Radioimmunoassay is an immunological test method used for detecting and measuring antigens by using the specificity of binding between antigen and antibody. It is commonly used in research, clinical laboratories, and hospitals to test for antigens or antibodies in blood, saliva, urine, or tissue. Some common applications of radioimmunoassay include the measurement of peptide and protein hormones like insulin, thyroid hormones, vitamin B12, cortisol; tumor markers such as CA 15-3, CA 125, CEA; drugs and pharmaceuticals in plasma; and infectious disease testing. The global Radioimmunoassay Market is estimated to be valued at US$ 518.85 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the global radioimmunoassay market size is majorly driven by the burgeoning demand for in-vitro diagnostics. Rapid diagnosis helps in early detection and treatment of chronic diseases like diabetes and cancers. Furthermore, radioimmunoassay provides high sensitivity and specificity for detection of small molecule antigens in biological fluids. For instance, the sensitivity of radioimmunoassay for detecting insulin is about 1 picogram per milliliter of sample which is nearly 1000 times more sensitive than other methods. This high sensitivity enables clinical evaluation and disease management.
Segment Analysis
The radioimmunoassay market is segmented into by type, application, end user and geography. By type, the market is segmented into reagents and kits, analyzers and others. Reagents and kits segment dominates the market and accounts for over 60% share of the global market. Reagents are major consumables used and required in larger quantities for RIA thereby driving the segment growth.
PEST Analysis
Political: Governments across regions are increasing funding for radioimmunoassay market given their widespread applications in healthcare and life sciences research. Various regulations also ensure standard procedures are followed for safety and accuracy.
Economic: Developing economies are witnessing higher healthcare spending which is positively impacting the market. The rising R&D investments from academic institutes and pharma companies also support market growth.
Social: Growing geriatric population and prevalence of chronic diseases have increased the demand for immunoassay diagnostic tests. Radioimmunoassay find widespread usage in fields like endocrinology and cardiac testing.
Technological: Advancements in analyzer designs have enabled higher throughput and automation. Use of robotics and artificial intelligence is also improving workflow efficiency and data management in radioimmunoassay procedures.
Key Takeaways
The global radioimmunoassay market is expected to witness high growth during the forecast period of 2024 to 2031.
The North America region dominates currently owing to presence of major players and availability of advanced healthcare facilities. Key players operating in the radioimmunoassay market are Schneider Electric SE, Accuvio Sustainability Software, Cority Software Inc., IBM Corporation, Johnson Controls, Dakota Software Corp, Accenture PLC, Enablon SA and SAP SE.
Key players operating in the radioimmunoassay market are Schneider Electric SE, Accuvio Sustainability Software, Cority Software Inc., IBM Corporation, Johnson Controls, Dakota Software Corp, Accenture PLC, Enablon SA and SAP SE. Key players are focusing on new product launches, geographical expansion and collaborations to strengthen their market presence.
