Immunoassay Market By Type (Radioimmunoassay (RIA), Enzyme Immunoassays (EIA), Fluoroimmnoassay (FIA) Chemiluminescence immunoassay (CLIA) and Others), By Application (Disease Diagnosis, Therapeutic Drug Monitoring, Drug Discovery, Clinical Chemistry, Hematology, and Others), By End User (Hospitals, Pharma & Biotech Companies, Clinical Laboratories and Others), and Geography  

Immunoassay market size was valued at USD 36,456.9 million in 2022 and is expected to grow at a CAGR of 5.1% from 2023 to 2029. The increasing prevalence of acute and chronic infectious diseases, the rising geriatric population, growing awareness for early disease diagnosis, technological advancements in immunoassays, increasing use of immunoassays in precision oncology and drug & alcohol testing, and the emergence of COVID-19 are driving the immunoassay market. Antibodies bind to antigens in immunoassay tests, which allows users to detect and analyze specific chemicals. Immunoassays are a type of test that can be used to diagnose disease. Additionally, test findings can reveal information about an illness that can aid in therapy planning (for example, when estrogenic receptors are measured in breast cancer). Enzyme Immunoassay had a market revenue share of 37.3% in 2022, and it is expected to grow at a CAGR of 4.9% from 2023 to 2029. It has a number of advantages; the main advantage of enzyme immunoassay over immunodiffusion or immunoelectrophoresis procedures is reduced assay time. Disease diagnosis is expected to have an xx percent market revenue share from 20223 to 2029. However, the Immunoassay market is hampered by Stringent Regulatory Requirements for the Approval of Immunoassay Instruments and Consumables.

Immunoassay Market Key Developments:

• In October 2020, Thermo Fisher Scientific launched its EliA SARS-CoV-2-Sp1 IgG test and OmniPATH COVID-19 Total Antibody ELISA test, for the diagnosis of COVID-19 antibodies.
• In January 2021, Abbott received the CE Mark for its Panbio COVID-19 Ag Rapid Test Device for the asymptomatic diagnosis of the SARS-CoV-2 virus. It also offers self-swabbing.
• In December 2020, Beckman Coulter, part of Danaher (US) company, launched the first high-quality and throughput assay, called Access SARS-CoV-2 Antigen assay, for the COVID-19 antigen diagnosis, in the US