The global fluorescent immunoassay market was valued at US$ 2,578.66 million in 2021 and is projected to reach US$ 3,778.78 million by 2028; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.

The growth of the global fluorescent immunoassay market is mainly attributed to factors such as growing prevalence of chronic diseases worldwide and increasing demand for cell therapies. However, the global fluorescent immunoassay market is likely to get impacted by the disadvantages of fluorescent immunoassays during the forecast period.

Fluorescent immunoassays are simply a different type of immunoassay. The critical variable is the biochemical technique used to detect the binding of the "detector" antibody and the analyte molecule. Fluorescent immunoassay is a sensitive technique that can measure many compounds, including drugs, hormones, and proteins; identify antibodies; and quantify antigens such as viral particles and possibly bacteria. The fluorescence detection system includes higher sensitivity detection of the analyte, simplified reagents, and simpler assay designs. Several breakthroughs have been made in recent years that have enabled a fluorescence-based immunoassay system at the point of care. Several technical improvements have recently occurred that have allowed a susceptible immunoassay system to implement. These include the availability of narrow-wavelength, low-cost light sources, newer, more stable fluorophores with extensive Stokes shifts, stable solid-state light detectors, and microprocessors to process and analyze the data from each test. When a fluorescence detection system is connected to a lateral flow assay and combined with a powerful yet inexpensive analyzer, the result is improved assay performance.

Ever since severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) was declared a public health emergency of international concern in late January 2020, medical professionals and researchers have been feeling the need for comprehensive and rapid testing of citizens to plan measures that can contain the spread of the virus. Over time, real-time PCR tests and antibody tests have emerged as vital techniques for the global healthcare system to manage the outbreak. Fluorescent immunoassay is essential for differential diagnosis of SARS-CoV-2. It is a test performed by patient serum or plasma with red reagent cells. Determination of specific antibodies to viral and bacterial pathogens and parasites facilitates the correct therapeutic measures. Fluorescent immunoassay is critical for implementing an effective and efficient public health strategy to minimize the adverse impact of the COVID-19 pandemic. It should be adopted for important clinical utility cases and support return-to-work strategy globally.

The spread of COVID-19 severely affected medical systems in the region. Many commercially available tests for detecting SARS-CoV-2-specific antigens have recently been developed. The identification of COVID-19 antibodies in people as an alternative diagnostic method has recently received a lot of attention. To identify SARS-CoV-2, several clinics have used quick colloidal gold, enzyme-linked immunosorbent assay (ELISA), and chemiluminescence assays. These approaches, however, have flaws in terms of accuracy and sensitivity, with a large frequency of COVID-19 false positive and false negative reports. The STANDARD F COVID-19 Ag fluorescence immunoassay (FIA) kit is also available, which uses a fluorescent immunoassay to detect specific nucleoprotein antigens to SARS-CoV-2 in the human nasopharynx. Thus, rising incidence of coronavirus cases and growing government approvals for test kits are responsible for the growth of the global fluorescent immunoassay market.

The COVID-19 pandemic has become the most significant challenge across the world. This challenge was frightening, especially in developing countries across the globe, as it reduced imports due to disruptions in global trade. To date, no definitive treatment against COVID-19 has been established. Hence, the lack of definitive therapy offers significant opportunities for the global fluorescent immunoassay market. In the long run, the fluorescent immunoassay market would have significant growth prospects as many market players had received emergency use authorization for their newly developed tests. In May 2020, ERBA Diagnostics Mannheim GmbH (Germany) launched its immunoassay-based kit-ErbaLisa COVID-19 ELISA kits-to detect IgG and IgM antibodies against SARS-CoV-2. In addition, researchers developed portable devices, reagents, and standards suitable for home use. Therefore, all such developments would add up to the proliferating future demand for fluorescent immunoassays.

Based on product type, the global fluorescent immunoassay market is segmented into ELISA, rapid lateral flow immunoassay, and others. In 2021, the ELISA segment accounted for the largest share of the market. ELISA is a plate-based test technique for detecting and measuring soluble molecules such as peptides, proteins, antibodies, and hormones. The growth of this segment is attributed to the significant use of immunoassay tests to diagnose cancer, infectious illnesses, and other chronic problems. The same segment is likely to register the highest CAGR in the global fluorescent immunoassay market during the forecast period.

In terms of application, the global fluorescent immunoassay market is segmented into infectious diseases, oncology, cardiovascular diseases, and others. The infectious diseases segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.

The global fluorescent immunoassay market, based on end user, is segmented into hospitals & clinics, diagnostic centers, pharmaceutical & biotechnology companies, academic & research institutes, and others. The hospitals & clinics segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 6.6% in the market during the forecast period.

The World Health Organization (WHO), Food and Drug Administration (FDA), Centers for Disease Control and Prevention, National Center for Biotechnology Information, National Institute of Cancer Prevention and Research (NICPR), Public Health Agency of Canada, and Organization for Economic Co-operation and Development (OECD) are some of the major primary and secondary sources referred for preparing this report.