
Radioimmunoassay uses antibodies to measure the concentration of substances like peptides, hormones, vitamins, and drugs in substances like blood or urine. It provides accurate and sensitive quantification of drugs and hormones at nanogram levels in samples.
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 in the radioimmunoassay market is the increasing adoption of fully automated radioimmunoassay analyzer systems. Automation enhances productivity by increasing throughput while reducing labor requirements. Automated systems also minimize manual handling steps, thus reducing the risk of exposure to radiation. They offer walk-away time as they can process samples continuously without human intervention. Furthermore, automated systems improve consistency and reproducibility of results compared to manual testing methods.
Segment Analysis
The global radioimmunoassay market is segmented based on product, technology, application, and end user. The product segment is further divided into reagents & kits, analyzers, and software & services. The reagents & kits sub-segment dominated the market in 2022 as they are cost-effective and have wide applications in disease diagnosis, blood transfusion screening, and monitoring drug levels. The reagents & kits provide quick and accurate results and have lower set up costs than analyzers, which has further increased their demand.
Key Takeaways
Global Radioimmunoassay Market Demand is expected to reach USD 450.39 Mn by 2030, expanding at a CAGR of 3.8% over the forecast period. Rising prevalence of chronic diseases such as cancer and cardiovascular diseases is expected to drive the demand for radioimmunoassay tests over the next few years.
Regional analysis - North America dominated the market in 2022 and is expected to maintain its dominance over the forecast period. Higher healthcare spending and advanced healthcare infrastructure in the region are major factors contributing to its large market share. Asia Pacific is expected to be the fastest growing market owing to increasing awareness, improving healthcare facilities, and rising healthcare expenditure in emerging economies such as China and India.
Key players analysis - Key players operating in the radioimmunoassay market are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. PerkinElmer Inc. and Siemens Healthineers currently hold a significant share of the market due to their diverse product portfolios and strong geographical presence across the globe.
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