Radioimmunoassay Market

Radioimmunoassay Market Overview

The radioimmunoassay market is projected to have an average-paced CAGR of 4.10% during the forecast period. The current valuation of the market is US$ 448.03 million in 2022. The market value of the radioimmunoassay market is anticipated to reach a high of US$ 669.60 million by the year 2032. A historical market valuation of US$ 430.38 million has been recorded in the analysis conducted by Future Market Insights.

Quantification of a specific protein in a complex sample is a valuable contribution in the field of medical science. Immunoassays use the highly specific antibodies to target specific molecule of interest and analyze its concentration in a sample. Thus, immunoassay can be defined as a biochemical procedure which is used to measure the concentration of specific antigen with a specific antibody.

The first immunoassay was developed in 1959 wherein radiolabeled insulin was used to determine the concentration of insulin in human plasma. Radioimmunoassay (RIA) is a medical diagnostic procedure used to measure the concentration of specific antigens by using specific antibodies. RIA is a highly sensitive technique using which any biological substance for which a specific antibody exists can be quantified, in a very minute concentrations.

Radioimmunoassay is the first immunoassay technique using which Nano molar and Pico molar concentrations of hormones in biological fluids can be determined. RIA technique relies on a very basic principle of competitive binding where a radioactive antigen competes with non-radioactive antigen for a specific antibody. RIA technique finds application in various areas of disease diagnosis such as it is used in early detection and diagnosis of cancer, it is also used in diagnosis of various other infectious diseases including neurodegenerative disorders.

RIA is considered as one of the most pivotal and traditional method used for endocrine disorders diagnosis. In pharmaceutical industry RIA is used for drug testing. The market for RIA is expected to witness a significant growth rate over the forecast period owing to rising use of radioimmunoassay techniques in cancer diagnosis and advancements in medical research.

The global radioimmunoassay market is expected to exhibit a single digit CAGR over the forecast period (2016-2026).

Innovative Business Strategies to Influence Opportunities in the Market

The radioimmunoassay market has been witnessing an unprecedented surge over the past few years owing to its high sensitivity that can analyze nanomolar and picomolar concentrations of hormones in biological fluids. Radioimmunoassay has become one of the major tools in various clinical laboratories for diagnostic procedures and is gaining rapid traction in the continually evolving medical landscape. It is highly having an application for the assessment of plasma levels of most hormones, identification of the presence of certain drugs, evaluation of the presence of hepatitis B surface antigen in donated blood, and others.

FMI has analyzed that the market share is upscaling due to the increasing usage of radioimmunoassay in pharmaceutical industries, research labs, and in contract research organizations, which is leading to high demand for the product based on the techniques.

Furthermore, the expert analysts at FMI have revealed that there is a rising need for error-free and quality results to ensure patient satisfaction, which is making the diagnostic centres opt for high-throughput and automated procedures, resulting in major growth of the radioimmunoassay market in the estimated study period.

According to the WHO, cancer is the second leading cause of death in the world. In the base year, the global cancer burden is estimated to have risen to 18.1 million new cases, and 9.6 million deaths were estimated by cancer. The rise in the prevalence of cancer and other infectious diseases is expected to lead to the growth of the radioimmunoassay market.

Due to the existence of numerous international and regional companies, the market for polymer emulsions is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world.

However, after an in-depth analysis of the market, it has been identified by the FMI analysts that skilled professionals are required to monitor the system and read the reports, and the high cost of installation and maintenance of radioimmunoassay is projected to restrain the global radioimmunoassay market. Besides these aspects, the concerned market is anticipated to witness lucrative growth over the forecast period.

Radioimmunoassay Market: Drivers and Restraints

The global radioimmunoassay market is expected to experience a considerable growth over the forecast period driven by rising prevalence of cancer and various other infectious diseases. The increasing use of RIA procedures in research centers, contract research organizations and pharmaceutical industries is also driving the overall growth of radioimmunoassay market over the forecast period.

Furthermore rising demand for high throughput and automated procedures in research centers and diagnostic labs to ensure patients satisfaction in getting error free results are some of the key factors driving the radioimmunoassay market growth over the forecast period.

Factors responsible for restraining the growth of global radioimmunoassay market include, high cost of the procedure and continuous innovations in various other immunoassay procedures such as ELISA.

Sabyasachi Ghosh

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

Radioimmunoassay Market: Overview

With rising incidence of cancer, endocrine disorders along with various other infectious diseases and increased use of radioimmunoassay procedure in pharmaceutical industry for drug testing, the global radioimmunoassay market is expected to have a robust growth over the forecast period (2016-2026).

Other factors driving the growth of radioimmunoassay market include rapid advancements in medical research and increased spending in research and development and life science sector. The use of radioimmunoassay in diagnosing neurodegenerative disorders is also fueling the market growth.

Radioimmunoassay Market: Region- wise Outlook   

The global market for radioimmunoassay is expected to register a healthy CAGR during the forecast period. Depending on geographic regions, global Biopsy Device market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan and Middle East & Africa.

In terms of region Europe accounts for the largest market shares in global radioimmunoassay market owing to advancements in medical research, clinical trials, growing geriatric population with cancer indication. Also prevalence of various other infectious diseases in the region is expected to drive the radioimmunoassay market growth in the near future.

North America holds the second largest share in the global radioimmunoassay market. The market for radioimmunoassay in North America is particularly driven by gradually increasing awareness, rising incidence of cancer patients and adoption of advanced technologies in research sectors.

Increased investment by government and nongovernment organizations in establishment of research centers is also expected to drive the growth of radioimmunoassay market in North America. Asia pacific is expected to represent lucrative market growth in the radioimmunoassay market owing to rapidly aging population and rise in application of radioimmunoassay technique in cancer diagnosis.  

Become a MarketNgage Insider

An unified Market Research Subscription Platform, built for today’s disparate research needs.

Sign-Up

Radioimmunoassay Market: Key Players

Some of the key market players in global radioimmunoassay market are DIAsource ImmunoAssays, Beckman Coulter, Inc., IBL Internationa, PerkinElmer, Inc, DRG International, Inc., MP Biomedicals, LLC, Cisbi, Euro Diagnostica AB, DiaSorin S.p.A., EMD Millipore, Izotop, Berthold Technologies GmbH.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.

The report covers exhaustive analysis on

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

Regional analysis includes

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC, S. Africa, N. Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Radioimmunoassay Market: Segmentation

Global Radioimmunoassay Marketis segmented on the basis of product, application, end use and geography as following:

By Product:

• Kits and Reagents
• Analyzers

By Application:

• Scientific Research
• Medical Diagnosis

By End User:

• Hospitals
• Pharmaceutical and Biotechnology Industry
• Academic Research Institute
• Contract Research Organizations