Alamar Biosciences Pushing Proteomics from Discovery to Diagnostics; Initiating at Overweight with a $30 PT

Research evidence excerpt

Alamar Biosciences Pushing Proteomics from Discovery to Diagnostics; Initiating at Overweight with a $30 PT

the combined total addressable market across proteomics

research and protein-based clinical diagnostics at ~$50B today, comprising ~$19B from

proteomics research and >$30B from clinical immunoassays, and expects this

opportunity to grow to ~$80B over the next decade. Within the broader proteomics

market outlined above, the company splits out what it refers to as “advanced

proteomics,” which are next-gen tools that multiplex at high sensitivities, also enabling

advanced proteomics clinical diagnostics. This advanced proteomics sub-market is

estimated at ~$4.1B across research and clinical diagnostics today (~$3.7B from

advanced proteomics research and ~$0.4B from advanced proteomics clinical

diagnostics) and is expected to grow exponentially to ~$20B by 2035, led by clinical

diagnostics (~$9B in clinical diagnostics vs. ~$11B from proteomics research). ALMR’s

ARGO instrument, utilizing NULISA, can scale from discovery through translation

toward clinically oriented testing, which management believes broadens the addressable

market beyond a single point solution. With this context in mind, ALMR cites Illumina

(ILMN) as a historical analog that illustrates how a research-led instrument platform can

catalyze downstream clinical adoption over time as applications are validated and the

ecosystem develops.

Since launching the RUO ARGO HT in Jan. 2024, ALMR has placed >100

instruments, with biopharma driving further growth.

ALMR first commercially launched its flagship ARGO HT in January 2024 and has

enjoyed a strong adoption curve since, placing 30 instruments in the first year of launch

and an impressive 66 in 2025 despite a challenging A&G funding environment. While