Market Trends of Immunoassays Industry
This section covers the major market trends shaping the Immunoassays Market according to our research experts:
Enzyme Immunoassays (EIA) Segment is Expected to Hold Significant Market Share in Immunoassay Market
An enzyme immunoassay commonly known as enzyme-linked immunosorbent assay (ELISA) is used to detect the presence of a target protein in a biological sample. These assays serve as the foundation for the majority of well-established clinical tests and are frequently the most accurate way to make diagnoses. ELISA tests can also be used for the detection of viral components. ELISA is compatible with various samples increasing its demand for COVID-19 testing. Besides, enzyme immunoassays are also the most affordable of all immunoassays, which is the major factor behind the market growth.
The rising launches in EIA by key market players are also expected to propel market growth. For instance, in September 2021, Bio-Rad launched the Bio-PlexPro Human IgA and IgM SARS-CoV-2 panels to detect IgA and IgM antibodies against four SARS-CoV-2 antigens. The multiplex immunoassay panels helped the vaccine developers to determine therapeutic efficacy, from development through clinical phases and also in postmarket surveillance studies.
Furthermore, in December 2021, ArcticZymes Technologies launched a new ELISA immunoassay product, an essential support product for consumers which used the M-SAN HQ enzyme in biomanufacturing processes for gene therapy and viral vaccine production. Therefore, the significance of enzyme immunoassays in R&D for the development of vaccines and other therapeutics is expected to drive this segment's growth.
North America Holds a Major Share and is Expected to do Same during the Forecast Period
This can be majorly attributed to the increasing incidence rates of chronic disorders, infectious diseases, and the increasing geriatric population, as well as due to the well-developed healthcare infrastructure and increasing penetration of medical devices in the region.
The increase in per capita health expenditures, the advancement in healthcare infrastructure, and the increase in the number of infectious diseases and cancer cases in the United States have led to an increased demand for immunoassays driving the market growth in the region. For instance, according to the ACS 'Cancer Facts & Figures 2022', around 1,918,030 new cancer cases are estimated to be reported in the United States in the year 2022. Such a high incidence of cancers in the United States is anticipated to rise in the adoption of immunoassays for the diagnosis of cancer, driving the market growth in the region.
Moreover, high expenditure on R&D by government organizations and pharmaceutical companies, for disorders and diseases, such as chronic ailments and diabetes, are some of the primary factors driving the regional market. For instance, as per Pharmaceutical Research and Manufacturers of America, the biopharmaceutical industry invested an estimated USD 102.3 billion in R&D in 2021.
Furthermore, the increasing launches, collaborations, and acquisitions between the companies are boosting the market growth in the country. For instance, in May 2022, Abbott launched HBsAg Next Assay in India to accelerate the early and enhanced detection of Hepatitis B. In addition, Thermo Fisher Scientific, Inc. acquired the private point-of-care molecular diagnostic company Mesa Biotech, in February 2021, making it more strong in the field of immunoassays in the country. Such launches and acquisitions help in the increased development and adoption of innovative immunoassays, thereby expected to drive market growth.
