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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