Radioimmunoassay Market is expected to reach USD 618.44 million by 2030

PRESS RELEASE
Published November 6, 2023

According to the top notch Radioimmunoassay Market report, the market is greatly transforming because of the moves of the key players and brands including developments, product launches, joint ventures, mergers, and acquisitions that in turn change the view of the global face of HEALTHCARE industry. It is helpful in determining the discount rates, the actual prices and the price ranges, price elasticity for its products. This market report also endows with the list of leading competitors and their moves such as joint ventures, acquisitions, and mergers etc. Radioimmunoassay Market report has answers to many important questions that companies may have when operating in the HEALTHCARE industry.

The global radioimmunoassay market is expected to grow in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.1% in the forecast period of 2023 to 2030 and is expected to reach USD 618.44 million by 2030.

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Radioimmunoassay is a heterogeneous assay that employs a radiolabeled drug (typically 125i), the competitive binding assay theory that underpins radioimmunoassay. In this method, antigen and antibody bind to one another, and radioimmunoassay is used to determine how much antigen is bound. With the aid of antibodies, this method’s hypersensitivity allows it to detect even the tiniest hormone or medication levels.

Due to the rise in healthcare prevalence of various diseases, increased research in the healthcare sector for therapeutic purposes, and various testing like endocrinology and infectious diseases by using radioimmunoassay kits used for testing and increasing healthcare spending would also propel business growth. The clinical research and laboratories for pre-testing various diseases allow the market to expand.

With this increasing number of such severe diseases like cancer and infections and healthcare awareness, the growth of laboratory testing has led to increased demand for various kits for testing. This aspect also contributes to the rising demand for reagents and kits.

The global radioimmunoassay market is growing in the forecast year due to the rise in market players and the availability of advanced kits and analyzers. Along with this, manufacturers are engaged in R&D activity for launching products in the market. The increasing research and developments and pre-testing further boost the market growth. However, another immunoassay testing technique dominates radioimmunoassay, which might hamper the growth of the global radioimmunoassay market in the forecast period.

Recent Developments

  • In April 2022, Merck, a leading science and technology company, announced several organizational changes and a new operating model to support the life science business sector’s long-term growth strategy and better serve its customers’ evolving needs. This has helped the company to expand its life sciences business segment.
  • In June 2022, EUROIMMUN, a PerkinElmer, Inc. company, announced the launch of two CE-marked assays – the Anti-SARS-CoV-2 RBD ChLIA (IgG) and the Anti-SARS-CoV-2 Omicron ELISA (IgG). Both test systems enable the detection of IgG antibodies formed against SARS-CoV-2 and are available to laboratories in countries that accept the CE mark. This has helped the company to expand its business in the market.

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Some of the major players operating in the global radioimmunoassay market are PerkinElmer Inc., Merck KGaA, Beckman Coulter, Inc., Abcam Plc., Tecan Trading AG, EUROIMMUN Medizinische Labordiagnostika AG, KAMIYA BIOMEDICAL COMPANY, Berthold Technologies GmbH & Co.KG, Demeditec Diagnostics GmbH, MyBioSource.com., DiaSource, Hidex Oy., MP BIOMEDICALS, and Immuno-Biological Laboratories Co,Ltd. among others.

Radioimmunoassay Market Scope

Global radioimmunoassay market is segmented into product type, application, end user, and distribution channel. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

By Product Type

  • Radio Immunoassay Reagents and Kits
  •  Radio Immunoassay Analyzer

On the basis of product type, the global radioimmunoassay market is segmented into radio immunoassay reagents and kits and radio immunoassay analyzer.

By Application

  • Clinical Diagnosis
  • Scientific Research

On the basis of application, the global radioimmunoassay market is segmented into clinical diagnosis and scientific research.

By End user

  • Hospitals
  •  Clinical Diagnostic Laboratories
  • Academic And Research Institutes
  •  Pharmaceutical And Biopharmaceutical Industry
  •  Contract Research Organizations
  •  Others

On the basis of end user, the global radioimmunoassay market is segmented into hospitals, clinical diagnostic laboratories, academic and research institutes, pharmaceutical and biopharmaceutical industry, contract research organisations, and others.

By Distribution Channel

  •  Direct Tender
  •  Online Sales
  • Third Party Distributions
  • Others

Key Advantages of the Report: 

  • This study provides an analytical overview of the industry, including current trends and future predictions to identify potential investment opportunities.
  • The report offers insights into key drivers, limitations, and prospects, along with a comprehensive market share analysis.
  • The report quantitatively assesses the current market, shedding light on its growth prospects.
  • A Porter’s five forces analysis gauges the bargaining power of buyers and suppliers in the market.
  • The report delivers an in-depth market analysis that considers competitive dynamics and forecasts the future competitive landscape.

What to Anticipate from the Report – A 7-Point Guide:

  • The report delves into the holistic strategy and innovation within the market ecosystem.
  • It highlights prominent market drivers and obstacles, providing clarity on technological standardization and regulatory frameworks.
  • The report evaluates various implementation models and examines numerous use cases.
  • Serving as a valuable resource, the report offers essential industry insights, showcasing information on new investments, stakeholders, relevant contributors, and market participants.
  • Through the forecast period, the report conducts a thorough market analysis, referencing historical developments, ongoing events, and future growth prospects.

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