NEW YORK, Nov. 22, 2016 /PRNewswire/ -- The immunoassay market is expected to reach USD 25.45 billion by 2021 from USD 17.16 billion in 2016 at a CAGR of 8.2%. The global immunoassay market is segmented based on product & service, technology, application, end user, and region. The reagents & kits segment is expected to account for the largest market share of the immunoassay market during the forecast period. The high growth in this segment can be attributed to the expanding use of immunoassay tests worldwide. On the basis of technology, the ELISA segment is expected to account for the largest share of the market in 2016. Expanding use of immunoassay tests in cancer, point-of-care in vitro diagnostics, infectious disease testing, and therapeutic drug level monitoring as well as the introduction of novel biomarkers will drive the growth of this market. On the basis of application, the market is segmented into infectious diseases, endocrinology, bone and mineral disorders, oncology, cardiology, hematology and blood screening, autoimmune diseases, toxicology, neonatal screening, and other applications. The rise in incidence of HIV, tuberculosis, hepatitis, and other hospital-acquired infections has fueled the demand for immunoassay tests in the infectious diseases segment.Geographically, the immunoassay market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). Growth in the North American region is primarily driven by rapidly increasing aging population and the concomitant rise in the prevalence of diseases as well as the growing life expectancy.