Radioimmunoassay is a powerful diagnostic technique based on the principle of competitive binding. It involves the use of radiolabeled drugs and antibodies to measure the amount of antigen present in a sample. The high sensitivity of radioimmunoassay enables the detection of minuscule levels of hormones or medications in biological samples. This method has revolutionized medical diagnostics by providing accurate and precise measurements, making it an invaluable tool in various fields, including clinical laboratories, pharmaceutical research, and hormone analysis.
According to Data Bridge Market Research, the Radioimmunoassay Market is expected to reach USD 618.44 million by 2030. The market is expected to grow with a CAGR of 4.1% in the forecast period of 2023 to 2030.
“Rise in the prevalence and incidence of infectious diseases”
Infectious diseases are caused by pathogens such as viruses, bacteria, fungi, and parasites that enter the body. These diseases can spread through contaminated food or water and insect bites. While some infections are mild, others can be severe. The increasing prevalence of infectious diseases has led to a significant rise in the use of biological models. Consequently, there is a growing demand for radioimmunoassay techniques to detect and study these diseases, driving the market's growth in the foreseeable future.
What restraints the growth of radioimmunoassay market?
“High cost of installation and maintenance of radioimmunoassay kits”
The high cost of radioimmunoassay kits is a significant challenge for the market, as it can hinder the demand for these kits. The expensive nature of these kits can pose financial constraints for healthcare facilities and research laboratories, limiting their ability to afford and utilize such diagnostic tools. This can ultimately decrease the overall demand for radioimmunoassay kits, impacting the market's growth potential. Efforts to develop more cost-effective alternatives or improve cost-efficiency could help mitigate this challenge and drive market expansion.
Segmentation: Global Radioimmunoassay Market
The radioimmunoassay market is segmented on the basis of product type, application, end user, and distribution channel.
- On the basis of product type, the radioimmunoassay market is segmented into radioimmunoassay reagents and kits and radioimmunoassay analyzer.
- On the basis of application, the radioimmunoassay market is segmented into clinical diagnosis and scientific research.
- On the basis of end user, the radioimmunoassay market is segmented into hospitals, clinical diagnostic laboratories, academic and research institutes, pharmaceutical and biopharmaceutical industry, contract research organizations, and others.
- On the basis of distribution channel, the radioimmunoassay market is segmented into direct tender, online sales, third party distributions and others.
Regional Insights: North America dominates the Radioimmunoassay Market
North America is dominates the radioimmunoassay market share and revenue and will continue to flourish its dominance during the forecast period. This is due to the rising technological advancements in microscopy in that region, and growing R&D investments and the launch of new products are boosting the market.
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Recent Developments
- In April 2022, Merck, a leading science and technology company, announced several organizational changes and a new operating model to support the life science business sector's long-term growth strategy and better serve its customers' evolving needs. This has helped the company to expand its life sciences business segment.
- In June 2022, EUROIMMUN, a PerkinElmer, Inc. company, announced the launch of two CE-marked assays – the Anti-SARS-CoV-2 RBD ChLIA (IgG) and the Anti-SARS-CoV-2 Omicron ELISA (IgG). Both test systems enable the detection of IgG antibodies formed against SARS-CoV-2 and are available to laboratories in countries that accept the CE mark. This has helped the company to expand its business in the market.
The Prominent Key Players Operating in the Radioimmunoassay Market Include:
- PerkinElmer Inc. (U.S.)
- Merck KGaA (Germany)
- Beckman Coulter, Inc. (U.S.)
- Abcam Plc. (U.K.)
- Tecan Trading AG (Switzerland)
- EUROIMMUN Medizinische Labordiagnostika AG (Germany)
- KAMIYA BIOMEDICAL COMPANY (U.S.)
- Berthold Technologies GmbH & Co.KG (Germany)
- Demeditec Diagnostics GmbH (Germany)
- MyBioSource.com (U.S.)
- DiaSource (Belgium)
- Hidex Oy (Finland)
- MP BIOMEDICALS (U.S.)
- Immuno-Biological Laboratories Co, Ltd. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of radioimmunoassay market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Radioimmunoassay Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
