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I AgreeAnalysis of Radioimmunoassays Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Expanding at a CAGR of 3%, the global radioimmunoassays market is valued at US$ 420.15 million in 2023 and is projected to reach a valuation of US$ 564.65 million by the end of 2033.
An immunoassay that employs radiolabeled molecules in the sequential assembly of immune complexes is known as a radioimmunoassay (RIA). An RIA is an extremely sensitive in-vitro assay technique for determining the quantities of various substances. Typically, antigen concentrations are determined using antibodies, such as the hormone levels in the blood.
The RIA method is still one of the least expensive ways to do such assessments despite its high degree of sensitivity and specificity and its need for specialized equipment. Due to the usage of radioactive materials, specific safeguards and licensing are required.
A known quantity of an antigen is traditionally made radioactive for a radioimmunoassay by tagging it with gamma-radioactive isotopes of iodine, such as 125-I linked to tyrosine. A reagent also referred to as an analytic reagent, is a compound or substance that is added to a solution in chemistry to bring about a chemical reaction or check to see whether any happens.
Although the terms ‘reagent’ and ‘reactant’ are often used and considered synonymous, ‘reactant’ refers to a material that is consumed during a chemical reaction. Global demand for reagents & kits is predicted to evolve to 3.5% during the forecast period.
The exceptional sensitivity of radioimmunoassay, which can detect hormone concentrations in biological fluids at nanomolar and picomolar levels, makes it a popular method. Radioimmunoassay (RIA) has emerged as one of the vital tools in a wide range of clinical labs for diagnostic procedures, such as determining the existence of certain abused drugs, certain hormones in plasma, hepatitis B surface antigens in donated blood, and others.
This radioimmunoassay (RIA) method is also employed in the early detection of cancer, the treatment of peptic ulcers, the study of neurotransmitters, the identification of infections, the early detection of allergens in food and household dust, and other conditions.
To measure the amount of insulin in human plasma, radiolabeled insulin was employed in the first immunoassay, which was created in 1959. One of the most important and established methods for diagnosing endocrine problems is believed to be the RIA technique. Drug testing in the pharmaceutical business is done through a radioimmunoassay system. Due to the increased usage of radioimmunoassay techniques in cancer detection and developments in medical research, the market for radioimmunoassay is anticipated to experience a steady growth rate throughout the forecast period.
Report Attributes |
Details |
Radioimmunoassay Market Size (2023E) |
US$ 420.15 Million |
Forecasted Market Value (2033F) |
US$ 564.65 Million |
Global Market Growth Rate (2023 to 2033) |
3% CAGR |
China Market Growth Rate (2023 to 2033) |
3% CAGR |
Japan Market Growth Rate (2023 to 2033) |
3% CAGR |
Germany Market Growth Rate (2023 to 2033) |
3% CAGR |
Canada Market Growth Rate (2023 to 2033) |
2.5% CAGR |
Key Companies Profiled |
|
“Rising Cases of Cancer & Infectious Disorders across the World”
Diagnostic centres are choosing high-throughput and automated methods due to the increasing requirement for error-free and high-quality findings to ensure patient satisfaction, which is leading to major growth of the radioimmunoassay market. Cancer is the second most common cause of death worldwide, according to the WHO.
Demand for radioimmunoassay is anticipated to increase as the prevalence of cancer and other infectious disorders rises worldwide.
“Positive Impact of COVID-19 on Market”
During the pandemic, there was a huge surge in the demand for medical diagnostic procedures for the precise and quick diagnosis of SARS-CoV-2 infection. In particular, there was a strong need for serological and radioimmunological testing of infected asymptomatic and symptomatic people. Therefore, changes in COVID-19 instances have a beneficial effect on the growth of the radioimmunoassays market.
Thus, the development of radioimmunoassays for COVID-19 diagnosis is boosting the demand for radioimmunoassays.
“Growing Adoption of Radioimmunoassay Analyzers in Diagnosis Procedures”
The world is witnessing expanding use of radioimmunoassay analyzers in clinical diagnostics.
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“Lack of Skilled Medical Staff and Stringent Regulations for Product Approvals”
A thorough research of the market revealed that some developing and underdeveloped nations' lack of skilled personnel for the report analysis is anticipated to impede sales growth.
The worldwide radioimmunoassays market is also anticipated to be constrained by the high installation and maintenance costs of radioimmunoassay products. The licensing and marketing of immunoassay supplies and equipment are subject to stringent regulations set by regulatory organisations in several nations. Technological obstacles include the cross-reactivity of antibodies, false negatives, the low detection limits of the available antibodies, and others that are also slowing the development of the market for radioimmunoassay.
“Rising Prevalence of Chronic Disorders”
In terms of value, the United States dominates the North American market for radioimmunoassays. Local radioimmunoassay demand is growing mostly due to the country's high-end healthcare infrastructure, the availability of immunoassay reimbursement, and the high prevalence of chronic diseases.
Therefore, sales of radioimmunoassays are growing along with the prevalence of chronic disorders in the United States.
“Key Market Players Producing Advanced Analyzers”
European countries including France, Switzerland, the United Kingdom, Italy, Spain, and Germany are profitable marketplaces for radioimmunoassay producers. By isolating individuals, confirmatory testing enables quick virus diagnosis and aids in halting future transmission.
The highly negative effects of COVID-19 on European nations increased the demand for analyzers. The advent of technologically sophisticated analyzers on the European market is considerably boosting sales of radioimmunoassays.
Furthermore, one of the key aspects driving sales growth is the rising use of technically sophisticated devices such as automated analyzers and small, portable analyzers.
“Employment of Advanced Radioimmunoassay Techniques and Increasing Cases of COVID-19”
Rapidly growing cases of COVID-19 in the Asia Pacific countries such as Japan and China are currently boosting the sales of radioimmunoassays. Due to its high concentration of manufacturers of immunoassay reagents and equipment, China is currently leading the growth of the Asia Pacific market.
One of the factors driving the demand for radioimmunoassays in the region is the growing usage of cutting-edge laboratory techniques and procedures for quicker investigation and detection of chronic and infectious illnesses. In addition, the development of molecular kits and the rise in demand for diagnostic reagents are major market drivers in the Asia Pacific region.
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“Pharmaceutical Companies Account for High Sales of Radioimmunoassays”
In the drug development and pharmaceutical sectors, bioequivalence studies, clinical pharmacokinetics, therapeutic drug monitoring, illness diagnostics, and other significant fields of pharmaceutical analysis have all seen extensive usage of immunoassays. Due to their inherent specificity, high speed, and high sensitivity for the evaluation of a broad range of analytes in biological samples, immunoassay methods are important and widely used in pharmaceutical analysis.
The COVID-19 pandemic is supporting the radioimmunoassays market growth, as these tests are widely employed for the quick detection of this virus mutation and are urgently required for the earlier detection of infected people. Immunoassay is therefore anticipated to play a crucial role as the situation has gotten more urgent and the severity and complexity of the current COVID-19 crisis in various Asia Pacific countries continue to develop.
Significant advancements have recently been made in the area of developing immunoassays for use in pharmaceutical analysis. These advancements included the creation of special immunoanalytical reagents, analysis of brand-new compound categories, methodology, and equipment. Pharmaceutical businesses have been spending more money on research and development over time.
Key players in the radioimmunoassays market are making significant efforts to meet the unmet demands of end customers and are placing increasing emphasis on new product development, local supply strategies, mergers and acquisitions, and geographical expansion.
Major companies in the radioimmunoassays market are changing their product pricing trends according to the regional end users' demand. Primarily the focus of market participants is on enhancing the supply chain management system, product standards, safety regulations, and quality control these tactics help them to enhance their market position.
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Global radioimmunoassay demand is valued at US$ 420.15 million in 2023.
Worldwide radioimmunoassay sales are projected to reach US$ 564.65 million by 2033.
Global sales of radioimmunoassays are expected to increase at a CAGR of 3% during the forecast period.
Rapidly increasing prevalence of contagious diseases is boosting the demand for radioimmunoassays.
Beckman Coulter, Inc., Berthold Technologies GmbH & Co. KG, and Cisbio Bioassays are key providers of radioimmunoassays.