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Radioimmunoassay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 114 Pages
  • April 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 5318573
The Radioimmunoassay Market was valued at USD 397.20 million in 2020 and is expected to reach USD 485.49 million by 2026, registering a CAGR of 3.44 % during the forecast period.

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 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 development to gain the higher market share which likely to bode a well for the market growth. For instance, in 2018, Mindray launched the the CL-6000i which is the world’s fastest chemiluminiscence immunoassay analyzer for clinical chemistry and immunoassay testing with a comprehensive test menu. Such developments will leads to the high market growth in upcoming year.

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

Key Market Trends

Pharmaceutical Industries is Expected to Grow with a High Growth Rate and Continue to Do Same Over 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 rise 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 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, the 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 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 in R&D, this market in the pharmaceutical industry is expected to attain good growth over the forecast period.

North America Dominates the Market and Expected to do 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, In 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 the 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, diagnostic centers have invested heavily for 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, markets likey to grow at faster pace in upcoming year.

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, PerkinElmer, Inc., among others, hold the substantial market share in the Radioimmunoassay market.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence and Incidence of Cancer and Infectious Diseases
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost of Equipment Required for Radioimmunoassay and Hazardous Radioactive Material
4.3.2 Continuous Innovations in Various Other Immunoassay Procedures
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Product
5.1.1 Analyzers
5.1.2 Reagents and Kits
5.2 By Application
5.2.1 Research
5.2.2 Clinical diagnostics
5.3 By End-User
5.3.1 Hospitals
5.3.2 Clinical Diagnostic Laboratories
5.3.3 Pharmaceutical Industries
5.3.4 Others
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Beckman Coulter, Inc.
6.1.2 Berthold Technologies GmbH & Co. KG
6.1.3 Cisbio
6.1.4 DIAsource ImmunoAssays SA
6.1.5 DRG International, Inc.
6.1.6 IBL International
6.1.7 Euro Diagnostica AB
6.1.8 iZotope, Inc.
6.1.9 Merck KGaA
6.1.10 PerkinElmer, Inc.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Beckman Coulter, Inc.
  • Berthold Technologies GmbH & Co. KG
  • Cisbio
  • DIAsource ImmunoAssays SA
  • DRG International, Inc.
  • IBL International
  • Euro Diagnostica AB
  • iZotope, Inc.
  • Merck KGaA
  • PerkinElmer, Inc.