North America Radioimmunoassay Market, By Product Type (Radio Immunoassay Reagents and Kits and Radio Immunoassay Analyser), Application (Scientific Research and Clinical Diagnosis), End User (Hospitals, Clinical Diagnostic Laboratories, Academic and Research Institutes, Pharmaceutical and Biopharmaceutical Industry, Contract Research Organizations, and Other), Distribution Channel (Direct Tender, Online Sales, Third Party Distribution, and Others) Industry Trends and Forecast to 2030.
North America Radioimmunoassay Market Analysis and Insights
Due to the rise in healthcare prevalence of various diseases, increased research in the healthcare sector for therapeutic purposes, and various testing like endocrinology and infectious diseases by using radioimmunoassay kits which are used for testing, as well as increasing healthcare spending would also propel business growth. The clinical research and laboratories for pre-testing various diseases allow the market to expand.
The North America radioimmunoassay market is expected to grow in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.4% in the forecast period of 2023 to 2030 and is expected to reach USD 407.2 million by 2030.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customisable to 2020-2016)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Product Type (Radio Immunoassay Reagents and Kits and Radio Immunoassay Analyser), Application (Scientific Research and Clinical Diagnosis), End User (Hospitals, Clinical Diagnostic Laboratories, Academic and Research Institutes, Pharmaceutical and Biopharmaceutical Industry, Contract Research Organizations, and Other), Distribution Channel (Direct Tender, Online Sales, Third Party Distribution, and Others).
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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The major companies which are dealing in the market are PerkinElmer Inc., KAMIYA BIOMEDICAL COMPANY, Beckman Coulter, Inc., and Abcam plc. MyBioSource.com., and MP BIOMEDICALS, Tecan Trading AG, among others.
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Market Definition
Radioimmunoassay is a heterogeneous assay that employs a radiolabeled drug (typically 125i), the competitive binding assay theory that underpins radioimmunoassay. In this method, antigen and antibody bind to one another, and radioimmunoassay is used to determine how much antigen is bound. With the aid of antibodies, this method's hypersensitivity allows it to detect even the tiniest hormone or medication levels.
Due to the rise in healthcare prevalence of various diseases, increased research in the healthcare sector for therapeutic purposes, and various testing like endocrinology and infectious diseases by using radioimmunoassay kits used for testing and increasing healthcare spending would also propel business growth. The clinical research and laboratories for pre-testing various diseases allow the market to expand.
With this increasing number of such severe diseases like cancer and infections and healthcare awareness, the growth of laboratory testing has led to increased demand for various kits for testing. This aspect also contributes to the rising demand for reagents and kits.
The North America radioimmunoassay market is growing in the forecast year due to the rise in market players and the availability of advanced kits and analyzers. Along with this, manufacturers are engaged in R&D activity for launching products in the market. The increasing research and developments and pre-testing further boost the market growth. However, another immunoassay testing technique dominates radioimmunoassay, which might hamper the growth of the North America radioimmunoassay market in the forecast period.
North America Radioimmunoassay Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
INCREASE IN THE DEMAND FOR ERROR-FREE AND ACCURATE RESULTS OF HIGH THROUGHPUT AND AUTOMATED PROCEDURES
Radioimmunoassay is a heterogeneous assay that employs a radiolabeled drug (typically 125i), the competitive binding assay theory that underpins radioimmunoassay. In this method, antigen and antibody bind to one another, and radioimmunoassay is used to determine how much antigen is bound.
Therefore, due to the increasing number of such severe diseases and viruses, the growth of biological models has been largely seen in recent years. This has increased the demand for error-free and accurate results from biological samples.
RISE IN THE PREVALENCE AND INCIDENCE OF INFECTIOUS DISEASES
Infectious diseases are illnesses caused by harmful agents (pathogens) entering the body. The most common causes are viruses, bacteria, fungi, and parasites. Infectious diseases usually spread from person to person through contaminated food or water and bug bites. Some infectious diseases are minor, and some are very serious.
Thus, rising number of cases of infectious, the growth of biological models has been largely seen in recent years. This has led to increased demand for various radioimmunoassay techniques for detecting and studying these aspects, which is expected to drive the market's growth in the coming years.
Restraints
HIGH COST OF INSTALLATION AND MAINTENANCE OF RADIOIMMUNOASSAY KITS
The cost of radioimmunoassay kits is a major setback for the market as it is expected to decrease the demand due to high costs.
Therefore, increasing research and development in the life science domain leads to more advancement in radioimmunoassay techniques. That advancement is continuously increasing the price of the radioimmunoassay and its units, which may hamper the growth of the North America radioimmunoassay market.
SHORT SHELF-LIFE OF RADIOLABELED COMPOUNDS
Chemical compounds decompose over time during storage. The rate at which this takes place is specific to the compound. However, compounds labeled with radioisotopes typically decompose faster than their unlabeled counterparts due to radiolytic decomposition.
Hence, the utmost care needed to be taken for the storage usage of radiolabelled isotopes in radioimmunoassay techniques for its prevention from decomposition act as a restraining factor for the North America radioimmunoassay market.
Opportunities/Challenges
LACK OF SKILLED PROFESSIONALS
The radioimmunoassay technique is very advanced and sensitive enough to find small molecules in the blood. It is therefore used for research purposes and diagnosing diseases such as cancer. Organizations and research labs also implement this technique for specific research purposes that use animal or human serum. However, the lack of qualified personnel who cannot use these instruments could curb the growth of the radioimmunoassay market over a forecast period.
Moreover, rapid technological advancement in this field also led to the lack of skilled professionals. Lack of skilled professionals poses a major challenge while handling device devices worldwide.
Recent Developments
- In April 2022, Merck, a leading science and technology company, announced several organizational changes and a new operating model to support the life science business sector's long-term growth strategy and better serve its customers' evolving needs. This has helped the company to expand its life sciences business segment.
- In June 2022, EUROIMMUN, a PerkinElmer, Inc. company, announced the launch of two CE-marked assays – the Anti-SARS-CoV-2 RBD ChLIA (IgG) and the Anti-SARS-CoV-2 Omicron ELISA (IgG). Both test systems enable the detection of IgG antibodies formed against SARS-CoV-2 and are available to laboratories in countries that accept the CE mark. This has helped the company to expand its business in the market.
North America Radioimmunoassay Market Scope
North America radioimmunoassay market is segmented into product type, application, end user, and distribution channel. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
By Product Type
- Radio Immunoassay Reagents and Kits
- Radio Immunoassay Analyzer
On the basis of product type, the North America radioimmunoassay market is segmented into radio immunoassay reagents and kits and radio immunoassay analyzer.
By Application
- Clinical Diagnosis
- Scientific Research
On the basis of application, the North America radioimmunoassay market is segmented into clinical diagnosis and scientific research.
By End user
- Hospitals
- Clinical Diagnostic Laboratories
- Academic And Research Institutes
- Pharmaceutical And Biopharmaceutical Industry
- Contract Research Organizations
- Others
On the basis of end user, the North America radioimmunoassay market is segmented into hospitals, clinical diagnostic laboratories, academic and research institutes, pharmaceutical and biopharmaceutical industry, contract research organisations, and others.
By Distribution Channel
- Direct Tender
- Online Sales
- Third Party Distributions
- Others
On the basis of distribution channel, the North America radioimmunoassay market is segmented into direct tender, online sales, third party distributions and others.
North America Radioimmunoassay Market Regional Analysis/Insights
The North America radioimmunoassay market is analyzed, and market size insights and trends are provided by product type, application, end user, and distribution channel, as referenced above.
The countries covered in the report are U.S., Canada, and Mexico.
U.S. dominates the North America radioimmunoassay market regarding market share and revenue and will continue to flourish its dominance during the forecast period. This is due to the rising technological advancements in microscopy in that region, and growing R&D investments and the launch of new products are boosting the market
The country section of the report also provides individual market-impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of North America brands and their challenges faced due to competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Radioimmunoassay Market Share Analysis
The competitive radioimmunoassay landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points are only related to the companies focusing on the radioimmunoassay market.
Some of the major players operating in the North America radioimmunoassay Market are PerkinElmer Inc., KAMIYA BIOMEDICAL COMPANY, Beckman Coulter, Inc., Abcam plc., MyBioSource.com., MP BIOMEDICALS, and Tecan Trading AG, among others.
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