The market was estimated at USD 16,374.1 million in the year 2015 and is expected to reach USD 28,535.5 million by 2021, growing at a CAGR of 9.7% during the forecast period.
The global immunoassay market is expected to witness a good growth during the forecast period, due to the increasing incidences of infectious and chronic diseases. The rapid development of novel assays for detection of various autoimmune diseases such as oncology and cardiology, combined with the increasing use of immunoassays in drug discovery and toxicology testing, are also expected to further fuel the growth of immunoassay market during the forecast years. Furthermore, rising global demand for non-invasive diagnostic techniques and growing need for reagents, are further expected to boost the global immunoassay market.
Increasing spectrum of applications along with high sensitivity & specificity and cost effectiveness are the major driving factors for the growth of this market.
Social stigma concerns and lack of proper reimbursement policies are the main factors hindering the growth of the market.
The major factor that is hindering the adoption of immunoassays in the emerging markets is the need for refrigerated storage for the immunoassay kits and reagents. The companies that can develop immunoassay kits and reagents that can be stored at room temperature will see a huge growth in their revenues.
The global immunoassays market has been segmented based on technology (enzyme immunoassay, fluorescence immunoassay, chemiluminescence immunoassay, radio immunoassay, nephelometric immunoassay and others), by therapeutic area (cardiology, thyroid, autoimmune diseases, oncology, infectious diseases, hematology, allergies and others), by end users (hospitals, centralized laboratories, academic institutions, pharma & biotech firms, contract research organizations and others) and by geography (North America, Europe, APAC, Middle East and Africa, Latin America and Rest of the World).
Currently, North America is the largest market globally, followed by Europe; while APAC is the fastest growing segment. As per recent data, enzyme and fluorescence immunoassays account for the highest number of immunoassays performed, globally.
The report provides a detailed overview of each type of immunoassay, along with in-depth analysis and company profiles of major players in this space and a clear picture of a competitive landscape that currently exists in this market.
Some of the key players in the global immunoassays market include -