The size of the Immunoassay Market in North America was worth USD 7.39 Billion in 2022. It is estimated to reach USD 11.72 Billion by the end of 2027, growing at a CAGR of 9.66% between 2022 to 2027. North America accounted for the largest share in the global market in 2021due to the increasing adoption of low-cost immunoassay instruments in research and clinical laboratories and the rising application of immunoassay techniques in cancer research.
Immunoassay is a test that uses protein or immune serum globulin to determine the concentration of macromolecules in a solution. For medical and analysis purposes, immunochemical assays measure the number of analyses in body fluid and urine. It's also used in qualitative, quantitative, and emission procedures to ensure the correctness of the results. In addition, immunoassays with high sensitivity and specificity are utilized to speed up the reactions.
YOY growth in the incidence of chronic and infectious diseases, advances in immunoassay technology, and increased acceptance of immunoassay products are majorly driving the market growth for immunoassay in the North American region during the forecast period. Chronic diseases such as diabetes, heart disease, and cancer are rising. In addition, infectious diseases such as SARS-CoV2 (COVID-19), Dengue fever, Hepatitis B and C, HIV, Malaria, Tuberculosis, and others are spreading at an alarming r te. Immunoassay diagnosis has become a critical component in diagnosing many disorders. Immunoassay technology improves, resulting in faster results with improved efficacy, detection limits, sensitivity, and cost-effective ss. The widespread use of fast tests and point-of-care testing for disease detection and drug and alcohol addiction has propelled the immunoassay market to new heights in this region.
The introduction of novel biomarkers and increased government and corporate investment in the pharmaceutical and biotechnology industry in emerging markets are driving the immunoassay market in North America.
Factors such as complicated assay techniques and immunoassay limitations could hamper the market growth in the North American region. The approval and commercialization of immunoassay consumables and equipment have been subject to strict regulations by regulatory bodies in this region. Furthermore, technological challenges faced by immunoassay kits and reagents, such as cross-reactivity of antibodies, narrow detection limits of accessible antibodies, lack of reimbursement programs and stringent storage requirements, false negatives, and others, stifle the North American immunoassay market's expansion.
This research report on the North American Immunoassay Market has been segmented & sub-segmented market into the following categories:
By End User:
Geographically, owing to the increasing adoption of low-cost immunoassay equipment in research and clinical laboratories, rising immunoassay approaches in cancer research, and improving laboratory infrastructure, the North American immunoassay market had the most significant share in the global market in 2 20. In addition, other significant factors propelling the regional market include rising R&D investment by government organizations and pharmaceutical corporations for disorders and diseases such as chronic ailments and diabetes.
The U.S. immunoassay market had the most significant share in the North American region in 2020. This can mainly be ascribed to rising rates of chronic diseases, infectious diseases, and the growing geriatric population, as well as the region's well-developed healthcare infrastructure and increasing penetration of medical technologies. At the same time, Canada is a market leader due to increased research and development efforts to improve products.
The easy availability of technologically advanced instruments in the United States is one of the main reasons for the region's substantial sector. Because this approach is used to identify specific antigens or antibodies in samples, the Enzyme Immunoassays (EIA) category had the highest revenue share. In addition, this method facilitates the diagnosis of chronic and viral disorders with pinpoint accuracy.
KEY MARKET PLAYERS:
Some of the major companies dominating the North American market are Roche Diagnostics, DiaSorin S.p.A, Beckman Coulter, Siemens Healthcare, Ortho Clinical Diagnostics, bioMerieux, Thermo Fisher Scientific, and Abbott Laboratories, Akers Biosciences, Inc, Becton Dickinson and Company, Devon Medical Products, EDP Biotech Corporation, Hologic (Gen-Probe), Intrinsic LifeSciences.
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