Immunoassay Market Size to Reach USD 51.38 Billion by 2032, at 4.69% CAGR
James Richter
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According to the latest research by nova one advisor, the global immunoassay market is valued at USD 34.01 billion in 2023 and is projected to reach a value of USD 51.38 billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.69% between 2023 and 2032
North America generated the highest revenue in 2022 with a 36.19% revenue share. The rise in demand for diagnostics related to chronic diseases and the increase in availability of technologically advanced diagnostic techniques are expected to propel market growth over the forecast period. Furthermore, in the U.S., there were 55.7 million people aged over 65 years in 2022 (~17% of the population in the country). Nearly 25% of this geriatric population suffers from cancer of which 30% are obese, creating an opportunity for local market players to boost their sales of diagnostic products for cancer, cardiology, endocrinology, infectious diseases, and other tests.
The Asia Pacific region is projected to witness the fastest CAGR over the forecast period. Unmet medical needs, positive economic growth, and increasing scientific research efforts are some of the primary growth drivers of market. In addition, an improved healthcare regulatory environment in high-growth nations is anticipated to draw in more foreign investors and encourage them to take the opportunities. Positive developments, such as government healthcare benefits, raised public knowledge, and a willingness to pay for advanced medical care, are anticipated to further fuel the market growth.
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Increasing incidence of chronic diseases, such as infectious and noninfectious diseases, is a major factor driving the market growth. Similarly, growing concerns regarding infections caused by multidrug-resistant bacteria and frequent disease outbreaks in endemic areas are boosting the need for point-of-care technologies to enable testing of large population subsets.
The increasing incidence of infectious as well as noninfectious diseases, such as diabetes, cardiovascular diseases, cancer, & gastrointestinal diseases, is a significant driver for the global market growth. The rising prevalence of these diseases can be attributed to several factors, including alcohol abuse, antimicrobial resistance, smoking, and unhealthy and sedentary lifestyles. Similarly, cancer cases are also increasing globally. The International Agency for Research on Cancer (IARC) has projected the diagnosis of over 20.77 million new cancer cases in 2023.
Furthermore, immunoassay techniques are significant for the determination of oncogenesis and diagnosis of cancer and identification of its different stages. Immunoassay technology also facilitates the use of monoclonal and polyclonal antibodies for the detection of specific antigenic molecules in tissues and aids in the rapid identification of tumor antigens. Hence, an increase in the number of cancer cases is anticipated to drive market growth.
Applications of immunoassay-based diagnostics are rapidly expanding with the global increase in patient awareness. Several public and private programs are fueling collaborative efforts to enhance scientific awareness and foster innovations in this domain. For instance, the International Society for Infectious Diseases runs an advocacy program for increasing collaborations among public health practitioners, clinicians, and researchers globally, supporting the exchange of scientific knowledge and innovations. This increase in scientific awareness is driving the demand for automated and portable immunoassays, especially in developing countries.
Key Companies & Market Share Insights
Companies are undertaking strategic initiatives such as product collaborations, geographic expansion, and strategic agreements for product portfolio expansion to maximize their market share. To sustain their presence in the market, industry players are further concentrating on collaborations, acquisitions and mergers, and product approval.
Some of the prominent players in the Immunoassay Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Immunoassay market.
By Product
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By Technology
By Specimen
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By End-User
By Region
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The growth and potential of the immunoassay market is fascinating ??. As Albert Einstein once wisely stated - The measure of intelligence is the ability to change. Amidst the evolving landscape of healthcare needs, adapting and innovating in diagnostics is key. Let's embrace this change for a healthier future! ??????