Immunodiagnostics Global Market Opportunities and Strategies to 2033

This report describes and explains the immunodiagnostics market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global immunodiagnostics market reached a value of nearly $21.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 7.8% since 2018. The market is expected to grow from $21.3 billion in 2023 to $30.6 billion in 2028 at a rate of 7.5%. The market is then expected to grow at a CAGR of 8.6% from 2028 and reach $46.2 billion in 2033.

Growth in the historic period resulted from rise in healthcare expenditure, increase in demand for personalized medicine, high prevalence of infectious diseases and government initiatives for research and development in healthcare. Factors that negatively affected growth in the historic period were low healthcare access and high costs.

Going forward, strong economic growth, increase in the aging population, increasing number of clinical trials and increasing chronic diseases will drive the growth. Factor that could hinder the growth of the immunodiagnostics market in the future include regulatory hurdles.

The immunodiagnostics market is segmented by product into reagents and consumables, instruments and software and services. The reagents and consumables market was the largest segment of the immunodiagnostics market segmented by product, accounting for 52% or $11.1 billion of the total in 2023. Going forward, the software and services segment is expected to be the fastest growing segment in the immunodiagnostics market segmented by product, at a CAGR of 9% during 2023-2028.

The immunodiagnostics market is segmented by application into infectious diseases, oncology and endocrinology, bone and mineral diseases, autoimmunity disorders, cardiac biomarkers, hepatitis and retrovirus Testing and other applications. The oncology and endocrinology market was the largest segment of the immunodiagnostics market segmented by application, accounting for 25.6% or $5.5 billion of the total in 2023. Going forward, the cardiac biomarkers segment is expected to be the fastest growing segment in the immunodiagnostics market segmented by application, at a CAGR of 9.2% during 2023-2028.

The immunodiagnostics market is segmented by end-user into hospitals, clinics, diagnostic laboratories, academic and research institutes and other end-users. The hospitals market was the largest segment of the immunodiagnostics market segmented by end-user, accounting for 34.8% or $7.4 billion of the total in 2023. Going forward, the clinics segment is expected to be the fastest growing segment in the immunodiagnostics market segmented by end-user, at a CAGR of 8.7% during 2023-2028.

The immunodiagnostics market is segmented by technology into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, fluorescent immunoassay, radioimmunoassay, rapid test and other technologies. The enzyme-linked immunosorbent assay market was the largest segment of the immunodiagnostics market segmented by technology, accounting for 38.5% or $8.2 billion of the total in 2023. Going forward, the rapid test segment is expected to be the fastest growing segment in the immunodiagnostics market segmented by technology, at a CAGR of 8.2% during 2023-2028.

North America was the largest region in the immunodiagnostics market, accounting for 32.6% or $6.9 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the immunodiagnostics market will be Asia Pacific and Western Europe where growth will be at CAGRs of 8.6% and 7.8% respectively. These will be followed by North America and Eastern Europe where the markets are expected to grow at CAGRs of 7.4% and 6.5% respectively.

The global immunodiagnostics market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 23.25% of the total market in 2022. Abbott Laboratories was the largest competitor with 5.69% share of the market, followed by F. Hoffmann-La Roche Ltd with 5.06%, Thermo Fisher Scientific Inc. with 4.34%, Danaher Corporation with 2.74%, DiaSorin S.p.A. with 2.41%, Bio-Rad Laboratories Inc. with 1.05%, Sysmex Corporation with 0.90%, QIAGEN with 0.46%, QuidelOrtho Corporation with 0.33%, and Immunodiagnostic Systems with 0.27%.

Market-trend-based strategies for the immunodiagnostics market include introduction of point-of-care immunodiagnostics to provide rapid results, increasing immunoassay sensitivity using DNA amplification technology and strategic partnership among market players.

The top opportunities in the immunodiagnostics market segmented by product will arise in the reagents and consumables segment, which will gain $4.9 billion of global annual sales by 2028. The top opportunities in the immunodiagnostics market segmented by application will arise in the oncology and endocrinology segment, which will gain $2.7 billion of global annual sales by 2028. The top opportunities in the immunodiagnostics market segmented by end-user will arise in the hospitals segment, which will gain $3 billion of global annual sales by 2028. The top opportunities in the immunodiagnostics market segmented by technology will arise in the enzyme-linked immunosorbent assay segment, which will gain $3.9 billion of global annual sales by 2028. The immunodiagnostics market size will gain the most in the USA at $2.7 billion.

Player-adopted strategies in the immunodiagnostics market include focus on enhancing operational and manufacturing capabilities through new product launches and strategic partnerships.

To take advantage of the opportunities, the analyst recommends the immunodiagnostics companies to focus on point-of-care immunodiagnostics for rapid solutions, focus on enhancing immunoassay sensitivity with DNA amplification technology, focus on reagents and consumables, and software and services segments for growth, focus on rapid test and enzyme-linked immunosorbent assay segments for growth, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for enhanced immunodiagnostics, provide competitively priced offerings, continue to use B2B promotions, focus on cardiac biomarkers and oncology & endocrinology segments and focus on clinics and hospitals.