NEWARK, Del, July 03, 2023 (GLOBE NEWSWIRE) — The Radioimmunoassay Market is expected to grow at a significant rate in the coming years, driven by several factors including increasing rising viral infection cases around the globe, and advances in disease diagnostic techniques globally to stand at US$ 433.9 Million in 2022, and it is further projected to expand at a CAGR of 4.4% over the forecast period (2023 to 2033). By 2033, Radioimmunoassay Market is expected to reach US$ 690.8 Million.
Radioimmunoassay (RIA) is used widely for the detection of chronic as well as infectious diseases, selectivity and specificity with a minimum amount of specimen that have helped it reach most diagnostic centers. The easy availability of kits and reagents with high reproducibility in its tests are key factors that help in the growth of this market. A wide range of viral infections are detected using RIA, with rising cases of viral infections worldwide the global Radioimmunoassay market is about to grow tremendously.
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The RIA kits use radioactive isotopes for detection and diagnosis purposes, procurement and stringent rules and regulations regarding the handling of radioisotopes which is hampering the growth of the market.
In general, the market for Radioimmunoassay is likely to expand more in the next years. This market provides end user with a cheap and convenient way to diagnose disease.
Top Highlights by FMI’s Analysis:
By product, kits and reagents section accounts for 60.6% 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 33.5% 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 41.4% 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 27.4% 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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Competitive Landscape:
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.
Major Players are:
PerkinElmer Inc.Berthold Technologies GmbH & Co.KGLKB InstrumentsMontreal BiotechDIAsourceIBL International GmbHCreative BiolabsMP BIOMEDICALSALPCOOthers
What does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the Radioimmunoassay market in its latest study, presenting a historical demand assessment of 2012 to 2022 and projections for 2023 to 2033. The global Radioimmunoassay market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The analysis is based on product (kits & reagents [kits, & antibodies], instruments, consumables, services), by application (oncology, cardiology, endocrinology, infectious disease, autoimmune disease, therapeutic drug, monitoring drug of abuse, and others), by end user (hospital, specialty clinics, academic and research institute, diagnostics laboratories, reference laboratories, cancer research institutes, and veterinary hospitals), by purpose (research use only, clinical use), by sample type (serum, plasma, urine, saliva, and cell culture sample) across seven regions across the globe.
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Key Segmentation:
By Product:
Kits & Reagents KitsAntibodiesInstrumentsConsumablesServices
By Application:
OncologyCardiologyEndocrinologyInfectious DiseaseAutoimmune DiseaseTherapeutic Drug MonitoringDrug of AbuseOthers
By End User:
HospitalSpecialty ClinicsAcademic and Research InstituteDiagnostics LaboratoriesReference LaboratoriesCancer Research InstitutesVeterinary Hospitals
By Purpose:
Research Use OnlyClinical Use
By Sample Type:
SerumPlasmaUrineSalivaCell Culture Sample
Table of Content (TOC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Value-Added Insights
4.1. Product Adoption Analysis
4.2. Product USPs/Features Analysis
4.3. Regulatory Landscape, By Country
4.4. Disease Epidemiology, By Key Indication
4.5. Porter’s Analysis
4.6. PESTLE Analysis
4.7. Value Chain Analysis
4.8. Unmet Needs Analysis
5. Market Background
5.1. Macro-Economic Factors
5.1.1. Global Healthcare Expenditure Outlook
5.1.2. Global Life Science Market Outlook
5.1.3. Global Immunoassay Market Outlook
5.2. Forecast Factors – Relevance & Impact
5.2.1. Rising Cases of Chronic Illness
5.2.2. Increase in Research and Development
5.2.3. Government Initiative for Early Diagnosis
5.2.4. Growth of Clinical Diagnostics
5.2.5. Technological Advancements
5.2.6. Cost of Product
5.2.7. Adoption Rate
5.3. Market Dynamics
5.3.1. Drivers
5.3.2. Restraints
5.3.3. Opportunity Analysis
6. Global Market Demand Volume (Units) Analysis 2012 to 2022 and Forecast, 2023 to 2033
6.1. Historical Market Volume (Units) Analysis, 2012 to 2022
6.2. Current and Future Market Volume (Units) Analysis and Forecast Projections, 2023 to 2033
6.2.1. Y-o-Y Growth Trend Analysis
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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The global Radioimmunoassay (RIA) market is poised for significant growth due to its widespread use in detecting both chronic and infectious diseases. RIA… Read More