The Immunoassay Market is being driven by Predictive and preventive medicine for early diagnosis and treatment
The Immunoassay Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 9.4 billion. The use of antibiotics in animal agriculture for disease prevention and treatment has led to the presence of antibiotic residues in animal-derived food. These residues pose a significant health risk to consumers. Immunoassays, a biochemical technique based on the interaction between specific antigens and antibodies, offer a promising solution for the detection of antibiotic residues in food and the environment. With their simple sample preparation and highly sensitive detection capabilities, immunoassays are increasingly being adopted for food testing. This trend is expected to fuel the growth of the immunoassay market in the forecast period.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Reagents and kits, Analyzers) Technology (ELISA, Radioimmunoassay (RIA), Others) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Immunoassay Market Research Report
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The Immunoassay Market encompasses diagnostic testing solutions in the medical technology sector, focusing on laboratory equipment used for diagnostic assays. These assays facilitate biomarker detection through various analytical methods, including antibody-based assays such as fluorescence, chemiluminescent, and radioimmunoassays. Point-of-care testing, immunochemistry, and rapid diagnostic tests are also part of this market. Immunoassays are utilized in clinical diagnostics for protein detection in areas like hormone assays, infectious disease testing, cancer biomarkers, autoimmune disease testing, allergy testing, therapeutic drug monitoring, oncology, cardiology, and neurology. Immunoassay kits, diagnostic reagents, biosensors, microfluidic devices, and lateral flow assays are essential components of this market. Immunofluorescence assays and multiplex assays are advanced techniques used for protein detection and disease diagnosis.
The Immunoassay Market is a significant segment of the global medical technology industry, focusing on diagnostic assays for biomarker detection using analytical methods, primarily antibody-based assays. This market is a crucial component of the larger healthcare sector, which is projected to experience substantial growth due to various factors. One key driver is the increasing global population aging, with Europe and North America forecasted to have over 25% of their populations reaching 60 years or above by 2030 and 2050, respectively. This demographic shift will significantly increase the demand for diagnostic tools and services, including immunoassays, to support clinical diagnostics and improve patient care. The global healthcare market, encompassing manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services, is expected to grow substantially as a result.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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