Immunoassay Market worth $46.7 billion by 2028 , growing at a CAGR of 5.9%

(IT-NEWSWIRE.COM, April 23, 2024 ) The report "Immunoassay Market by Product (Reagents & Kits, Analyzers), Technology (ELISA, CLIA, Rapid Tests), Specimen (Blood, Saliva, Urine), Application (Infectious Diseases, Endocrinology), End User (Hospitals & Clinics, Blood Banks) - Global Forecast to 2028", is projected to reach USD 46.7 billion by 2028 from USD 35.0 billion in 2023, at a CAGR of 5.9% during the forecast period. The immunoassay market is driven by the increasing incidence of infectious and chronic diseases, increasing adoption of immunoassay-based POC testing and rapid testing, and introduction of innovative products by leading players operating in the immunoassay market. Growth in emerging countries and development of condition specific biomarkers and tests are anticipated to offer lucrative growth opportunities for the immunoassay market.

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The reagents & kits accounted for the largest share of the immunoassay market, by product segment, in 2022.

The global immunoassay market is segmented into analyzers and reagents & kits based on product. High consumption of consumables such as kits and reagents and their repeated purchases along with the increasing number of immunoassay tests performed across the globe, are the factors supporting the growth of the reagents & kits product segment.

The hospitals & clinics segment accounted for the largest share of the immunoassay market, by end user, in 2022.

The increasing prevalence of chronic and infectious diseases and the availability of advanced technologies for their detection have led to significant growth of the hospitals & clinics end user segment. The segment is also anticipated to register the highest growth rate during the forecast period, owing to better testing facilities.

North America is the largest regional market for immunoassay market.

The global immunoassay market has been segmented into five major regions—North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America. In 2022, North America dominated the global immunoassay market in 2022. The large share of the North American market is primarily driven by the increasing geriatric population and the subsequent prevalence of chronic diseases, and the easy accessibility of technologically advanced instruments.

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The major players operating in this market are Abbott Laboratories (US), F. Hoffmann-La Roche (Switzerland), and Siemens Healthineers (Germany).

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Immunoassay Market worth $46.7 billion by 2028 , growing at a CAGR of 5.9%