Immunoassay Market in North America is Constantly Evolving

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Immunoassay Market in North America is Constantly Evolving

The Global Immunoassay Industry is expected to develop at a CAGR of 5%, reaching a valuation of USD 45.78 billion by 2032. As of 2022, the industry has already generated a noteworthy revenue of USD 29.51 billion, a significant increase from the previous anticipated year (2017–2021).

This exceptional development is inextricably related to dynamic transformations in the industrial landscape, principally driven by crucial causes such as the disruptive influence of the COVID-19 pandemic, a growing senior population, and rising global health awareness.

The COVID-19 pandemic has acted as a catalyst, fundamentally altering the demand dynamics within the immunoassay sector. As the world grappled with the unprecedented health crisis, the need for accurate and rapid diagnostic tools became paramount. Immunoassay tests emerged as a linchpin in the battle against the pandemic, driving the industry’s growth.

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Rising awareness, government research and development programs, and covid-19’s spread have collectively flourished the demand for the antibodies testing systems. Hence, it has expanded the immunoassay market share in the global market

This fueled the market’s growth prospects and brought opportunities for the new medical and healthcare market players to come up with the latest technology and integrate it with immunoassay technology. Furthermore, the breakdown of the third covid-19 wave has partially slowed down the growth of the market as the spread is at lower levels

Key Takeaways from Global Immunoassay Industry Study

  • The Immunoassay market is expected to increase with a market share of 35.0% in North America.
  • Asia Pacific is expected to account for 30% market share during the assessment year.
  • By product, reagents and kits accounted for 60% share of total revenue generated of the Global Immunoassay Industry globally and is anticipated to hold the highest share by 2032, owing to the cost-effective products, fueling the overall sales of immunoassay testing instrument
  • EIA/ELISA technology gains the highest traction in the market by technology with a market share of 60% and its growth owing to higher use of it in reducing the assay time for immunoelectrophoretic and immunodiffusion while providing accurate and quantitive results.

Immunoassay Market in North America is Constantly Evolving

The largest market share of 35% in 2022 is expected to hold the same position throughout the forecast period, according to the Immunoassay Market Demand Analysis. The rise in demand can be attributed to an increase in cancer incidence as well as the ease of access to technologically advanced diagnostic techniques. Outbreaks of infectious diseases are becoming more common in the region.

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“Global Immunoassay Industry analysis displays the higher growth prospects due to the higher awareness of the new viruses and diseases that demand for higher antibodies in the body. An immunoassay test gives you information about the antibodies present in the body for any specific virus or disease spread by it. Demand for immunoassay tests rises as the hospitals, clinics, and research and development centers established by the government are consuming the most from the market” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)

Competitive Landscape

New market research report on immunoassay defines the market space as a younger space where there is a space for innovation and technology. The defining factors key players have been the ability to deliver effective and accurate results while making the product more logistics friendly and easy to use.

  • Siemens Healthineers has introduced its latest and revised fully automated immunoassay platforms and a comprehensive and disease-specific chart in excess of 100 tests. This enhanced productivity and efficiency while delivering accurate and faster results.
  • Biomerieux, with more than 26000 immunoassay systems globally has introduced its R7D programs that covers high medical value applications, increased automation and decentralized testing, flourishing the sales of immunoassay platforms.
  • Abbott Laboratories focuses on chia technology and offers an automatic immunoassay analyzer named Abbott prism, delivers effectiveness and enhances productivity.

Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the Global Immunoassay Industry, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

The study offers compelling insights based on Application (Food, Beverage, Pharmaceuticals, Other (Applications), Form (Natural Immunoassay, Synthetic Immunoassay), Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA)

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Global Immunoassay Industry by Category

By Product, Global Immunoassay Industryis segmented as:

  • Reagents & Kits
  • Analyzers/Instruments
    • Open-ended Systems
    • Closed-ended Systems
  • Software & Services

By Technology, Global Immunoassay Industry is segmented as:

  • Radioimmunoassay (RIA)
  • Enzyme Immunoassays (EIA)Rapid Test
    • Chemiluminescence Immunoassays (CLIA)
    • Fluorescence Immunoassays (FIA)
  • Others

By End-use, Global Immunoassay Industry is segmented as:

  • Therapeutic Drug Monitoring
  • Oncology
  • Cardiology
  • Endocrinology
  • Infectious Disease Testing
  • Autoimmune Diseases

By Application, Global Immunoassay Industry is segmented as:

  • Hospitals
  • Blood Banks
  • Clinical Laboratories
  • Pharmaceutical and Biotech Companies
  • Academic Research Centres
  • Others

By Form, Global Immunoassay Industry is segmented as:

  • Natural Immunoassay
  • Synthetic Immunoassay