Radioimmunoassay Market Size, Share, Industry, Forecast and outlook (2024-2031)

Radioimmunoassay Market Overview

Radioimmunoassay Market is Expected to grow  at a CAGR of 4% during the forecast period (2024-2031).

Radioimmunoassay (RIA) is one of the most frequently used in-vitro assay techniques to determine the concentration of antigens in the blood. The isolation of protein from a mixture utilizing the specificity of antibody-antigen binding and their quantification using radioactivity is referred to as RIA. With antibodies, the approach is hypersensitive and can quantify minute amounts of hormone or medication levels.

Market Scope

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Market Dynamics

The development of a novel lab-on-a-chip platform for high-throughput radioimmunoassay is expected to drive market growth.

Radioimmunoassay (RIA) is an extremely specific and highly sensitive type of immunoassay, but the long incubation time and generation of radioactive wastes limit the use of RIA. To complement these disadvantages of RIA. An advanced type of RIA based on a lab-on-a-chip (LOC) platform: μ-RIA. A microfluidic chip for RIA optimized the procedures of μ-RIA analysis, including surface modification, immunoreaction time, and washing. A radioimmunoassay on the μ-RIA platform using a commercial RIA kit based on the optimized conditions. With the μ-RIA, 5 min are adequate for analysis. The amount of reagent consumption is significantly reduced compared with conventional RIA. Moreover, the standard curve shows that it can quantitatively evaluate the amount of antigen present in unknown samples. Therefore, from the above statements, the market is expected to drive in the forecast period.

COVID-19 Impact Analysis on Radioimmunoassay Market

The COVID-19 pandemic has had a moderate impact on the market. These tests are widely used for quick detection of this virus and are critical for identifying infected patients early on. As the situation has become more severe, immunoassay is expected to play an increasingly important role as the urgency and complexity of the current COVID-19 crisis grows. Testing for SARS-CoV-2 is not the sole requirement for managing COVID-19 patients; quick, accurate screening and monitoring for a number of health concerns that may occur during COVID-19 illness care is also required. Additionally, the pandemic is interrupting the supply chain, and many companies will vary to other geographic regions in the future to ensure that products remain available and protect their supply chain. Thus, the COVID-19 pandemic has affected the market. However, the situation is expected to improve gradually in the forecast period.

Market Segmentation Analysis

Pharmaceutical Industries segment is expected to hold the largest market share in radioimmunoassay market

The pharmaceutical industries segment is expected to dominate in 2020. In the drug development and pharmaceutical industries, immunoassays are widely employed in many essential areas of pharmaceutical analysis, including illness diagnostics, therapeutic medication monitoring, clinical pharmacokinetics, and bioequivalence investigations. The inherent specificity, high throughput, and high sensitivity of immunoassay methods for analyzing a wide range of analytes in biological samples account for their importance and extensive use in pharmaceutical analysis. These tests are widely employed for the rapid detection of this virus. They are urgently needed for the early identification of infected patients. The radioimmunoassay market is expected to increase at a significant rate as a result of the onset of the COVID-19 pandemic. As a result, immunoassay is predicted to play a more important role as the situation becomes more urgent and the urgency and complexity of the current COVID-19 issue rise. Testing for SARS-CoV-2 is not the only requirement in managing COVID-19 patients; quick, accurate screening and monitoring for many health concerns resulting from COVID-19 disease management are also required. Therefore it has increased the demand for immunoassay in the pharmaceutical industries, due to which the market segment is expected to hold the largest market share in the forecast period.

Market Geographical Share

North America region holds the largest market share in the global radioimmunoassay market

In 2020, North America accounted for the highest revenue share. The increasing prevalence of cancer, owing to the rising adoption of technologically advanced devices, well-established infrastructure, rising awareness among the people, product launches, acquisition and collaborations by the market players and pharmaceutical companies spending more on research and development to create new compounds are some of the factors due to which the market is expected to boost in the forecast period. For instance, In 2020, there will be an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. Moreover, according to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world's R&D in pharmaceuticals ($75 billion) and hold the intellectual property rights on most new medicines. Additionally, PerkinElmer Inc. and Horizon Discovery Group PLC signed a deal in November 2020 for PerkinElmer to buy Horizon for about USD 383 million. Therefore from the above statements, it has increased the demand for radioimmunoassay, due to which the North American is expected to hold the largest market share in the forecast period.

Companies and Competitive Landscape

Major key players in the radioimmunoassay market are Beckman Coulter, Inc., DIAsource ImmunoAssays SA, DRG International, Inc., MP Biomedicals, LLC      , DiaSorin S.p.A, Merck KGaA, Izotop, Autobio Diagnostics Co., Ltd, EUROIMMUN Medizinische Labordiagnostika AG and Immuno-Biological Laboratories, Inc.                               

Beckman Coulter, Inc.:

Overview:

Beckman Coulter, Inc. has been an operating company of Danaher Corporation since 2011. Beckman Coulter is headquartered in Brea, California. The Company develops, manufactures, and markets diagnostic systems. The Company also provides drug monitoring and detection, early sepsis indicator, and life science products. Beckman Coulter operates worldwide. The Company's products are used for tests related to sepsis diagnosis, cardiovascular disease, reproductive health, anemia, drug monitoring and life sciences, thereby helping them deliver greater insights and accelerate care.