Market Size of Radioimmunoassay Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Radioimmunoassay Market Analysis
The radioimmunoassay market size is expected to grow from USD 525.82 million in 2023 to USD 624.51 million by 2028, registering a CAGR of 3.5% during the forecast period.
During the COVID-19 pandemic, the healthcare sector was significantly affected due to the halt in the services provided across hospitals and healthcare institutions. However, during the pandemic, there was a marked increase in the demand for diagnostic tools for the precise and quick diagnosis of SARS-CoV-2 infection. In particular, serological and radioimmunological testing of infected asymptomatic and symptomatic individuals was in high demand. Thus, COVID-19 profoundly impacted the growth of the market studied. An article published in the Journal of Radioanalytical and Nuclear Chemistry in February 2022 discussed the development and analytical validation of a radioimmunoassay system for measuring the serum ferritin concentration as one of the laboratory biomarkers for infection by COVID-19. Such studies focused on developing the radioimmunoassay for COVID-19 diagnostics and are still going on, which helps in the market's growth over the forecast period.
The major factors driving the market growth include the rising prevalence and incidence of cancer and infectious diseases and technological advancements. The global cancer burden is increasing; thus, cancer assays must be modified according to regional and national priorities. As per the WHO Key Facts on Cancer published in February 2022, around 400,000 children worldwide develop cancer yearly. In addition, the rising number of people affected by infectious diseases is also aiding market growth. Similarly, the WHO, in its July 2022 key facts on HIV, estimated that around 38.4 million people around the world were to be affected by HIV by the end of the year 2021, with around 1.5 million new cases being registered in 2021 alone. This shows the increasing burden of cancers and infections, which raises the demand for effective diagnostics like radioimmunoassay and is expected to drive the market over the study period.
The increasing adoption of radioimmunoassay analyzers in clinical diagnostics is likely to propel market growth. For instance, in June 2021, an article published in the Journal of Molecular and Cellular Endocrinology discussed a reliable and specific radioimmunoassay (RIA) method for the measurement of Ang-(1-12) in human plasma and urine using an affinity-purified antibody fraction directed towards the C-terminus of the human Ang-(1-12) sequence. This study helped the advancement of the clinical viability of Ang-(1-12) as a cardiovascular disease biomarker. The discovery of such radioimmunoassay kits is expected to boost the growth of the studied market over the forecast period.
However, the high cost of equipment required for radioimmunoassay and hazardous, radioactive material and continuous innovations in various other immunoassay procedures will likely hinder the market growth over the forecast period.
