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 of the global market in 2021 owing to the increasing adoption of low-cost immunoassay instruments in research and clinical laboratories and the rising application of immunoassay techniques in cancer research.
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 rate. 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 heights in this region. In addition, the growing investments from governmental and non-government organizations to conduct R&D in emerging markets promote the immunoassay market’s growth rate 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:
During the forecast period, the North American region is estimated to occupy the most significant share of the worldwide market. The market growth of the North American region is majorly driven by the growing 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 2021. 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 2021. The dominating role of the U.S. in the North American region is anticipated to continue throughout the forecast period, and the U.S. market growth is majorly attributed to the growing prevalence of chronic diseases and infectious diseases, increasing geriatric population, the presence of well-developed healthcare infrastructure and growing penetration of medical technologies. In addition, the availability of technologically well-developed immunoassays is one of the other significant factors contributing to the growth of the U.S. market. On the other hand, the Canadian immunoassay market is anticipated to showcase a healthy CAGR during the forecast period owing to the increasing R&D activities and growing usage of immunoassays.
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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