Radioimmunoassay Market: Rise in prevalence of cancer and other infectious diseases is expected to lead to growth of the market
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)
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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.
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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
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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)
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