(I-BusinessNews.Com, August 05, 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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The surging incidence of chronic and infectious diseases, technological advancements of immunoassay products, and their massive adoptions are the major factors driving the growth of the market.
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).
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. The large share of this segment can be attributed the massive consumption of ELISA in the diagnosis of cancer, infectious diseases, and other chronic complications.
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. This segment is also expected to register the highest CAGR during the forecast period. The large share of this segment is attributed to their repetitive purchase and massive consumption for various diagnostic purposes.
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. Infectious diseases account for the largest share of the market, owing to the surging prevalence of infectious diseases and the rising use of immunoassays in diagnostics and management.
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. The large market share is attributed to the surging number of blood donations and the increasing incidence of chronic and infectious diseases worldwide.
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 largest share is attributed to the high testing volumes. In addition, hospitals & clinics work as reference laboratories to small hospitals and physician offices.
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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