The global immunoassay market is projected to grow at a CAGR of 5.9% from 2019 to reach USD 19.76 billion by 2025, driven by increasing incidences of chronic and infectious diseases, growing use of immunoassay in oncology, rise in drug and alcohol testing, and technological advancements in immunoassay. The emerging markets and increasing epidemic potentials offer significant growth opportunities for players operating in the market. However, the limitations of immunoassay and development of alternative technologies are expected to hinder the adoption of immunoassay products.

These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

Based on product, the immunoassay kits and reagents segment is expected to account for the largest share of the global immunoassay market in 2019 due to the increasing number of immunoassay tests being performed across the world driving the recurrent purchase of kits and reagents. Within the immunoassay kits and reagents segment, ELISpot kits and reagents are projected to grow at the highest CAGR during the forecast period, led by the rising incidences of chronic diseases across the world, growing vaccine development to address the challenge of antimicrobial resistance, and technological advancements in ELISpot assay kits and analyzers.

On the basis of application, the infectious diseases segment is expected to hold the largest share of the global immunoassay market in 2019, mainly due to rising incidences of infectious diseases and growing adoption of immunoassay diagnostics in infectious diseases. However, the oncology segment is expected to record the highest CAGR during the forecast period on the back of the rising prevalence of cancer, increasing focus on tumor market development, technological advancements, and growing awareness about cancer.

Geographically, North America dominated the global immunoassay market with the largest share in 2018, mainly due to the rising incidence of infectious diseases, growing prevalence of cancer, and increasing healthcare expenditure, along with the presence of major immunoassay players and highly developed healthcare infrastructure in the region.