The global immunoassay market size is expected to reach USD 25.41 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.0% during the forecast period. Extensive usage of immunoassay techniques for detection of infectious and chronic diseases is the prime factor driving the growth. In addition, launch of novel products coupled with rapid technological advancements are anticipated to drive the market. For instance, Quidel Corporation received CE mark approval in 2018 for its product Sofia, which is a Quantitative Vitamin D Assay used with Sofia instrument.
Moreover, collaborations and partnerships among medical device giants are expected to provide new growth platforms for immunoassay techniques, such as radioimmunoassay, rapid tests, and enzyme immunoassays among others. For instance, Roche Diagnostics and GE Healthcare entered into a partnership to develop and market digital clinical decision systems in January 2018. This partnership aided in improving cancer and critical care.
Furthermore, automation has benefits such as efficiency and optimal usage of labor and space in laboratories. Thus, the immunoassay market is witnessing lucrative growth as some players are introducing automated laboratory systems, point-of-testing compact, and portable assay tests. For instance, launch of innovative products such as compact and portable ichroma II by Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument used for influenza screening.
North America held a significant market share in 2018, attributed to high R&D investments by pharmaceutical and medical device manufactures and favorable government insurance policies. For instance, in May 2018, a bill was approved by the U.S. congress, as per which an individual can try unproven medical aids, which includes drugs, medications, and devices, in case of severe illness.
Further key findings from the report suggest:
- Reagents and kits accounted for a significant market share of about 72.0% in 2018, owing to extensive application of the products
- Closed-ended systems is expected witness a profitable CAGR over the forecast period due to associated advantages, such as sterility, and cheaper rates as compared to open-ended systems
- Asia Pacific is anticipated to witness significant CAGR over the forecast period due to rising healthcare spending and healthcare investments by many companies
- Key players operating in the immunoassay market are Quidel Corporation; Ortho Clinical Diagnostics; Roche Diagnostics; and Thermo Fisher Scientific, Inc. among others
- The industry participants engage in extensive research activities to develop novel immunoassays for diagnosis of infectious and chronic diseases.
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Grand View Research has segmented the global immunoassay market on the basis of product, technology, application, end use, and region:
Immunoassay Product Outlook (Revenue, USD Million, 2014 - 2025)
- Reagents & Kits
- Analyzers/ instruments
- Open-ended Systems
- Closed-ended Systems
- Software & Services
Immunoassay Technology Outlook (Revenue, USD Million, 2014 - 2025)
- Radioimmunoassay (RIA)
- Enzyme Immunoassay (EIA)
- Chemiluminescence Immunoassays (CLIA)
- Fluorescence Immunoassays (FIA)
- Rapid test
- Others
