The global radioimmunoassay market, a pivotal player in the detection of chronic and infectious diseases, is poised for substantial expansion over the next decade. According to recent market research, valued at USD 451.0 million in 2023, the market is forecasted to surge to USD 690.8 million by 2033, representing a steady Compound Annual Growth Rate (CAGR) of 4.4%.
Radioimmunoassay technology stands out for its unparalleled specificity and selectivity, requiring minimal specimen amounts for accurate diagnosis. As a result, it has become an indispensable tool in diagnostic centers worldwide.
The clinical use segment currently spearheads the market, capturing over 82% of the market share. With the global prevalence of viral infections on the rise, the clinical sector is anticipated to maintain its dominance, further bolstering the demand for radioimmunoassay technology.
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The ongoing COVID-19 pandemic has underscored the vital role of accurate and quick diagnostics in managing infectious diseases, which in turn has boosted the demand for RIA technologies. These assays are renowned for their high reproducibility, alongside the easy availability of kits and reagents, which are pivotal in the diagnosis of a broad array of viral infections.
As health systems across the globe continue to battle with rising viral outbreaks, the need for reliable diagnostic solutions like radioimmunoassay has never been more urgent. The market’s growth is also facilitated by technological advancements in diagnostic techniques and an increase in healthcare spending worldwide.
Industry leaders and healthcare providers are optimistic about the expansion of RIA technologies, recognizing their critical role in not only addressing current health challenges but also in preparing for future outbreaks.
Key Takeaways from Market Study:
- By product, kits and reagents section accounts for 6% of the global market share in 2022. The kits are mostly used for clinical analysis of various diseases and antigens, it is easy to use, interpret and handle at same time provide high selectivity and sensitivity hence kits share is more in products segment.
- By application, infectious disease diagnosis accounts for 5% of the global market share in 2022. Due to various reasons such as aging population, weaken immune system, there is high prevalence of infection around globe, to diagnose this the radioimmunoassay kits are used more in infectious disease diagnosis section.
- By sample type, the serum analysis using RIA contributes to 4% of global market in 2022. As it constitutes to a larger percentage of blood, it has the maximum biomolecules needed for the study.
- When considering end user, hospitals accounted for over 4% of the global market share in 2022. This can be attributed to the fact that most worldwide population are suffering from obesity and diseases which can be accurately diagnosed at the hospital under expert guidance.
- Based on purpose type, the clinical use segment is leading the global market with a market value share of 82.2% in 2022. With the increasing prevalence of chronic and infectious diseases, the number of diagnostic tests has increased.
- Among the regions, North America is leading the global with a global market value share of 31.5% in 2022. The region is characterized by a robust healthcare infrastructure, advanced diagnostic techniques, and a high prevalence of various disorders.
“The rising cases of chronic and infectious diseases with a wide range of applicability of radioimmunoassay contribute to its growth, providing considerable prospects for innovation and expansion.” says an analyst of Future Market Insights.
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Market Competition:
Leading players within this market are strongly focussed on acquisition of competitor firms developing radioimmunoassay products to enter into radioimmunoassay market sphere. The market for radioimmunoassay is a diverse one, with many well-known companies fighting for business. Collaborations and agreements between healthcare providers, research institutions, and tech companies can spur innovation and speed up the spread of radioimmunoassay.
- On May 10, 2023, EUROIMMUN was awarded the certificate for its quality management system. The certification aligns with the new European Regulation (EU) 2017/746 (IVDR) concerning in vitro diagnostic medical devices. TÜV Rheinland LGA Products GmbH granted the certificate to EUROIMMUN.
- In July 2021, DiaSorin S.p.A. announced the successful closing of its purchase of Luminex Corporation. As a result of the transaction, DiaSorin will have possession of Luminex’s multiplexing technologies and a portfolio that will complement its existing offering while increasing the Group’s footprint in the United States.
Key Companies Profiled:
- PerkinElmer Inc.
- Berthold Technologies GmbH & Co.KG
- LKB Instruments
- Montreal Biotech
- DIAsource
- IBL International GmbH
- Creative Biolabs
- MP BIOMEDICALS
- ALPCO
- Padyab Teb Co.
- Merck KGaA
- NovoLytiX GmbH
- Beckman Coulter, Inc.
- DiaSorin S.p.A.
- DRG INSTRUMENTS GMBH
- EUROIMMUN Medizinische Labordiagnostika AG
Key Market Segments Covered in the Radioimmunoassay Industry Research:
By Product:
- Kits & Reagents
- Kits
- Antibodies
- Instruments
- Consumables
- Services
By Application:
- Oncology
- Cardiology
- Endocrinology
- Infectious Disease
- Autoimmune Disease
- Therapeutic Drug Monitoring
- Drug of Abuse
- Others
By End User:
- Hospital
- Specialty Clinics
- Academic and Research Institute
- Diagnostics Laboratories
- Reference Laboratories
- Cancer Research Institutes
- Veterinary Hospitals
By Purpose:
- Research Use Only
- Clinical Use
By Sample Type:
- Serum
- Plasma
- Urine
- Saliva
- Cell Culture Sample
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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