Radioimmunoassay is a laboratory technique which employs the principles of radioactivity and binding between an antigen and an antibody to detect and quantify substances in solutions. It is highly sensitive, is able to quantify both small molecules and large proteins and is able to measure very small concentrations. It has gained considerable attention and has been widely adopted for diagnosis of thyroid disorders, heart attacks, cancer etc.
The Global Radioimmunoassay Market is estimated to be valued at US$ 518.85 million in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Radioimmunoassay market are Schneider Electric SE, Accuvio Sustainability Software, Cority Software Inc., IBM Corporation, Johnson Controls, Dakota Software Corp, Accenture PLC, Enablon SA and SAP SE.
The key opportunities in the market are rising demand for immunoassay-based technologies, increasing R&D funding and grants and growing focus on development of high quality antibodies.
Technological advancements such as development of Enzyme-linked immunosorbent assay (ELISA) and automation of Radioimmunoassay Market Share are fuelling the growth of the market.
Market Drivers
Increasing incidence of chronic and infectious diseases is a major factor driving the growth of the market. Rise in number of cancer, cardiac disease and diabetes cases globally have increased the demand for accurate and efficient diagnosis. According to WHO, cardiovascular diseases account for over 17.9 Mn deaths annually worldwide. Growing awareness about early disease diagnosis and increasing healthcare expenditure in developing nations are also boosting the adoption of Radioimmunoassays Market procedures thereby propelling the market growth.
Current Challenges in Radioimmunoassay Market
The global radioimmunoassay market faces various challenges. One of the major challenge is the availability of alternative technologies such as chemiluminescence immunoassay and enzyme-linked immunosorbent assay which are largely replacing radioimmunoassay. These alternative technologies have major advantages over radioimmunoassay such as wider dynamic range, increased sensitivity & specificity and reduced analysis time. Moreover, these technologies do not require the use of radioactive components making them safer and more environment friendly. Another challenge is the stringent regulations around the use, storage & disposal of radioactive materials. The rising concerns over radiation safety is prompting end-users to shift towards alternative technology options. The need for specialized infrastructure and trained professionals in handling radioactive isotopes also adds to the operational complexities & expenses associated with radioimmunoassay.
SWOT Analysis
Strength: Radioimmunoassay has high sensitivity and can detect low concentrations of analytes that are difficult to detect using other methods. It is a well-established technology with proven performance history.
Weakness: Radioimmunoassay requires the use of radioactive materials which are subject to strict legislation for handling, storage and disposal. The technology also has long incubation periods and labor intensive procedures.
Opportunity: Growth opportunities exist in emerging markets owing to increasing healthcare infrastructure. Research for development of safer radioisotope-free immunoassay techniques can help overcome technology constraints.
Threats: Strong competition from newer technologies such as ELISA and CLIA which offer reduced analysis time, wider dynamic range and no radioactive waste handling requirements. Stringent safety regulations around the globe can further limit the applicability of radioimmunoassay.
Geographical Regions with High Market Concentration
The North American region currently accounts for the largest share in the global radioimmunoassay market in terms of value. This is attributed to well-established healthcare systems, availability of advanced technologies and sophisticated research infrastructure in the region. The U.S. holds majority of the market share in North America due to presence of key industry players and hospitals. Europe is the second largest regional market driven by supportive regulatory guidelines, industry initiatives and rising healthcare spending. Asia Pacific region is expected to grow at a significant rate during the forecast period owing to expanding healthcare facilities, increasing medical tourism and growing research & testing activities in countries like India and China.
Fastest Growing Geographical Region
Asia Pacific region is poised to register the fastest growth in the global radioimmunoassay market during the forecast period. This is mainly attributed to growing medical infrastructure, rising healthcare awareness, expanding patient population and increasing government initiatives for modernization of healthcare facilities in key Asia Pacific countries including India, China and Japan. In addition, emergence of Asia as global hub for low cost medical services and clinical trials is attracting patients as well as new investments and partnerships from leading industry players in the region.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.