Radioimmunoassay Market

Radioimmunoassay Market Snapshot

The global radioimmunoassay market was valued at USD 433.9 Million in 2022 and is expected to reach USD 690.8 Million by 2033. The clinical use segment with a market share more than 82.0% has topped the global market within the purpose category and is expected to grow at a CAGR of close to 3.8% over the forecast period (2023 to 2033)

Market Outlook:

Data Points	Market Insights
Market Value 2022	USD 433.9 Million
Market Value 2023	USD 451.0 Million
Market Value 2033	USD 690.8 Million
CAGR 2023 to 2033	4.4%
Market Share of Top 5 Countries	57.7%
Key Market Players	PerkinElmer Inc., Berthold Technologies GmbH & Co.KG, LKB Instruments, Montreal Biotech, DIAsource, Abbexa, 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, and EUROIMMUN Medizinische Labordiagnostika AG.

The foundation of radioimmunoassay (RIA) is the formation of antigen-antibody complexes as a result of the competition between labelled and unlabelled antigens for certain antibody sites. Radioimmunoassay is an extremely sensitive method for measuring antigen quantities without the use of a conventional bioassay.

RIA is used to estimate the antigenicity of compounds, either naturally or through chemical modification. Hormones, tumour indicators (peptides, proteins, steroids, etc.), vitamins, medicines, and other substances all can be estimated by using this technique.

Sales Analysis of Radioimmunoassay Market from 2012 to 2022 Vs Market Outlook for 2023 to 2033

The historical market for radioimmunoassay was around 1.1% of the overall global immunoassay market USD 40.2 Billion in 2022. Demographic factor as population size, age, distribution and disease prevalence can influence the RIA market. The aging population is more prone to diseases and needs diagnosis.

Technological advancement in kit development can help to provide improved, automated and rapid diagnostic methods. These factors significantly shape the demand, adoption, and growth of the market on a global scale. It is essential for businesses operating in this market to closely monitor and understand these factors to make informed decisions and strategies.

• It has been demonstrated that patients with Hepatitis B Virus (HBV) infection create a greater financial and health burden on society than other patients. The World Health Organisation (WHO) estimates that 296 million individuals worldwide have HBV chronic infection in 2019, making it one of the most prevalent chronic illnesses globally.

Another major health-related issue is diabetes.

• Somatostatin content in delta-cell number is reduced in type-2 diabetes, claims research published in the International Journal of Molecular Sciences in 2023.

Somatostatin levels are measured using a radioimmunoassay (RIA) but require a longer duration for the development of results. Scientists have undertaken a task to transform the kit into a straightforward handheld gadget that can be mass-produced in a short period. These major applications of radioimmunoassay technology will boost demand for it globally.

What are the Key Opportunities for the Radioimmunoassay Manufacturers?

The availability and quality of healthcare infrastructure, including hospitals, clinics, and diagnostic centers, can impact the adoption of radioimmunoassay. Regions with well-developed healthcare systems are more likely to embrace and integrate advanced medical technologies.

An opportunity exists for the radioimmunoassay industry due to the growth in cancer, chronic illnesses, infectious diseases, therapeutic drug monitoring, and drug addiction throughout the world as well as its use in the diagnosis of autoimmune diseases, cardiology, and endocrinology.

This technology can aid in the early detection, monitoring, and management of these conditions, leading to improved patient outcomes.

Collaborations and partnerships between healthcare providers, research institutions, and technology companies can foster innovation and accelerate the adoption of radioimmunoassay. Joint efforts in research, development, and commercialization can lead to the expansion of market reach and the development of new applications.

• Based on the suggestions of the Association of Diagnostics Manufacturers of India (ADMI), the Government of India placed a 5% import levy on diagnostic kits for the diagnosis of Hepatitis B and HIV since February 2022.

This initiative has helped local RIA kits manufacturer to develop and promote their products within the country. This provides an opportunity for emerging and local manufacturers to expand in the market.

What are the Factors Restraining the Demand for the Radioimmunoassay Market?

The market faces competition from alternative diagnostic technologies such as stable free radicals, fluorochromes, chemiluminescence precursors, enzyme inhibitors, and methods. These are easy to handle, can give qualitative and quantitative information and easy to discard post experiment.

This competition can limit market penetration and slow down the growth of radioimmunoassay, particularly in regions where other technologies are more established.

It is largely restricted to immunoassays, the need for expensive reagents and equipment and the requirements for licensing and containment. Another important problem is disposal of radioactive waste management, special training and license required and expensive instrumentation.

Country-wise Insights

Why is the USA a Prominent Market for Radioimmunoassay in North America region?

The USA occupies 29.8% share in global RIA market in the year 2022. The USA has a significant burden of chronic diseases such as obesity, diabetes and cardiovascular diseases. Radioimmunoassay is used in the assessing and managing of these conditions, making it relevant and in demand within the USA healthcare system.

The USA has a competitive medical device market, with various manufacturers and suppliers offering radioimmunoassay kit and related products. The demand for radioimmunoassay in the USA market is driven by the need for accurate and invasive diagnostic tools.

What Makes Germany a Highly Lucrative Market for Radioimmunoassay?

The Germany accounts for USD 38.0 Million in the global market in 2022. Germany boasts a skilled and well-trained healthcare workforce, including physicians, researchers, and technicians.

These professionals are knowledgeable in the use and interpretation of radioimmunoassay data, enabling widespread adoption and application of the technology in clinical practice and research. Prominent immunodiagnostic kit developing industries are located in Germany giving it an upper hand in market.

What Makes China a Large Market for Radioimmunoassay?

China held a dominant share of the East Asia market and contributed around USD 35.8 Million in 2022. The country's swiftly expanding middle class has boosted expenditure on healthcare and disposable money. The need for better-quality healthcare goods, like radioimmunoassay, has increased as a result of demographic shifts.

The rising middle class's increased disposable income has helped the Chinese economy expand. The Chinese population is second largest in world making it a huge market for disease diagnostics, RIA being able to identify high level of sensitivity is prominently used for diagnosis many china a large market for radioimmunoassay.

Category-wise Insights

Why Kits & Reagents are Preferred Majorly in Radioimmunoassay Market?

Kits & reagents accounted for USD 262.9 Million, representing a sizable 60.2% global market share in 2022. The kits and reagents are inexpensive, simple to use, and readily available. They offer great specificity and selectivity, delivering thorough information on biomolecule diagnosis.

The compounds are simple to produce and ship as kits, making them readily available. Reagent and kit manufacture takes less time; therefore, they are always ready when needed.

Which Segment Is the Most Lucrative Segment Among Application?

The infectious disease segment accounted for the predominant share in the global market, with a revenue share of 33.5% in 2022. Mutations in bacteria and viruses have increased the prevalence of infectious illnesses in recent years.

Bacterial strains that are multi-drug resistant have rapidly developed, and viruses' pathogenicity has increased significantly in parallel. Infectious illness cases have increased as a result, necessitating an immediate and precise diagnosis. Since RIA makes this possible, the segment is the most profitable segment for radioimmunoassay market.

Which End User is Benefiting the Global Market?

The hospitals have a considerable presence in the global market accounting for 27.4% market share in 2022 and expected to grow at a CAGR of 5.4%. When in pain, individuals with and without chronic or infectious disorders visit hospitals. Because nurses and doctors are well-trained and knowledgeable to handle and comprehend these procedures, hospitals are the most beneficial end user in the market.

For What Purpose is Radioimmunoassay Mostly Used?

The clinical use segment contributes USD 356.6 Million globally in 2022. A significant number of RIA kits are the result of research and development, but their primary function is the detection and identification of a particular molecular target. A vast number of disorders are associated with variations in biomolecule levels.

Based on the results of the initial screening, patients are then directed onto RIA, which provides thorough health information. The variety of radioimmunoassay are utilised for clinical purposes since once standardised, an assay does not require further study.

Which Is the Most Prominent Section according to Sample Type in Radioimmunoassay Market?

Serum accounted for USD 179.6 Million market value in 2022. The sizeable amount of RIAs used to diagnose diseases are carried out on patient serum. Since the serum circulates throughout the body, it contains the most freely floating biomolecules that are present in a person. Serum is easily available, has high amount of antigen, and can be used for multiple test other than RIA, hence it is preferred over saliva, urine, plasma and cell culture sample.

Competitive Landscape

The market for radioimmunoassay is fragmented in nature with numerous prominent firms competing in the market. Collaborations and agreements between healthcare providers, research institutions, and tech companies can spur innovation and speed up the spread of radioimmunoassay.

Investment in research and development with commercialization of technologically improved products can lead to market expansion. Among the well-known players in this field are:

• In May 2023, EUROIMMUN has received an in vitro diagnostic regulatory (IVDR) certificate, which allows the business to transfer goods from higher IVD risk classes B and C to the new IVDR. New items in these classes, on the other hand, may now be promoted as IVDR-compliant, gaining customer trust in the goods and kits.
• In July 2022, a strategic agreement was signed between Svar Life Science and DIAsource ImmunoAssays to transfer the Chromogranin A NeolisaTM (ELISA) product and the portfolio of radioimmunoassays (RIA) to the latter.
• In May 2021, PerkinElmer purchased Immunodiagnostic Systems Holdings PLC, a company that specialises in in-vitro diagnostics. As a result of the acquisition, PerkinElmer is going to be able to develop their diagnostic business, notably its immunodiagnostics division.

Similarly, recent developments related to the companies in the radioimmunoassay market have been tracked by the team at Future Market Insights, which are available in the full report.

Report Scope as Per Radioimmunoassay Industry Analysis

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2012 to 2022
Market Analysis	USD Million for Value & Units for Volume
Key Regions Covered	North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA)
Key Countries Covered	USA, Canada, Brazil, Mexico, Argentina, Germany, France, Spain, Russia, Italy, BENELUX, UK, India, Indonesia, Thailand, Philippines, Malaysia, Vietnam, China, Japan, South Korea, Australia, New Zealand, GCC countries, Türkiye, South Africa and Northern Africa.
Key Market Segments Covered	Product, Application, Purpose, Sample Type, End User, and Region
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
Report Coverage	Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Pricing	Available upon Request

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)

Frequently Asked Questions

What is Current Market Valuation?

The market is estimated to secure a valuation of USD 451.0 million in 2023.

What is the Projected Size of the Market by 2033?

The global market size is expected to reach USD 690.8 million by 2033.

What is the Growth Potential of the Market?

The growth potential of the market is 4.4% through 2033.

What is the Market Share of Top Five Countries?

The market share of top five countries is 57.7%.

What are the types of RIA?

There are two types of RIA, including coated-tube RIA and double-antibody RIA.