Radioimmunoassay Market is Estimated To Witness Steady Growth Owing To Rising Application In Disease Diagnosis

 

Radioimmunoassay Market


Market Overview:
Radioimmunoassay (RIA) is a sensitive and specific test widely used to detect minute quantities of substances in biological fluids and tissues. RIA utilizes the principle of antibody-antigen interaction to detect substances like hormones, vitamins, drugs, and enzymes. RIA has high specificity and sensitivity which enables detection of substances in picogram and femtogram quantities, thus making it an important technique for measuring analytes in biological samples that are present in low concentration.

The 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 increasing application of RIA in disease diagnosis. RIA has established itself as a precise and reliable diagnostic tool for detection of various diseases like cancer, diabetes, thyroid disorders, cardiac disease, and gastrointestinal diseases. For example, RIA helps in early detection of prostate specific antigen (PSA) to diagnose prostate cancer. Triiodothyronine (T3) and thyroxine (T4) measurements through RIA aid in diagnosis of thyroid disorders. Insulin RIA is an important test in diabetes management and diagnosis. Thus, increasing prevalence of chronic diseases drives the demand for RIA based disease diagnostic tests, fueling growth of the market.

Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty pose low threat to new entrants in the radioimmunoassay market. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity for products. Bargaining power of suppliers: Suppliers have moderate bargaining power owing to differentiated products and technologies used in production. Threat of new substitutes: Threat from new substitutes is low due to lack of substitutes offering similar diagnostic accuracy as radioimmunoassay. Competitive rivalry: High owing to presence of global and regional players competing on product quality and pricing.

SWOT Analysis
Strength: Advanced technology aids accurate disease diagnosis. Established brand loyalty among end-users.
Weakness: High equipment costs and requirement of trained professionals. Products have shorter shelf life.
Opportunity: Increasing healthcare expenditure in emerging nations. Rising prevalence of chronic and infectious diseases across globe.
Threats: Stringent regulatory guidelines for product approval. Threat from emerging alternative technologies.

Key Takeaways
Global Radioimmunoassay Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 450.39 Mn.

Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period owing to rising healthcare expenditure and growing geriatric population in the US and Canada requiring disease diagnosis.

Key players operating in the radioimmunoassay market are PerkinElmer Inc., Siemens Healthineers, DiaSorin S.p.A., and IBL International GmbH. 

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