According to the latest study titled ‘Immunoassay Market to 2027 - Global Analysis and Forecasts By Product (Reagents & kits, Analyzers & Instruments, Software & Services); Technology (Enzyme-Linked Immunosorbent Assays (ELISA), Fluorescence, Chemiluminescence, Rapid Test, Western Blot, Enzyme-Linked Immune Absorbent Spot (ELISPOT), Polymerase Chain Reaction (PCR)); Application (Therapeutic Drug Monitoring, Oncology, Cardiology, Endocrinology, Infectious Disease Testing, Autoimmune Diseases, Others); End User (Hospitals, Blood banks, Clinical laboratories, Pharmaceutical and Biotech Companies, Academic Research Centers, Others) and Geography’ available with Market Study Report, the global immunoassay market is estimated to accumulate US $37,987.8 million by the year 2027.
 

Immunoassay is used to evaluate the concentration of small molecules such as protein, lipids, nucleic acids in solutions utilizing antigen-antibody reactions. Factors such as rising incidences of infectious and chronic diseases, technological advancements related to immunoassay devices, and expanding biopharmaceutical & biotechnology industries are propelling the growth of immunoassay market during the analysis period.
 

According to the study, the global immunoassay market was worth US $21,800 million in 2018 and is anticipated to grow with a CAGR of 6.5% through the year 2027. The survey by WHO states that in 2018, over 32 million people had HIV, and the proportion is ever-increasing, which is fueling the demand for immunoassay devices. However, strict regulatory directives for the devices may hinder the market growth to some extent, cites the report.
 

Based on product, immunoassay market is segmented into analyzers & instruments, reagents & kits, and software & services. While as per technology, the market is divided into fluorescence, enzyme-linked immunosorbent assays (ELISA), rapid test, chemiluminescence, enzyme-linked immune absorbent spot (ELISPOT), western blot, and polymerase chain reaction (PCR). Speaking of application spectrum, immunoassay market is split into oncology, therapeutic drug monitoring, endocrinology, cardiology, autoimmune diseases, infectious disease testing, and others.
 

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Considering the geographical landscape, the global immunoassay market is studied for regions including North America, Asia Pacific, Europe, South & Central America, and Middle East & Africa. Surging acceptance for point-of-care testing, in tandem with growing prevalence of HIV across the globe is the major factor aiding the growth of immunoassay market across various regions.
 

Some of the vendors that operate in immunoassay market are BioMerieux SA, Siemens, Abbott, Hoffmann La-Roche Ltd., Ortho Clinical Diagnostics, Danaher, Sysmex Corporation, Becton Dickinson, Thermo Fisher Scientific, Inc., and Quidel Corporation.