Market Trends of Radioimmunoassay Industry
Clinical Diagnostic Laboratories Segment is Expected to Register a High Growth Rate Over the Forecast Period
Radioimmunoassay has been widely used in many important areas of clinical diagnostic laboratories, such as diagnosing diseases and forming immune complexes. The importance and widespread of radioimmunoassay methods in clinical diagnostic laboratories are attributed to their inherent specificity, high throughput, and high sensitivity for analyzing a wide range of analytes in biological samples.
The radioimmunoassay market is anticipated to grow considerably due to rising chronic diseases and infections and new studies in the radioimmunoassays that help expand the indications of procedures. For instance, as per the report published by Oxford Academic Sleep Journal in July 2022, the most sensitive and specific investigative method for the diagnosis of narcolepsy type 1 (NT1) is the determination of hypocretin-1 (orexin-A) deficiency (110 pg/mL) in cerebrospinal fluid using a radioimmunoassay (RIA). Thus, effective radioimmunoassay results in various disease diagnoses and is expected to drive the market through this segment.
Furthermore, the new regulations under in vitro diagnostics by the governments help to use products without interruption. For instance, in June 2022, EUROIMMUN declared the new EU In Vitro Diagnostics Regulation 2017/746 (IVDR) compliance for risk class A products, which include radioimmunoassay. By independently conducting the IVDR conformity evaluation of class A products, EUROIMMUN has achieved a significant IVDR transitional milestone. This guarantees that laboratories in the EU can use these goods continuously once the rule takes effect, which is expected to grow the market through the clinical diagnostic laboratory segment.
North America is Expected to Have Significant Growth in the Market Over the Forecast Period
North America is currently the largest market for immunoassays globally in terms of value. The region's high-end healthcare infrastructure, reimbursement for immunoassays, the high prevalence of chronic disorders, and the high expenditure on R&D by government organizations and pharmaceutical companies for early diagnosis and treatment are among the prime factors driving the regional market. For instance, PhRMA said the biopharmaceutical industry invested an estimated USD 102.3 billion in research and development (R&D) in 2021. Thus, high investment in R&D for the biopharmaceutical industry helps to develop new radioimmunoassays and drives the market over the forecast period.
Furthermore, the rising burden of chronic diseases like cancers in the region is expected to drive the market as radioimmunoassay is one of the major diagnostic procedures used to diagnose various chronic diseases. For instance, as per the American Cancer Society Cancer fact sheet, in 2021, the number of cancer cases in the United States was estimated as 1,898,160, and in 2022, it was estimated as 1,918,030 which showed a rising burden of cancer cases and was likely to increase the demand for the radioimmunoassay for diagnosis and was expected to drive the market over the forecast period.
