Immunoassay Market Growth, Size, Share and Forecast to 2016 - 2022

According to Stratistics MRC, the global immunoassay market is estimated at $16.35 billion in 2015 and is expected to grow at a CAGR of 10.9% to reach $33.72 billion by 2022. Technological advancements and increasing geriatric population worldwide are some of the key factors fuelling the market growth. Increasing incidences of infectious & chronic diseases, demand for non-invasive diagnostic techniques, broad usage of immunoassays in oncology, growing need of reagents and speed, cost effectiveness & accuracy of immunoassay are additional drivers playing a key role in the growth of immunoassay market. However, execution of excise duty by the U.S. government and low detection limit are the factors limiting the market growth. Expansion of pharmaceutical and biotechnology industries in emerging regions such as Asia Pacific acts as opportunity for immunoassay market.

In 2015, Enzyme-Linked Immunosorbent Assay (ELISA) and Enzyme-linked ImmunoSpot (ELISPOT) assay dominated the global immunoassay technology market due to their high sensitivity and long term presence in the market. Oncology segment is witnessing a significant growth driven by the high incidence of cancer diseases. North America is anticipated to be the largest market for immunoassay, whereas Asia Pacific and MEA are projected to grow at a faster pace. The aging US population is supporting the market demand, since the requirement of these medical devices is higher in the elderly population.

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The technological advancements, rising investments in pharmaceutical and biotechnology sector by government and corporate sector and rapidly growing healthcare market in emerging countries such as China and India are the factors favouring the market growth in this region.

Some of the key players in the global immunoassay market include Roche Diagnostics Limited, Thermo Fisher Scientific,...