April 22, 2024
Radioimmunoassay Market

The Rapid Adoption of Radioimmunoassays in The Healthcare Industry is Driving the Radioimmunoassay Market

Radioimmunoassays are biochemical assays that use the principle of competitive binding and antibodies to measure concentrations of hormones, drugs, and other substances in biological fluids. They employ the use of radiolabeled antigens or antibodies that can bind to receptors and compete with endogenous ligands. This allows the practitioner to determine the concentration of the untagged substance indirectly. With the advancement of diagnostics and treatments in recent years, radioimmunoassays have become a vital tool for various therapeutic areas including oncology, endocrinology, gastroenterology, infectious diseases, and more. Their high sensitivity and specificity enables medical professionals to detect even trace amounts of analytes in samples like blood and urine which helps in early diagnosis and progression monitoring of diseases. The global Radioimmunoassay Market is estimated to be valued at US$ 518.85 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:
Automation of processes with the integration of robotics and artificial intelligence is one of the prominent trends in the radioimmunoassay market. It has helped streamline various operations involved including sample processing, result analysis as well as data interpretation. This has significantly improved throughput, standardized outputs and reduced manual errors or variations. Many leading players are actively investing in automation technologies to develop advanced radioimmunoassay systems featuring robotics for precise liquid handling, integrated analytics for real-time data generation and artificial intelligence for diagnostics support. Its ability to enhance efficiency as well as minimize time and costs involved in radioimmunoassays is increasing its adoption across diagnostic laboratories and research centers globally.

Porter’s Analysis
Threat of new entrants: Low. Well-established players dominate the market. High capital requirements and regulatory barriers also limit new entrants.

Bargaining power of buyers: Moderate. Larger buyers can negotiate lower prices but most are price-takers given the importance of radioimmunoassay tests.

Bargaining power of suppliers: Low. Raw material components are standardized and suppliers mostly lack brand differentiation.

Threat of new substitutes: Low. No substitutes offer the same accuracy and sensitivity as radioimmunoassay.

Competitive rivalry: High. Competition is intense among major players to gain market share through product innovation and geographic expansion.

Key Takeaways
The global Radioimmunoassay market size is expected to witness high growth over the forecast period.

Regional analysis: North America dominates with large share and is expected to continue dominating over the forecast period. Growth in Asia Pacific is projected to be the fastest growing region due to rising healthcare spending and increasing geriatric population.

Key players: 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, Enablon SA and SAP SE. Schneider Electric SE launched EcoStruxre, an integrated sustainability performance management platform for environmental, social and governance management.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it