The radioimmunoassay market entails the measurement of small concentrations of hormones, vitamins, drugs and other substances in body fluids using the principles of antibody-antigen reactions. Radioimmunoassay tests are preferred for their superior sensitivity as they can detect minute levels of substances in the range of picograms or even femtograms. They rely on the use of radiolabeled molecules or antigens and antibodies to measure the concentration of a substance of interest. The rising demand for personalized medicine approaches has significantly driven the adoption of radioimmunoassay techniques across different disease areas including endocrinology, oncology, and infectious diseases.
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 of 2024 to 2031.
Key Takeaways
Key players operating in the Radioimmunoassay Market Size are Schneider Electric SE, Accuvio Sustainability Software, Cority Software Inc., IBM Corporation, Johnson Controls, Dakota Software Corp, Accenture PLC, Enablon SA and SAP SE.
Key opportunities in the market include rising demand for point-of-care testing and growing popularity of multiplex assays. The expanding geriatric patient pool and increasing prevalence of lifestyle diseases have opened up new growth avenues.
With developments in automation technologies, major players are focused on geographic expansion strategies to capitalize on opportunities across emerging economies. North America is envisaged to remain the dominant regional market but Asia Pacific is anticipated to witness highest growth over the coming years.
Market Drivers
Growing incidence of endocrine and metabolic disorders such as thyroid disorders, diabetes, and osteoporosis is a key factor boosting market growth. According to estimations by the International Osteoporosis Foundation, over 50% of the world’s population aged over 50 years will be at risk of an osteoporotic fracture by 2050. This is expected to significantly increase the demand for related radioimmunoassay tests.
Market Restraints
High costs associated with radioimmunoassay equipment and shortage of skilled workforce for conducting the tests pose a major challenge to market players. In addition, limitations of radioimmunoassay techniques such as poor accuracy for large molecules and the risk of exposure to radioactive isotopes could impede the market growth to some extent over the forecast period.
Segment Analysis
The global radioimmunoassay market can be segmented based on product & services, application, end user and region. Based on product & services, the reagents & kits segment dominates the market owing to their wide application in diagnosis of various diseases. These reagents find application in research, diagnosis of cardiac malfunction and hormonal disorders. By application, the segment finds wide usage in human endocrinology segment which examines hormones like HCG, insulin, thyroid, and other analytes. This segment dominates due to high requirement of these tests in disease diagnosis. Hospitals and diagnostic laboratories form a key end user, amounting to over 60% share due to large test sample size.
Global Analysis
The North American region currently dominates the radioimmunoassay market and is expected to remain the leading revenue generating region over the forecast period. This is mainly attributed to rising incidence of chronic diseases, growing elderly population, and improving healthcare infrastructure in the region. Additionally, strategic collaboration between key players and developing nation to strengthen diagnostic facilities and services in the region further support the market growth. The Asia Pacific region shows fastest growth rate during the forecast period mainly due to rising medical tourism, increasing healthcare spending and growing public awareness about early diagnosis.
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The information is sifted utilizing a few industry-based insightful strategies.Get Download Free Sample Copy @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-radioimmunoassay-marketSignificant Major Market Competitors/Players of this Global Radioimmunoassay Market –MP BIOMEDICALS, Berthold Technologies GmbH & Co. KG, Abbexa, Beckman Coulter, Inc, DRG International, Inc., Cisbio, DiaSorin S.p.A., MyBioSource, Inc., Merck KGaA, DIAsource ImmunoAssays SA, PerkinElmer Inc., Tecan Trading AG, Denator, Abbott, ZAGENO Inc, Labcompare, Marin Biologic Laboratories, Inc., Creative Diagnostics, STRATEC SE, and Demeditec Diagnostics GmbH among other domestic and global playersGlobal Radioimmunoassay Market research report offers:Market definition of the global Radioimmunoassay market along with the analysis of different influencing factors like drivers, restraints, and opportunities.A comprehensive list of key market players operating in the global Radioimmunoassay market.Statistical analysis of some significant economics factsWhich are the key manufacturers in the Radioimmunoassay market?Global Radioimmunoassay Market Segmentation Of the Report –Radioimmunoassay Market by Product Type -Reagents and KitsAnalyzersRadioimmunoassay Market by Application -Scientific ResearchClinical DiagnosticRadioimmunoassay Market by End-Users –HospitalsPharmaceutical and Biotechnology IndustryAcademic InstitutionsClinical Diagnostic LaboratoriesContract Research Organizations (CRO)Get Detailed Toc and Charts & Tables @ https://www.databridgemarketresearch.com/toc/?dbmr=global-radioimmunoassay-marketRegional Analysis for Radioimmunoassay Market:North AmericaEuropeAsia-PacificSouth AmericaMiddle East and AfricaCountry (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa)The report has described profiles of the key players in the global market and provided insightful information about the industry, such as business overview, market product segmentation, revenue segmentation, and latest developments.
The report includes global Radioimmunoassay market size, share, key segments, growth, and trends analysis forecast till 2028.Want Full Report?
Enquire Here https://www.databridgemarketresearch.com/reports/global-radioimmunoassay-marketFollowing key questions addressed through this research report:What are the drivers of the global Radioimmunoassay market?Which factors are restraining the growth of the global Radioimmunoassay market?What are the major key players in the global Radioimmunoassay market?What are the effective sales methodologies?About Us:Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.
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