February 24, 2024
Radioimmunoassay Market

Increasing Demand For Point-Of-Care Testing To Boost Growth Of The Radioimmunoassay Market

Radioimmunoassay is an immunological test technique utilized for detecting concentrations of biological, pharmacological and hormonal substances. It involves the use of an antigen or hapten that is conjugated to a radioactive molecule, known as a radiolabel. It offers high sensitivity, specificity and reproducibility in measuring the concentration of analyte under consideration. The technique is used in clinical diagnostic testing, research, and pharmaceutical applications. It provides several advantages over other techniques such as minimal sample volume required, multi-analyte testing in a single run and cost effectiveness. The capability to detect very low concentrations of various analytes in physiological fluids makes radioimmunoassay popular for applications such as detection of hormones, vitamins, cardiac markers and tumor markers.

The global Radioimmunoassay Market is estimated to be valued at US$ 450.39 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the radioimmunoassay market growth is the increasing demand for point-of-care testing. Point-of-care testing provides faster results, allows real-time monitoring and does not require samples to be sent to an external laboratory. Radioimmunoassay technique has gained adoption in point-of-care test kits owing to its sensitivity and specificity. This has further driven its adoption in various in-vitro diagnostic applications including cardiac testing, hormonal testing, thyroid function testing and pregnancy testing. The compact size, portability and ease of use of radioimmunoassay enabled point-of-care devices are supporting their usage in settings beyond central laboratories like physician offices, emergency rooms and home care. This wider accessibility and convenience will continue to aid in increased penetration of radioimmunoassay based point-of-care testing.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the radioimmunoassay market requires high capital investment for setting up manufacturing facilities and obtaining regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several manufacturers providing substitutes. However, compliance with regulatory guidelines limits switching between the products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials used in the manufacturing process are commodity products and suppliers have a lack of differentiation.

Threat of new substitutes: The threat of substitutes is moderate as new technologies like enzyme-linked immunosorbent assay (ELISA) are emerging but radioimmunoassay has established utility and adoption.

Competitive rivalry: High due to the presence of global and regional players leading to pricing pressures.

Key Takeaways

Global Radioimmunoassay Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing prevalence of chronic diseases.

North America dominates the global radioimmunoassay market. Large presence of key players, high healthcare expenditure, presence of advanced healthcare infrastructure, increasing prevalence of chronic diseases are some of the factors driving the market growth in the region.

Key players operating in the radioimmunoassay market are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. PerkinElmer Inc. offers several products based on radioimmunoassay such as Gamma Counter, Cobra II, and COBAS e 411. Siemens Healthineers provides a wide range of radioimmunoassay testing kits and clinical chemistry analyzers.

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