by Radioimmunoassay is an in vitro immunoassay which uses antibodies labeled to a radioactive isotope to determine the presence or concentration of substances in a sample. It is widely used for detection of hormones, tumor markers, vitamins, drugs, and thyroid stimulating hormones.
The global 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 key trends:
One of the key trends in the radioimmunoassay market is the development of novel immunoassay platforms that provide accurate, precise and reliable detection of biomarkers in serum and plasma in a cost effective manner. For instance, companies are developing automated random access platforms that can perform different types of immunoassays simultaneously which is helping in streamlining the workflow and reducing turnaround time in clinical laboratories.
SWOT Analysis
Strength: Radioimmunoassay has high accuracy and sensitivity. It can detect very small amounts of substances like hormones, vitamins and tumour markers in the blood.
Weakness: Radioimmunoassay requires specialized equipment and handling of radioactive materials which needs proper safety handling procedures and trained personnel.
Opportunity: Growing geriatric population suffering from chronic diseases is increasing the demand for advanced diagnostic tests. Rising healthcare expenditure in developing nations also provides growth opportunities.
Threats: Alternative technologies like enzyme immunoassay and chemiluminescence immunoassay techniques have lower operational costs are gaining popularity. Stringent regulations for radioactive waste disposal pose challenges.
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 and lifestyle diseases. The rising popularity of in vitro diagnostic testing and increasing adoption of advanced technology in clinical laboratories are also fueling market growth.
Regional analysis
North America dominated the global market and accounted for over 30% revenue share in 2023 due to availability of advanced healthcare facilities and presence of leading industry players in the region. Asia Pacific is anticipated to exhibit fastest growth during forecast period due to rising healthcare expenditure, growing medical tourism and availability of low-cost R&D facilities.
Key players operating in the Radioimmunoassay market are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. PerkinElmer Inc offers DELFIA, LANCE and homogenous time-resolved fluorescence based assay platforms. Siemens Healthineers provides immunoassay analyzers and kits for thyroid function, fertility and bone health testing. DiaSorin S.p.A specializes in infectious disease and bone and mineral metabolism testing. IBL International GmbH supplies immunodiagnostic reagents and instruments for research and clinical laboratories.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
