Immunoassay Market Size

Immunoassay Market size was valued at over USD 31.3 billion in 2023 and is estimated to expand at 5.3% CAGR from 2024 to 2032, due to the rise in partnerships and collaborations for focusing on innovative diagnostics and therapeutic solutions. Several companies are actively forming alliances to enhance R&D capabilities to improve the sensitivity, specificity, and efficiency of immunoassays. Moreover, these partnerships are continuously driving advancements by leveraging shared expertise, resources, and distribution networks.

The collaborative efforts are also addressing the emerging healthcare needs as well as offering more precise and personalized medical interventions. For instance, in January 2024, Fujirebio Holdings and Agappe Diagnostics announced a CDMO partnership to produce CLIA-based immunoassay reagents for Mispa i60 and i121, further enabling the latter to offer a comprehensive locally manufactured chemiluminescence solution in India.

Immunoassays are gaining prominence as diagnostic tools in the medical field and are increasingly being launched for various applications. These tests are developed to detect diseases, monitor therapeutic drugs, and identify biomarkers with higher sensitivity and specificity. With technology advances, immunoassays are becoming more integral in personalized medicine for offering real-time data for patient management.

Companies are also continuously innovating and introducing new assays for expanding the scope of early diagnosis and treatment for transforming healthcare outcomes in the near future. For instance, in July 2023, Siemens Healthineers launched the Atellica CI Analyser for immunoassay testing. This innovative analyser was approved by the U.S. FDA for enhancing diagnostic capabilities with advanced features for improving efficiency and accuracy in laboratory testing.

On the other side, the high cost of equipment and reagents along with the complexity of procedures in immunoassays are hindering their broader adoption. These challenges are persisting with ongoing efforts to develop more cost-effective and simplified solutions, however accessibility and scalability will continue to be limited in the future.