Radioimmunoassay (RIA) - Market Insights, Competitive Landscape, and Market Forecast - 2030

The Radioimmunoassay (RIA) Market By Product Type (Analyzers And Reagents & Kits), Application (Research And Clinical Diagnostics), End-User (Hospitals, Clinical Diagnostic Laboratories, Pharmaceutical Industries, And Others) and geography is expected to grow at a steady CAGR forecast till 2030 owing to increasing number of people with infectious diseases and increasing research and development activities

The global Radioimmunoassay (RIA) market was valued at USD 523.98 million in 2023, growing at a CAGR of 3.36% during the forecast period from 2024 to 2030 to reach USD 660.31 million by 2030. The demand for radioimmunoassay is primarily being boosted by the growing prevalence of cancer, infectious diseases, and others, rising incidences of epidemics and pandemics coupled with growing awareness of health. Furthermore, the radioimmunoassay market is anticipated to grow on account of a large number of ongoing research activities in this field, collaborations between healthcare providers, researchers, and industry players, and strategic partnerships among others are going to contribute to the overall growth of the radioimmunoassay market during the forecast period from 2024-2030.

Radioimmunoassay (RIA) Market Dynamics:

The study conducted by the International Agency for Research on Cancer mentioned that worldwide, an estimated 19.3 million new cancer cases were reported in 2020.

According to the data cited by the World Health Organization 2022, worldwide around 2.26 million cases of breast, 2.21 million cases of lung, 1.93 million cases of colon and rectum, 1.41 million cases of prostate, and 1.09 million cases of stomach cancer were reported in 2020.

The increasing burden of cancer necessitates its early and effective diagnosis which can be possible via the usage of radioimmunoassay. Radioimmunoassay is found to be crucial for detecting the early stages of cancer of the colon and pancreas among others.

Also, according to the World Health Organization (WHO) 2022, globally around 37.7 million people suffered from human immunodeficiency virus (HIV) in the year 2020. As per the 2023 data provided by WHO, globally around 10 million people suffered from tuberculosis in 2022. The estimates suggest that the prevalence of infectious diseases is on the rise and will increase the demand for radioimmunoassay for its effective diagnosis.

However, several limitations such as the use of radioactive substances, the need for advanced lab facilities, and others associated with the use of radioimmunoassay coupled with other diagnostic tools and methods may restrict the growth of the overall radioimmunoassay market.

Radioimmunoassay (RIA) Market Segment Analysis:

Radioimmunoassay Market by Product Type (Analyzers and Reagents & Kits), Application (Research and Clinical Diagnostics), End-User (Hospitals, Clinical Diagnostic Laboratories, Pharmaceutical Industries, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type of the radioimmunoassay market, the analyzers, category is expected to amass a significant revenue share in the year 2023.

This can be ascribed to the high incidence of infectious diseases, including hepatitis, and others along with rising incidences of epidemics and pandemics across the globe.

As per the data provided by the WHO 2022, globally around 241 million people suffered from malaria in 2020.

The WHO 2021 data mentioned that, worldwide around 1 million people acquire STDs every day. Also, as per the same source, it was estimated that there were around 129 million cases of chlamydia, 7.1 million cases of syphilis, 82 million cases of gonorrhea, and around 156 million cases of trichomoniasis recorded in the year 2020.

As per Centers for Disease Control and Prevention 2021 based on WHO estimates, in 2019 about 296 million people worldwide were living with hepatitis B, and 58 million people worldwide had hepatitis C.

Radioimmunoassay analyzers can be used to identify and detect the concentration of specific substances in a sample and can perform a variety of tests. The analyzers offer improved reliability, have intuitive interfaces and easy-to-use features.

Therefore, owing to the above-mentioned factors, the analyzers category is expected to register significant growth, thereby driving the growth of the overall radioimmunoassay market during the forecast period.

North America is expected to dominate the overall Radioimmunoassay (RIA) Market:

Among all the regions, North America is estimated to account for the largest share of the Radioimmunoassay market in the year 2023. This can be ascribed to the presence of a large patient pool associated with Sexually transmitted diseases (STSs), cancer, and others, a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

According to the Centers for Disease Control and Prevention 2022, it was estimated that around 1,189,700 people aged 13 and above had HIV in the US in 2019. As per the Centers for Disease Control and Prevention (CDC) (2022), around 1,752,735 new cancer cases were reported in 2019.

As per the American Thyroid Association 2019, around 20 million people in America have some form of thyroid disease, and an estimated 12 percent or more of American people will develop thyroid disease during their lifetime.

Moreover, as per the US Department of Health and Human Services (HHS) press release in the year 2021, the US government had invested USD 650 million in rapid diagnostic testing in the latest action to increase access to tests.

Thus, the above-mentioned factors are likely to propel the growth of the Radioimmunoassay market in the region during the forecast period from 2024-2030.

Radioimmunoassay (RIA) Market Key Players:

Some of the key market players operating in the Radioimmunoassay market include DIAsource, MP BIOMEDICALS, Merck KGaA, Tecan Trading AG, Svar Life Science, Institute of Isotopes Co. Ltd., PerkinElmer Inc., Danaher Corporation, and Others.

Key Takeaways from the Radioimmunoassay (RIA) Market Report Study

• Market size analysis for current Radioimmunoassay market size (2023), and market forecast for 6 years (2024-2030)
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Radioimmunoassay market.
• Various opportunities available for the other competitors in the Radioimmunoassay market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current Radioimmunoassay market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Radioimmunoassay market growth in the coming future?

Target Audience who can be benefited from this Radioimmunoassay (RIA) Market Report Study

• Radioimmunoassay product providers
• Research organizations and consulting companies
• Radioimmunoassay-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in radioimmunoassays
• Various End-users who want to know more about the radioimmunoassay market and the latest developments in the radioimmunoassay market.

Frequently Asked Questions for the Radioimmunoassay (RIA) Market:

1. What is radioimmunoassay?

Radioimmunoassay is for determining antibody levels by introducing an antigen labeled with a radioisotope and measuring the subsequent radioactivity of the antibody component.

2. What is the market for global radioimmunoassay?

The global Radioimmunoassay (RIA) market was valued at USD 523.98 million in 2023, growing at a CAGR of 3.36% during the forecast period from 2024 to 2030 to reach USD 660.31 million by 2030.

3. What are the drivers for the global radioimmunoassay market?

The demand for radioimmunoassay is primarily being boosted by the growing prevalence of cancer, infectious diseases, and others, rising incidences of epidemics and pandemics coupled with growing health awareness. Furthermore, the radioimmunoassay market is anticipated to grow on account of a large number of ongoing research activities in this field, collaborations between healthcare providers, researchers, and industry players, and strategic partnerships among others are going to contribute to the overall growth of the radioimmunoassay market during the forecast period from 2024-2030.

4. Who are the key players operating in the global radioimmunoassay market?

Some of the key market players operating in the radioimmunoassay market include DIAsource, MP BIOMEDICALS, Merck KGaA, Tecan Trading AG, Svar Life Science, Institute of Isotopes Co. Ltd., PerkinElmer Inc., Danaher Corporation, and Others.

5. Which region has the highest share in the radioimmunoassay market?

North America is expected to dominate the overall radioimmunoassay market during the forecast period from 2024-2030. Owing to the significance of key growth factors such as the presence of a large patient pool associated with Sexually transmitted diseases (STSs), cancer, and others, a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.