April 20, 2024
Radioimmunoassay market

The Global Radioimmunoassay Market Is Set to Transform Key Clinical Diagnosis By 2031

The Radioimmunoassay market involves the use of antibodies and radiolabeled substances known as radiotracers to detect and measure the concentration of substances in biological samples. Radioimmunoassays are vital diagnostic tools as they help measure hormone levels, monitor drug therapies, and identify certain illnesses and conditions. Some key applications of radioimmunoassays include measuring hormone levels such as insulin, estrogen and testosterone, therapeutic drug monitoring for chemotherapeutic agents, monoclonal antibodies, and detecting the presence of drugs of abuse or toxins in urine or blood. The major advantages of radioimmunoassay include its high sensitivity, which allows it to detect even minute quantities in tiny samples. It can detect concentrations as low as picograms to femtograms per milliliter of sample. The increasing prevalence of chronic diseases and rising healthcare expenditures are driving the demand for advanced diagnostic techniques like radioimmunoassay.

The Global Radioimmunoassay Market is estimated to be valued at US$ 518.85 Mn 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 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 rising geriatric population and growing prevalence of chronic diseases are fueling the demand for hormone and metabolic disease diagnostics. The growing applications of Radioimmunoassay Market Size in therapeutic drug monitoring and diagnosis are propelling market growth. The increasing healthcare spending across developed economies is also positively impacting the global expansion of the radioimmunoassay market.

Market Key Trends

The miniaturization of assay kits is one of the major trends in the radioimmunoassay market. The development of microfluidic Radioimmunoassays Market help reduce sample volumes required for analysis. This enhances portability and makes assay procedures simpler. Automation is another trend gaining traction in the market. Automated radioimmunoassay systems help improve throughput, consistency and reduce manual errors. This maximizes productivity while minimizing labor requirements. Integration of artificial intelligence and machine learning capabilities is allowing automation systems to offer advanced data analytics functions for more informed clinical decision making.

Porter’s Analysis

Threat of new entrants: It is very difficult for new players to establish in this market as it requires huge capital investments and strict regulations.
Bargaining power of buyers: Individual buyers have low bargaining power however group purchasing organizations have moderate bargaining power.
Bargaining power of suppliers: The suppliers of instruments and reagents have moderate bargaining power as there are few alternates available in the market.
Threat of new substitutes: Alternate technologies like ELISA and lateral flow assays pose threat of substitution.
Competitive rivalry: The competitive rivalry is high as the market is consolidated with top 3-4 players controlling more than 50% share globally.

Geographical Regions

North America region holds the major share of around 40% of the global radioimmunoassay market in terms of value as majority of key players are based in US and the awareness regarding applications of radioimmunoassay is high in this region.

Asia Pacific region is expected to witness highest CAGR during the forecast period owing to increasing healthcare expenditure, setting up of new nuclear medicine facilities and growing ageing population in China and India.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.