Global Radioimmunoassay Market: Introduction
- Radioimmunoassay (RIA) is an in vitro assay for measuring antibody levels by introducing a radiolabeled antigen and determining the subsequent radioactivity of the antibody component.
- RIA was first explained in 1950s for the measurement of endogenous plasma insulin by Solomon Berson and Rosalyn Yalow of the Boranx Veterans Administration Hospital in New York.
- The technique involves the combination of three basic principles:
- An immune reaction i.e. antibody- antigen binding.
- A competitive binding or competitive displacement reaction. (gives specificity)
- Measurement of radio emission. (gives sensitivity)
Key Drivers and Restraint of Global Radioimmunoassay Market
- According to the WHO, cancer is the second leading cause of death in the world. In 2018, global cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths were estimated by cancer. Rise in prevalence of cancer and other infectious diseases is expected to lead to growth of the radioimmunoassay market.
- Increasing significance of research and development in medical science leads to usage of radioimmunoassay in pharmaceutical & biotechnological industries, medical research labs, and contract research organizations (CROs), which is anticipated to propel the demand for analyzers, kits, and reagents. This in turn is expected to boost the growth of the global market in the forthcoming years.
- As per World Health Organization (WHO), about 13,300 blood centers in 169 countries collect 106 million donations. In 2019, about 118.4 million blood donations were collected worldwide. The rise in number of blood donations in blood banks leads to the tracking & screening of blood for infections or diseases such as hepatitis and leukemia using radioimmunoassay, which in turn is likely to augment the global radioimmunoassay market during the forecast period.
- Radioimmunoassay can be used to measure or determine very small quantity (e.g. nanogram, picogram) of substances such as antigen, antibodies, hormones, and drugs. Hence, RIA is used for detection of drugs in forensics, narcotics, and others. This is one of the factors that has resulted in growth of the radioimmunoassay market worldwide.
- However, skilled professionals required for monitoring the system and reading the reports, and high cost of installation and maintenance of radioimmunoassay is projected to restrain the global radioimmunoassay market
- Continuous technological developments leading to new innovations which turn out to be better alternatives to RIA such as ELISA (enzyme-linked immunosorbent assay), and CLIA (chemiluminescent immunoassay) are anticipated to hinder the market growth in the coming years.
- Short shelf-life of radiolabeled compounds, hazardous radioactive elements present in the assay, and the disposal of radioactive waste are other factors negatively affecting the radioimmunoassay market.
North America to Lead the Global Radioimmunoassay Market
- In terms of region, the global radioimmunoassay market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for the largest share of the global radioimmunoassay market in 2019, as increasing number of cancer cases in the U.S. and other infectious disease such as COVID-19 and influenza have increased the need for radioimmunoassay analyzers, kits, and reagents for the early diagnosis of disease.
- Europe was the second largest market for radioimmunoassay in 2019 due to the surge in usage of radioimmunoassay products in research laboratories, pharma-companies, and other laboratories along with rising pharmaceutical and biotechnological companies in Europe mainly in the U.K., Germany, France, and Spain.
- The radioimmunoassay market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to rise in adoption of advanced technology and rising geriatric population leading to increase in population vulnerable to diseases
- Regions such as Latin America and Middle East & Africa are likely to be slow growing markets for radioimmunoassay during the forecast period
Key Players Operating in the Global Radioimmunoassay Market
- PerkinElmer Inc.
- DIAsource ImmunoAssays SA (BioVendor)
- Creative Proteomics
- Beckman Coulter, Inc.
- Immuno-Biological Laboratories, Inc.
- Fitzgerald Industries International
- Drive Devilbiss Healthcare
- Marin Biologic Laboratories, Inc.
- Antigenix America, Inc.
- MP Biomedicals, LLC
- DRG International, Inc.
- Merck KGaA
- Institute of Isotopes Co. Ltd. (IZOTOP)
Global Radioimmunoassay Market: Research Scope
Global Radioimmunoassay Market, by Product Type
- Kits and Reagents
Global Radioimmunoassay Market, by Application
- Clinical Diagnostics
Global Radioimmunoassay Market, by End-user
- Clinical Diagnostics Laboratories
- Biotechnology and Pharmaceutical industry
- Contract Research Organizations
- Academic Research Institutes
Global Radioimmunoassay Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.