Radioimmunoassay
or RIA is a pivotal laboratory technique used widely in medical diagnostics and
endocrinology for measuring concentration of hormones, vitamins, drugs and
metabolites in body fluids like serum and plasma samples. RIA utilizes the principle
of competitive binding between radiolabeled and unlabeled antigens or ligands
to antibody. The technique is known to be highly sensitive as it can detect and
quantify substances in the attogram to femtogram range. Rising prevalence of
chronic diseases along with growing awareness regarding early disease diagnosis
have amplified the need for convenient point-of-care testing solutions. This
has substantially fueled demand for RIA kits which facilitate low-cost,
time-efficient and accurate measurement of targeted biomolecules outside
conventional laboratory setups. 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, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing demand for point-of-care testing is anticipated to be a
major growth driving factor for the radioimmunoassay market over the forecast
period. Point-of-care diagnostic devices are compact devices designed to
provide rapid diagnosis close to the patient. Radioimmunoassay kits have
emerged as an important point-of-care diagnostic solution owing to their
sensitivity, accuracy, affordability and ease of use for quantifying disease biomarkers
directly from blood samples at the testing site. This avoids complex
pre-analytical errors and procedural delays associated with transportation of
samples to central laboratories. Growing preference for POCT among patients and
healthcare professionals for timely disease screening and management is
expected to bolster adoption of RIA kits significantly during the projection
period.
Segment Analysis
Radioimmunoassay
market size is segmented based on type, application, end-user and
region. Based on type, the market is segmented into competitive
radioimmunoassay and non-competitive radioimmunoassay. The competitive
radioimmunoassay segment held the largest market share in 2024 and is expected
to remain the dominating segment over the forecast period. This is due to its
ability to detect even minute levels of hormones and proteins accurately which
is critical in various conditions like cancer, diabetes and others.
Key Takeaways
The global Radioimmunoassay market is expected to witness high growth over
the forecast period of 2024-2031.
The Asia Pacific region is expected to be the fastest growing market for
radioimmunoassay during the forecast period. This can be attributed to
increasing healthcare expenditure, rising awareness regarding diseases
diagnosis and growing elderly population in countries like China and India. The
presence of cost-effective medical facilities and favorable government policies
is also supporting the market growth.
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, and SAP SE. Schneider Electric
SE held the largest market share in 2024 owing to its diverse product portfolio
and strong distribution network across the globe. Accenture PLC is focusing on
acquiring smaller players to strengthen its position in emerging markets.
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