The global immunoassay market is expected to grow at a CAGR of 5.6% during the forecast period with its market size predicted to reach USD 26.9 billion by 2024. The global immunoassay market is growing at a significant rate, due to mounting occurrence of chronic and infectious diseases and technological improvement in the instruments. Different product and services contributed to the immunoassay market size. The market has witnessed a high demand for kits and reagents over the last few years due to the mounting number of immunoassay tests and mounting occurrence of chronic and infectious diseases.

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Mounting occurrence of chronic and infectious diseases is also driving the growth of the market. Increasing significance of companion diagnostics in the immunoassays market, expansion of condition-specific biomarkers and tests, and incorporation of microfluidics technology in immunoassays are also facilitating the growth for the immunoassay market.

The strict regulatory requirements for the sanction of immunoassay instruments and consumables, employment of excise duty on the sale of medical devices in the U.S. complexities in conducting diagnostic tests and unfavorable compensation scenario are the major challenges for the growth of immunoassay market.

Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base. In addition, mounting occurrence of infectious diseases and chronic diseases and refining healthcare infrastructure are also creating a positive impact on the immunoassay market growth in the region.

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Key players in the immunoassay market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2016, Roche launched the cobas e 801 module, a testing immunoassay solution, in order to meet the demand for increased diagnostic testing. F. Hoffmann-La Roche AG, Agilent Technologies Inc., Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Siemens AG, QIAGEN N.V., Danaher Corporation, Ortho Clinical Diagnostics Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., BioMérieux SA, Becton, Dickinson & Company, and Mindray are the key players offering immunoassay.

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