Global Radioimmunoassay Market to Grow Rapidly owing to Rising Demand for Highly Specific Diagnostic Tests
Radioimmunoassay or RIA is a detection method used extensively in medical diagnostics and pharmaceutical research. It is a sensitive technique that employs the use of an antibody and radioactive isotopes to detect the presence or absence of analytes such as hormones, vitamins and drugs. It requires minute quantities of the substance being detected which makes it highly preferred over conventional techniques.
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 Dynamics
The global radioimmunoassay market is expected to grow rapidly owing to rising demand for highly specific diagnostic tests. Radioimmunoassay offers unparalleled sensitivity and specificity for accurate detection of various analytes. It provides quantitative and qualitative analysis and requires only a small amount of sample which makes it a preferred technique over conventional methods. Growing prevalence of chronic diseases such as cancer, diabetes and cardiovascular diseases has increased the demand for diagnostic testing. Additionally, technological advancements in radioimmunoassay kits and instruments have simplified the technique, boosting its adoption in research laboratories and hospitals. However, handling of radioactive materials requires stringent safety protocols which may hinder market growth to some extent over the forecast period.
SWOT Analysis
Strength: Radioimmunoassay is a technique used commonly in research and clinical laboratories as it provides high sensitivity and specificity for detecting and quantifying minute concentrations of substances. It relies on use of radioisotope-labeled substances for detection which allows detection of concentrations down to picograms per milliliter of sample. The technique is well established and has been in use for over 50 years ensuring its reliability.
Weakness: The technique requires use of radioisotopes which may pose safety and environmental concerns due to radioactivity involved. Strict precautions, handling guidelines and disposal methods need to be followed while using radioisotopes. The analysis also requires specialized equipment and trained laboratory personnel for handling radioisotopes which adds to operational costs.
Opportunity: Emerging applications in detecting disease biomarkers, hormones, tumor markers, drugs and other bio-molecules continue to drive research and development efforts for newer immunoassay techniques. The market provides opportunities to develop automated, high throughput systems capable of multiplexing capability to analyze multiple analytes simultaneously from small sample volumes.
Threats: Alternate techniques such as enzyme-linked immunosorbent assays (ELISA) provide competitive technologies offering comparable or improved sensitivity without radioisotope usage. Strict regulations regarding handling and disposal of radioisotopes pose operational challenges.
Key Takeaways
The global Radioimmunoassay market size is expected to witness high growth over the forecast period of 2024 to 2031 attributed to continued research applications in life sciences. The market size for 2024 is estimated to be US$ 518.85 Mn growing at a CAGR of 12%.
Regional analysis: North America currently dominates the market owing to presence of major research institutes and laboratories in the region. The region is expected to continue dominating through the forecast period. Asia Pacific provides lucrative growth opportunities attributed to increasing investments in research and rising number of contract research laboratories in the region.
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. The market players compete on capabilities to provide high throughput automated systems for multiplexing analysis along with improved radiation safety features.
Get more insights on this topic: https://www.newswirestats.com/radioimmunoassay-market-size-and-outlook/
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