The growth of this market is majorly driven by the increasing research in the life sciences industry and the growing need to identify antigens associated with autoimmune diseases (through antigen-antibody interaction to understand disease mechanisms and develop relevant drugs targeting these diseases). 

The kits segment is projected to grow at the highest CAGR between 2018 and 2024. Growth in this market can be attributed to factors such as the requirement for repeat purchase of kits, coupled with the increasing number of IP assays to isolate and purify antigens. 

The individual IP segment is projected to grow at the highest rate in the market, by type. The increasing use of IP in studying protein-protein interactions, to detect the presence of an antigen, and to determine the relative quantity of an antigen are driving the use of individual IP in various research studies during the forecast period. 

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The market for magnetic beads is expected to grow at the highest rate in the forecast period. When IP is performed using superparamagnetic beads, there is no need for centrifugation or time-consuming pre-clearing processes. These advantages of magnetic beads over agarose beads are driving their demand among end users. 

On the basis of type, the immunoprecipitation market is segmented into individual IP, co-IP, ChIP, and RIP. The increasing use of IP in studying protein-protein interaction, to detect the presence of an antigen, and to determine the relative quantity of an antigen are driving the use of individual IP in various research studies. 

The prominent players in the global immunoprecipitation market are Thermo Fisher Scientific (US), Abcam (UK), and Merck KGaA (Germany).