Immunoassay market size is expected to be worth USD 27,049.8 million in 2022, growing at a high CAGR of 5.1% from 2022 to 2028 to reach USD 36,456.9 million in 2028. 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 2021, and it is expected to grow at a CAGR of 4.9% from 2022 to 2028. 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 2022 to 2028. However, the Immunoassay market is hampered by Stringent Regulatory Requirements for the Approval of Immunoassay Instruments and Consumables.
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