Immunodiagnostics market to grow by USD 22,669.75M from 2022-27

The immunodiagnostics market size is set to grow by USD 22,669.75 million between 2022 and 2027 and register an accelerating CAGR of 12%, according to Technavio’s latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.

The market share growth by the reagents and consumables segment is significant during the forecast period. There is an increasing demand for reagents and consumables segment due to the rising demand for high-throughput screening with the help of immunoassays which has resulted in the production of new reagents to detect antigens. Furthermore, there is a rise in the implementation of fluorescence and chemiluminescence technology with new reagents which has fuelled the growth of this segment. hence, such factors are expected to fuel the growth of this segment which in turn will drive the market during the forecast period.

Immunodiagnostics market 2023-2027: Vendor analysis and scope
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Abbott Laboratories, Adaptive Biotechnologies Corp., and AESKU.GROUP GmbH and Co. KG, bioMerieux SA, Danaher Corp., Exagen Inc., F. Hoffmann La Roche Ltd., HUMAN Gesellschaft fur Biochemica und Diagnostica mbH, Nexus Dx Inc., Omega Diagnostics Group Plc, QuidelOrtho Corp., Seramun Diagnostica GmbH, Siemens AG, SQI Diagnostics Inc., Sysmex Corp., Thermo Fisher Scientific Inc., Werfenlife SA, Tecan Trading AG, OraSure Technologies Inc., and DiaSorin SpA.

Immunodiagnostics market 2023-2027: Market dynamics
Key drivers
The rising demand for biomarker-based tests drives the global immunodiagnostics market growth during the forecast period. The increasing utilization of sophisticated research and development in the fields of nucleic acid expression, proteomics, and sequencing has resulted in the development of biomarkers. Molecular biomarkers can be referred to as proteins, genes, hormones, and other molecular entities that help identify the presence or absence of disease. The advancement in technology has facilitated several manufacturers to develop assays for rapidly growing clinical areas, including cancer, heart disease, and women’s health. Hence, such factors are expected to replace traditional drug therapy with personalized devices, which in turn is expected to drive the immunodiagnostics market growth during the forecast period.

Major trends
The increase in demand for personalized medicine is a primary trend in the global immunodiagnostics market during the forecast period. There is an increasing shift in preference toward personalized medicine, which requires precision diagnostics. Immunodiagnostics plays a major role in precision medicine by facilitating accurate diagnosis and monitoring of diseases at the molecular level. Personalized medicine can be defined as the tailoring of medical treatment to the specific characteristics of each patient. In personalized medicine, the prescription of medicine is done by accurate diagnosis by age, disease, gender, and criticality of disease. Hence, such a personalized approach essentially requires the use of biomarkers that are expected to positively impact the market. Hence, such factors are expected to drive market growth during the forecast period.

Significant challenges
The high cost associated with immunodiagnostics tests is a significant challenge hindering the global immunodiagnostics market growth during the forecast period. The cost associated with immunodiagnostic testing cannot be affordable to some people leading to limited access to care. This is significant in low- and middle-income developing countries where resources may be scarce. Some of the key factors which contributed to the high cost of immunodiagnostic tests include sophisticated techniques, specialized equipment, and highly skilled personnel. Furthermore, the raw materials and reagents used in immunodiagnostic tests are expensive, adding to the overall costs. Hence, such factors are expected to negatively impact the market, which in turn will hinder the global immunodiagnostics market growth during the forecast period. Technavio