Radioimmunoassay is a biochemical technique used to measure the concentration of hormones, drugs, and other components in a sample. It involves the use of a radioactively labeled antigen to determine the amount of its binding partner, usually an antibody, in a sample. The technique combines principles of radioactivity, immunology, and saturation analysis. It provides high levels of sensitivity and specificity in identifying and measuring minute quantities of target molecules.
The Radioimmunoassay Market is estimated to be valued at US$ 450.39 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Two major drivers contributing to the growth of the radioimmunoassay market include rising prevalence of chronic diseases and increasing applications in biomedical research. According to Our World in Data, chronic diseases accounted for over 70% of global deaths in 2020. Most chronic diseases like thyroid disorders, diabetes, and cancer require long-term management which involves frequent monitoring through tests like radioimmunoassay. This is driving the demand for radioimmunoassay kits and consumables. Additionally, radioimmunoassay has widespread applications in biomedical research for studying molecular interactions, enzyme assays, receptor binding, and detecting biomarkers. The growing research scope in disease diagnostics and drug discovery is fueling revenue opportunities in the market.
Segment Analysis
The global radioimmunoassay market can be segmented based on product, application, end user, and region. Based on product, the market is segmented into reagents and kits and analyzers. The reagents and kits segment dominates the market and is expected to continue its dominance over the forecast period. This is because radioimmunoassay depends heavily on reagents and kits to function.
PEST Analysis
Political: The global market is expected to grow steadily as legislative and regulatory agencies aim to drive awareness and availability of diagnostic tests.
Economic: Rising healthcare expenditure worldwide and growing demand for cost-effective disease diagnosis will boost market growth.
Social: Increasing incidence of chronic diseases and technological advancements are generating demand for accurate and affordable diagnostic tests.
Technological: Advancements in biotechnological techniques and development of automated analyzers are widening applications of radioimmunoassay.
Key Takeaways
Global Radioimmunoassay Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing incidence of chronic diseases. The market size for 2023 is US$ 450.39 Mn.
Regional analysis indicates North America holds the major share of the global market due to presence of advanced healthcare infrastructure and increasing healthcare expenditure in the US. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare awareness, increasing healthcare expenditure, and significant development in healthcare facilities in emerging economies like China and India.
Key players operating in the radioimmunoassay market are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. PerkinElmer Inc. offers a wide range of reagents and analyzers catering to research and clinical diagnostics needs. Siemens Healthineers provides premium quality reagents, controls, calibration solutions and automation platforms for laboratories. DiaSorin is a prominent player with robust portfolio of CLIA immunoassays and fully automated analyzers. IBL International is a leading innovator and manufacturer of reagents and tests for diverse applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it