Radioimmunoassay Market to Grow at a Steady CAGR Of 4.4% by 2033, Revolutionizing Global Diagnostics, According To FMI

The Radioimmunoassay Market 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.

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.

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In 2023, the market for radioimmunoassays was valued at US$ 690.8 million, and by 2033, it is anticipated to reach US$ 690.8 million. Within the purpose category, the clinical use segment led the global market with a market share of more than 82.0%, and it is further projected to expand at a CAGR of 4.4% over the forecast period (2023-2033).

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.

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.

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 “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.

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

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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)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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