Overview:
An immunoassay is a bioanalytical method used to detect or measure specific proteins or other substances through their properties as antigens or antibodies. A radioimmunoassay (RIA) is an immunoassay that uses an antigen labeled with a radioisotope and measure the subsequent radioactivity of the antibody component in order to detect the antigen-antibody complex. RIA is gaining noteworthy significance in medical diagnostics owing to its high precision, accuracy, specificity of results, and sensitivity. RIA kits are used to perform in-vitro assays/procedures whereas, radioimmunoassay analyzer is a device used to run immunoassay tests in order to detect the presence & concentration of substances in the samples.
The use of radioimmunoassay technique in medical research to find small molecules in the blood and in the clinical diagnosis of cancer, autoimmune diseases, infectious diseases, endocrine disorders, and allergic diseases are majorly driving the growth of the radioimmunoassay market. Technological advances in RIA products coupled with rising adoption of RIA in clinical laboratories, pharmaceutical industries, and research institutes are fostering the market growth rapidly. Moreover, rapid developments in medical research and increased spending in research & development in the healthcare sector to support the market growth in near future. On the contrary, the presence of alternatives to RIA such as ELISA (enzyme-linked immunosorbent assay), chemiluminescent immunoassay (CLIA), immunofluorescence assay (IFA), are anticipated to hinder the market growth over the forecast period.
The reagents & kits segment is expected to dominate the market during the forecast period owing to their limited durability and repetitive purchase or use. The clinical diagnosis segment is likely to register lucrative CAGR over the forecast period owing to worldwide rising prevalence of cancer, autoimmune diseases, infectious diseases, endocrine disorders, and allergic diseases. On the basis of end user, the medical laboratories segment is anticipated to exhibit profitable market growth over next nine years is attributed to rising demand to perform diagnostic procedures.
Europe is likely to hold a major chunk of the market due to higher adoption of radioimmunoassay technique in medical laboratories, pharmaceutical companies and research institutes coupled with flourishing pharmaceutical industries in the U.K., Germany, France, Italy, and Spain. Asia Pacific shall register fastest market growth attributed to growing geriatric population and rising incidence of cancer along with propelled demand for RAI in China and India.
The global radioimmunoassay market is segmented on the following bases:
Key players identified in the global radioimmunoassay market include:
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