to 2027.
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Overview of Immunoassay Market Study
Immunoassay market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
Growth Factors:
Growth in the immunoassay market is primarily driven by the rising incidence of chronic and infectious disease. The advancing technology of immunoassay and the increasing adoption of the immunoassay products are thrusting the growth of the market.
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 chronic diseases such as diabetes, cardiovascular diseases and cancer are on rise across the globe. The prevalence of infectious disease such as SARS-CoV2 (COVID-19), Dengue, Hepatitis B, C, HIV, Malaria, Tuberculosis and others, are also increasing at an alarming rate. Immunoassay diagnosis has become an instrumental part of the diagnostic regime of these diseases. The advancing technology of immunoassay are offering expedited results with higher efficacy, detection limits, sensitivity and cost-efficiency. The massive adoption of the rapid tests and point-of-care testing for diseases diagnosis and drug and alcohol abuse have thrusted the growth spurt of the global immunoassay market.
The regulatory authorities of several nations have jotted stringent regulations for the approval and commercialization of immunoassay consumables and instruments. Also, the technological hurdles posed by the immunoassay kits and reagents such as cross-reactivity of the antibodies, low detection limits of the available antibodies, false negatives and others decelerates the growth of the immunoassay market.
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 technicians face lots of design challenges associated with the immunoassays such as misinterpretation of results. Also, the dearth of skilled professionals in the clinical diagnostics domain have posed challenges from several decades.
Based on product, the immunoassay market is segmented into reagents & kits and analyzers. Reagents & kits account for the largest share of the immunoassay market and is expected to grow at the highest CAGR. The large market share is attributed to their repetitive purchase and high consumption for the diagnostic purposes.
Based on technology, the immunoassay market is segmented into ELISA, rapid tests, western blotting, radioimmunoassays, ELISPOT and other technologies. ELISA account for the largest share of the immunoassay market. The large market share is attributed to high use of immunoassay tests to diagnose cancer, infectious diseases, and other chronic complications.
North America was the largest regional market for immunoassay market in 2020.
The immunoassay market is segmented into North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa. In 2020, North America was the largest regional segment of the overall market, followed by Europe. The large share of the North American market is attributed to its well-established market which is driven by the increasing per capita healthcare expenditure and the presence of technologically advanced healthcare infrastructure in the region.
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COVID-19 Impact on Immunoassay Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Immunoassay market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Immunoassay market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Key Players:
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Immunoassay market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Immunoassay market include: Danaher (US), Thermo Fisher Scientific (US), Abbott Laboratories (US), Roche (Switzerland), Siemens Healthineer (Germany), Quidel (US), DiaSorin (Italy), bioMérieux (France), Bio-Rad Laboratories (US), Ortho Clinical Diagnostics (US), PerkinElmer (US) Becton, Dickinson & Company (US), Sysmex (Japan), Agilent Technologies (US), Mindray (China), QIAGEN (Netherlands), Merk KGaA (Germany), Bio-Techne (US), Cellabs (Australia), Abnova Corporation (Taiwan), J. Mitra & Co. Pvt. Ltd. (India), Tosoh Corporation (Japan), Cell Sciences (US), Enzo Biochem, Inc.(US), Creative Diagnostics (US), Boster Biological Technology (US), Elabscience, Inc (US), WAK-Chemie Medical GmbH (Germany), Sera Care (US), Epitope Diagnostics Inc. (US), Kamiya Biomedical Company (US) and Gyros Protein Technologies (Sweden)
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Product
By Technology
By Specimen
By Application
By End User
Why Buy this Report?
The purpose of Nova one advisor’s Immunoassay market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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