The global Immunoassay Market size is expected to reach USD 36.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2021 to 2028. The introduction of PoC rapid tests and automated immunoassay analyzers is driving the market growth. In addition, the rising number of chronic and infectious diseases is also leading to high market growth.
According to the American Cancer Society, there are an estimated 16.9 million cancer patients/survivors in 2020. Data from the same source suggests that over 1.8 million new cases are expected to be diagnosed in the same year. Around 1.8 million cancer cases were diagnosed in the U.S., according to National Cancer Institute 2019 data. According to the American Cancer Society, nearly 606,880 deaths occurred due to cancer in the U.S. in 2019. Thus, the rise in the number of cancer cases being diagnosed is driving the demand for immunoassays. This is expected to boost the market in the coming years.
Furthermore, growing awareness about infectious diseases and preventive measures has led to high demand for rapid diagnostic test products, thereby increasing sales. Based on a survey by the WHO on the World malaria report 2018, manufacturers reported sales of 276 million for lateral flow assays in 2017. It also reported that around 75.0% of malaria cases were diagnosed using lateral flow assays in sub-Saharan Africa in 2017.
Several smartphone-based devices and associated tools have emerged as next-generation point-of-care diagnostics or testing devices, boosting the market growth. For instance, a smartphone application combined with the autonomous capillary microfluidic chip is used for rapid testing of cardiac troponin I in myocardial infarction. This platform can be easily used in resource-limited settings, providing test results within 12 minutes. Thus, novel technological advancements are anticipated to further drive the market over the forecast period.
Related Press Release@ Immunoassay Market Report
Immunoassay Market Report Highlights
- In 2020, the Enzyme Immunoassays (EIA) segment held the largest revenue share as this technique is used for detecting specific antigens or antibodies in samples. This technique aids in the precise detection of chronic and infectious diseases
- The rapid tests segment also held a significant revenue share in 2020 due to the rise in demand for early diagnosis
- The infectious disease testing segment dominated the market in 2020 due to the rise in the incidence of infectious diseases such as HIV, malaria, influenza, and the novel COVID-19
- The clinical laboratories segment is anticipated to grow at a rapid pace over the forecast period owing to the increasing establishment of diagnostic labs in key regions and the large number of tests being conducted by them
- North America accounted for the largest regional market share in 2020. Well-established healthcare infrastructure and easy availability of technologically advanced instruments in the U.S. are some of the leading factors that can be attributed to the large segment share of this region