Radioimmunoassay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Radioimmunoassay Market is Segmented by Product (Analyzers, Reagents, and Kits), Application (Research and Clinical Diagnostics), End User (Hospitals, Clinical Diagnostic Laboratories, Pharmaceutical Industries, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Radioimmunoassay Market Overview
Study Period: 2018-2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 3.44 %

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Market Overview

The radioimmunoassay market was valued at USD 397.20 million in 2020, and it is expected to reach USD 485.49 million by 2026, registering a CAGR of 3.44% during the forecast period, 2021-2026.

The urgent need for accurate and rapid diagnosis of SARS-CoV-2 infection remains critical as global healthcare systems continue to operate during the course of the COVID-19 pandemic. In particular, serological and radioimmunological testing of infected asymptomatic and symptomatic individuals is expected to be in high demand. Thus, COVID-19 is likely to have a profound impact on the market studied.

The major factors that are driving the market growth include rising prevalence and incidence of cancer and infectious diseases and technological advancements. The global cancer burden is increasing, and thus, cancer assays must be modified according to regional and national priorities. According to the World Cancer Research Fund, in 2018, there were an estimated 18 million cancer cases around the world, of which 9.5 million cases were in men and 8.5 million in women.

In addition, lung and breast cancers were the most common globally and contributed to 23.1% of the total number of new cases that were diagnosed in 2020, as per the report published in GLOBOCAN. Colorectal cancer was the third-most common cancer, with a prevalence of 1.4 million new cases in 2020, according to the same source. The increasing cancer burden is expected to drive the market growth over the forecast period.

Key market players are focusing on new product developments to gain a higher market share, which is likely to bode well for the market growth. For instance, in 2018, Mindray launched the CL-6000i, which is the world’s fastest chemiluminescence immunoassay analyzer for clinical chemistry and immunoassay testing with a comprehensive test menu. Such developments may lead to high market growth in the upcoming years.

However, the high cost of equipment required for radioimmunoassay and hazardous radioactive material and continuous innovations in various other immunoassay procedures are likely to hinder the market growth in the upcoming years.

Scope of the Report

As per the scope of the report, radioimmunoassay refers to a very sensitive, specific laboratory test or assay, which uses radiolabeled and unlabeled substances in an immunological, i.e., antibody-antigen reaction. In this method, any biological substance for which a specific antibody exists can be measured, even in minute concentrations. The radioimmunoassay market is segmented by product (analyzers, reagents, and kits), application (research and clinical diagnostics), end user (hospitals, clinical diagnostic laboratories, pharmaceutical industries, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

By Product
Analyzers
Reagents and Kits
By Application
Research
Clinical Diagnostics
By End User
Hospitals
Clinical Diagnostic Laboratories
Pharmaceutical Industries
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Pharmaceutical Industries Segment is Expected to Register a High Growth Rate Over the Forecast Period

Immunoassays have been widely used in many important areas of pharmaceutical analysis such as diagnosis of diseases, therapeutic drug monitoring, clinical pharmacokinetics, and bioequivalence studies in drug discovery and pharmaceutical industries. The importance and widespread of immunoassay methods in pharmaceutical analysis are attributed to their inherent specificity, high throughput, and high sensitivity for the analysis of a wide range of analytes in biological samples.

The radioimmunoassay market is anticipated to grow at a considerable rate due to the outbreak of the COVID-19 pandemic, as these tests are being extensively used for rapid detection of this virus are urgently needed for the early identification of infected patients. Therefore, as the situation has become more critical and the urgency and complexity of the current COVID-19 situation continue to grow, immunoassay is expected to play an essential role. Testing for SARS-CoV-2 is not the only need in managing COVID-19 patients, but fast, accurate screening and monitoring for the variety of health issues that may arise as part of COVID-19 disease management are also needed. Thus, owing to the aforementioned factors, the segment is likely to expand over the upcoming period.

Recently, marked improvements were achieved in the field of immunoassay development for the purposes of pharmaceutical analysis. These improvements involved the preparation of the unique immunoanalytical reagents, analysis of new categories of compounds, methodology, and instrumentation.

The expenditure on research and development by pharmaceutical companies has increased over the years. For instance, Pfizer spent USD 7,690 million on research and development in 2015, which increased to USD 8,650 million in 2019. Hence, with the increasing expenditure on R&D, this market is expected to attain good growth over the forecast period.

Radioimmunoassay Market Share

North America Dominates the Market and is Expected to do the Same in the Forecast Period

North America is currently the largest market for immunoassays globally in terms of value. The large size of the immunoassay market in the region is mainly due to the availability of high-end healthcare infrastructure in the country, along with the availability of reimbursement for immunoassays and the high prevalence of chronic disorders.

According to the GLOBOCAN, 2020, an estimated 1.7 million new cases of cancer were diagnosed in the United States and 609,640 people died from the disease. This figure indicates that the prevalence of cancer is rapidly increasing in the United States. Hence, with the increase in the prevalence of chronic diseases, there is an increasing demand for radioimmunoassay, driving the market.

Moreover, high expenditure on R&D by government organizations and pharmaceutical companies for early diagnosis and treatment is among the prime factors driving the regional market. For instance, as per Pharmaceutical Research and Manufacturers of America, the biopharmaceutical industry invested an estimated USD 102 billion in research and development (R&D) in 2018.

Due to the high transmission rate and lack of treatment, North American countries have suffered and are continuing to bear a significant burden on both their economies and healthcare systems. Many countries had been in lockdown and have suspended trades with other countries, implemented travel restrictions, etc., leading to declining in market capitalizations of major companies across the world. However, the situation is found to be improving gradually.

The healthcare facilities such as hospitals and diagnostic centers have invested heavily in maintaining the supply of essential equipment and drugs. Also, the medical equipment and pharmaceutical companies are focusing on their R&D and manufacturing facilities for the development and manufacturing of essential drugs and medical devices. Thus, the market is likely to grow at a faster pace in the upcoming years.

Radioimmunoassay Market Growth Rate By Region

Competitive Landscape

The radioimmunoassay market is moderately competitive and consists of a number of major players. Companies like Beckman Coulter Inc., Berthold Technologies GmbH & Co. KG, Cisbio, DIAsource ImmunoAssays SA, DRG International Inc., Euro Diagnostica AB, Izotop, and PerkinElmer, Inc., among others, hold substantial market shares in the radioimmunoassay market.

Recent Developments

In November 2020, PerkinElmer Inc. and Horizon Discovery Group PLC entered an agreement whereby PerkinElmer will acquire Horizon for approximately USD 383 million.

In November 2020, Beckman Coulter Life Sciences signed a definitive agreement to acquire m2p-labs. m2p-labs is best known for its transformative BioLector plate-based micro bioreactors, which support automated solutions for screening and bioprocess development.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Prevalence and Incidence of Cancer and Infectious Diseases

      2. 4.2.2 Technological Advancements

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Equipment Required for Radioimmunoassay and Hazardous Radioactive Materials

      2. 4.3.2 Continuous Innovations in Various Other Immunoassay Procedures

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Analyzers

      2. 5.1.2 Reagents and Kits

    2. 5.2 By Application

      1. 5.2.1 Research

      2. 5.2.2 Clinical Diagnostics

    3. 5.3 By End User

      1. 5.3.1 Hospitals

      2. 5.3.2 Clinical Diagnostic Laboratories

      3. 5.3.3 Pharmaceutical Industries

      4. 5.3.4 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Beckman Coulter Inc.

      2. 6.1.2 Berthold Technologies GmbH & Co. KG

      3. 6.1.3 Cisbio

      4. 6.1.4 DIAsource ImmunoAssays SA

      5. 6.1.5 DRG International Inc.

      6. 6.1.6 IBL International

      7. 6.1.7 Euro Diagnostica AB

      8. 6.1.8 iZotope Inc.

      9. 6.1.9 Merck KGaA

      10. 6.1.10 PerkinElmer Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Global Radioimmunoassay Market market is studied from 2018 - 2026.

The Global Radioimmunoassay Market is growing at a CAGR of 3.44% over the next 5 years.

The Global Radioimmunoassay Market is valued at 397 Million USD in 2018.

The Global Radioimmunoassay Market is valued at 485 Million USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Beckman Coulter, Inc., Cisbio, DIAsource ImmunoAssays SA, Euro Diagnostica AB, PerkinElmer, Inc. are the major companies operating in Global Radioimmunoassay Market.

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